Throwback: Diversifying Income Streams

Join our hosts as they discuss ways to diversify income streams.  In this throwback episode of Get a Load of This podcast, our guest Steven Wylie discusses ways to earn extra money/investment income by setting up multiple cash flows. Episode Highlights: Steven shares his upbringing and how his father influenced him to have an entrepreneurial mindset. (7:22) Steven mentions that one of the lessons he has learned is that you really need to know that a venture is going to be worth it before you decide to move forward with it. (13:54) Steven explains that one useful strategy in business is to read and understand what other people who are ahead of you have to say about the industry's situation. (15:50) Steven believes that having a business plan is essential for people to be aligned with their goals and broaden core values for the business. (22:20) Steven mentions that nothing you do in real estate as an investor will be as scary, risky, or adventurous as what you're already doing. (28:45) Steven explains that the investment of time varies depending on the type of niche you are in. (30:27) Steven discusses that LLC provides liability protection, and he has all of his rentals in LLCs in order to give multiple layers of protection and anonymity. (34:35) Steven mentions always considering the area, interest rates, taxes, and insurance when investing in a real estate property. (36:06) Steven explains that he does not often learn from people blogging about real estate, but rather through real relationships within his local community. (42:05) Steven advises listeners to always be prepared and to have a remedy to every challenging situation they may face in their investments. (45:05) Key Quotes: "Having a broad kind of core value, the thing that gets lost in capitalistic pursuits, and I'm an avid capitalist, is quality of life. And so, I always try to balance my desire to be a goal-setting person with, are these things actually going to make my life better?" - Steven Wylie "Everyone's got a different threshold. And that's going to be a very personal question that each person can only answer for themselves because what's true for me and what's true for you will be two different things. Everybody has a different capacity for risk." - Steven Wylie "My posture is ready to find distressed situations and end up being the remedy to that situation. And for myself, be ready to hang on to some things for a while and let them ride and just love them.” - Steven Wylie Resources Mentioned: Steven Wylie Cameron Pechia Thomas Comstock Ryan Young