Why Everyone Should Have 4 Income Streams (What’s Your Streaming Service?)

What streaming service do you use? Some use Disney+ or Apple or Netflix. In this episode of Learning for Legacy, Afam discusses a different kind of stream, income streams. Find out why you should have four different income streams from different sources, and what those income streams can be used for. 

KEY TAKEAWAYS 

• The reason you should have four income streams instead of two or three is because of several different reasons. We all have different income needs - one is to ensure we have the basics such as food and housing - these are the standard cost of living. 
• The next reason is for security - we don't know what will happen with changes in the economy next year and we all could do with a safety net to protect against any upcoming crisis. 
• The third need is for investments. If you manage your money right it can make more money for you in the future. That's not just investing in shares for example, but investing in education and retirement as well. 
• The fourth financial need we have is for fun. This touches on the Laughter element of what was discussed in previous episodes. Fun includes all recreation activities that involve us and our families. 
• Traditionally there would be only one source of income to fulfil all four of these needs often putting us in a position where the essentials have to be covered and we sacrifice our futures for the needs of now. 
• The new way of doing things would be to have four separate incomes that come in to feed one single vision. By doing this we're able to assign one income stream to each of the four areas discussed. 

BEST MOMENTS

‘The credit crunch hit the middle class hardest because it impacted credit' 

‘The true purpose of money is to reproduce itself if used wisely' 

ABOUT THE HOST

Afam is passionate about people building generational wealth for their households. In this respect, his aim is to provide information and insights for lifestyle design, leadership and economic empowerment. Afam is encouraged when he sees others building a legacy for themselves.

linktr.ee/afamo
legacylearning.co.uk
LinkedIn: linkedin.com/in/afamo
Instagram: instagram.com/afam4legacy
Patreon: patreon.com/legacylearning

PODCAST DESCRIPTION

A topical & interview podcast all about the concept of making generational wealth understandable, practical and accessible. It's important to break down what it really is & isn't. Talks including ethics, character, leadership, strategies, history, case studies, sad stories made good, fun stories making to uplift, leftfield stories making you think, discovering stories/examples around the world. Including interviews with community & business leaders, thinkers, celebrities and everyday people.

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