Ever wondered if multiple income streams are good for anything other than, well, income? I have.
Transcript: Hi, I’m Jeff Brown the “BalwdGuy”. What we’re going to address today is the idea of multiple streams of income. Everybody talks about them, but the examples we’re going to use today are going to be streams of income, that before you start getting them in retirement, you might be able to use them to enhance each other. Here’s an example: so you buy some real estate and it generates income and over time you may even get them free and clear of any loans. Meanwhile, back into the ranch, you’ve been investing in EIULs which gives, ultimately, retirement income that is a tax free. But what if the tax-free part of your EIUL income begins coming in say, five or ten years before you retire? You can start speeding up some free-and-clearing of your existing portfolio on the investment side. Or, you can begin reinvesting that tax-free income in the years preceding your retirement, because you don’t need it now, and all of a sudden, you’ve applied a turbo-charging effect to your ultimate retirement. Everything doesn’t have to been the same; it doesn’t have to be real estate. What you want you to keep in mind is that when you’re using multiple strategies and maybe even different kinds of assets — some not real estate — is that you want to do this on purpose, with an end goal in mind that is easily describable and understandable and that you know exactly what you’re setting out to do. When you’re doing this with real estate and you’re paying off loans, sometimes your other streams of income can be used this way to not only make it happen faster but allow you to make moves earlier than you had anticipated. This is Jeff Brown the “BawldGuy”, thanks for joining me and we’ll catch you next time.