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