Date: 2018-04-14 09:42
The point is that wealth accumulation is only possible if you are able to convert active work into income. The higher the rate (pay) the better.
When you start with nothing, or close to it, you are forced into active income. What you are able to save can be converted into passive income. If you don't save that active income, through your own choices or choices thrust upon you, you will be stuck in that phase forever.
He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a mix of properties through RealtyShares. Worth a look and he's already made investments that have performed according to plan.
So in an ideal world you could take your time to build a massively successful business (or maybe a few failures before the massive success), but in the real world you need a job that will pay you now so you can feed yourself, clothe yourself, and secure a place to sleep.
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Thank you for sharing the breakdown of your income streams. Right now, my income streams are work, dividends, interest come, and hopefully real estate in the near future :).
The difference is that cutting expenses is immediate, much like active income is immediately, whereas earning more is often a long term play, like building sources of passive income. So you cut what you can now (ie. cut your cable ) and secure immediate savings while you build up your passive sources (ie. put cable savings into dividend stocks ).
The Chancellor for more than a century holds a £7million stake in his father’s luxury wallpaper company, Osborne & Little, and lives in a £7million family home in London’s Notting Hill. His constituency property in Tatton adds another £655,555.
9. Jeremy Hunt £ - Secretary of State for Culture, Olympics, Media and Sport
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