So, there’s a bunch of lawyers in a court case now, because they left one law firm to join another.
And, their ‘non-compete’ contract states, they can’t work for another firm for 6 months.
This means, they can’t earn the sort of income they are used to for that time (they earn up to $1 million per year)
However, they are saying to the Judge that it’s a challenge for them to go without income for this time, because their expenses are high.
For example, the AFR Reports that one of them for example, has monthly expenses of up to $45,000.
• Mortgage repayments – $15,000
• School fees $9,000 (Bankstown tech?)
• 2 Family cars – $6,500 (Hint, not Dae Woo’s)
• Living expenses of up to $15,000.
“It wasn’t so much the figures that were remarkable, but the claim that the partners could not afford their lifestyle for six months while they waited to start at their new firm.” notes Sally Patten.
And, this is one of the challenges, with raising your income…often your expenses and lifestyle rises too.
After all, you work hard so you deserve a little luxury, right?
So, you become lifestyle rich, but not necessarily asset rich.
All hat, no cattle, as the Texans say.
Think what an advantage these super income earners would have if they spent, say, half their income on living – and used the rest to invest in real estate each year.
They would be in an incredible position!
Because, the real secret to wealth is simple:
Step #1 – Raise your investible income (the amount you’ve got left to invest after taxes and fixed expenses
This is critical because the more investable income you’ve got the more you can use step #2.
Step #2 – Buy income and equity generating assets.
The compounding growth of these assets can help ensure you don’t need to worry if you’re not working for 6 months, 12 months, or even forever!
Now, the quickest and easiest way I know to boost your income – without getting a raise or a second job is through commercial property.
That’s because a $500,000 property can potentially give you as much as $25,000 per year passive income – that’s net passive income after loan repayments and expenses.
This is how Helen Tarrant has built a passive income of over $6,000 per week.
So, if you want to grow your income to ‘high-flyer’ level (but without the crazy expenses and work/life balance)
Come along to Helen’s event and find out how she did it.