The Tutor PodcastThe Four Streams of Income. “BEEP Model”
Following on from the last episode of the importance of alternative income streams to support you doing the job you love, Neil explains the options available to you with the BEEP model, your four choices when deciding on the types of extra business you want to adopt.
KEY TAKEAWAYS
- Business/commercial activity (with or without your active involvement.)
- Earn it through an extra job or tuition fees.
- Equity. Own assets that increase in value which can be extracted.
- Passive Investment including dividends or managed property rental income.
BEST MOMENTS
‘A single income stream is a big problem. It’s vulnerable, it’s not safe, it’s not secure.’
‘If you want more money you’ve got to work more hours and you don’t actually set the hourly rate. It’s difficult to negotiate a good increase in your salary or arrange yourself a good bonus.’
‘Passive 'really for me means hands-off. This income you really don’t have to physically work for.’
VALUABLE RESOURCES
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
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