87. {Selah Saturday} Has Your Family Been Setup to Fail When It Comes to Wealth Building?

I have some thoughts for you today. Do you ever wonder if you have been set up to fail when it comes to wealth? I've heard so many interesting things over the last few years, with all the craziness going on, that have got me thinking more about wealth.

We’re so used to the American dream and I love it, I’m all for the American Dream. I can create a business, I can make money while doing something I’m passionate about. There’s so many wonderful things about it. But when it comes to building wealth, I’m questioning what we’ve been taught. Are we doing it all wrong?

If you look at the uber wealthy families, they live very differently. We always hear that we shouldn't do business with family. But a lot of these wealthy families do business with family. And maybe they even live in the same family home. Also, in different places around the world, multi-generational families are living together. As opposed to our system where once you go to college, you move out and all the different family members are paying separate mortgages and rent, and all the money is spread out in different places. It’s just got me thinking…

Seven Streams of Income

To start off, there are seven streams of income to diversify your portfolio. The Bible even talks about diversifying, and I really think we should. But, Americans often only have one stream of income. They go to their jobs, maybe have a 401k and that’s it. So, when they stop working, they’ll be in a tight place.

I think we need to be striving to diversify our income whether that’s in real estate, stocks, online business, local business, job, etc. And then how can we build in those passive income streams, or make things as passive as possible.

If we’re only making money through our job, then we’re probably not going to end up being that wealthy. Not that wealth is the ultimate goal, but it makes you wonder why we’re in this system that has us capped at what we can make at our jobs. Read More...

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