How to Simplify Your Income Planning for a Stress-Free Financial Future
- Marshall Goins
- Mar 25
- 1 min read
Updated: 4 days ago
When you are young your income plan is pretty simple, find a job. But as you grow older and hopefully wiser your income plan can include multiple sources of income. The development of multiple sources of income is what allows financial freedom and retirement. You learn to work wiser and not just harder. When your income from sources, other than your day job, exceed your personal expenses, you are financially independent.
A simple definition of Financial Independence:
When you can live from the income of your personal investments, you are financial independent.
As you save and invest over your lifetime, this income can come from assets. (See: 4 Simple Ways to Allocate your Assets). These assets may be derived from multiple sources, which could include, but are not limited to:
Income from dividend paying stocks.
Profit on rental income from real estate that you own.
Businesses that you own.
You should also consider other income streams, like:
Social security
Pensions
So, an income plan is a plan just like any other plan: It only works if you work the plan.
By working the plan, you must become intentional about buying assets that will generate income in the future.
Want to learn more? Check out Section 2, from my book, Future Freedom, for a more detailed discussion of creating an Income Plan.
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