Here is the complete transcript of the podcast
Welcome back to Success with Srini. Happy Sunday morning to you today’s podcast episode is inspired by several conversations I’m listening to lately and part of multiple different discussions, conversations, and meeting people. I’m talking to people. And everywhere. There is this fear, fear, I think fear would be an extreme word here. But there is this apprehension about the economy, and how 2023 is going to be a difficulty here. And all that.
So I’m hearing all that I thought I should do a podcast episode and talk about what are some of the things that a common man should do not necessarily to prepare, but conceptually get stronger about the economy about money. And as I was thinking about this, there are different angles I could take on this topic. Because this is big, this is huge. And it’s very, very hard to talk about all the aspects in one podcast episode very hard, I can do multiple parts over the next few days, and I still cannot cover all the angles, there is one specific angle that I want to highlight as a part of today’s episode, which is, in order to win in 2023, or whenever, whenever there is a real economic challenge, and you know, jobs, job challenge, or financial challenge, whatever it is, whatever that is, in the economic slowdown, one day will happen. We don’t know when but it’s going to happen. How to strengthen yourself for that situation. And I think it’s more about building an understanding about money, then really saving a lot of money and then waiting for it to happen, and in the process becoming more fearful and all that. So I don’t think that’s the answer to the problem. So this one angle, is, it’s important to understand the income rather than saving the money that you’re making.
That’s the point. Understanding income is important. I don’t think people understand how income works. I did several podcast episodes talking about this. Very early, in January of 2022. I did a podcast talking about how different incomes work and why we need to focus on all kinds of income. Along the way, I did a few episodes also. But today, I want to specifically focus on four levels of understanding. And this is going to make you a better professional, better entrepreneur, and businessman. Whatever you are a businesswoman, whatever you are, it’s going to make you stronger, it’s going to give you the strength to deal with any level of uncertainty whenever it’s going to happen. The first concept here is understanding efficiency income. This is a word that I came up with, there isn’t something called efficiency, income, efficiency income is how can you become more efficient for the income that you’re already making right now. That’s the crux of this. That’s where the real success. And if I have to say this differently, the way you become more efficient is by working on your productivity. So productivity means overcoming some negative habits, some negative beliefs you might be having about work money, and all that, increasing your focus. And most importantly, building personal energy, not getting stressed out and not becoming weak and all this. So energy is important to get things done. Habits are important to focus is important.
So when you start focusing on at least these three, they’re on the top of my mind right now. But there are many other things. But as you start thinking along those lines, you all these things when they’re gotten in control, you tend to become more productive as you become more productive, you become more efficient. And the reason why we want to do this is that whatever income you’re making, today, it’s not an income issue. It’s mostly a productivity issue. You become really good at doing what you’re doing. If you do that efficiently, then you can protect yourself and you can carry the same discipline to new jobs if necessary. So it’s very important to understand efficiency. The second part and this is the one that I talked about a lot already on this podcast is understanding relative income. For example, let’s say you are paid for eight hours a day. Let’s say you’re paid $100 an hour. About. So your income is $800 a day. But you are working so much, that you end up spending 16 hours a day to make those $800. So now your relative income is only $50 an hour. And this is a concept that most people don’t get it. And for some reason, they keep on working. And they don’t understand that this is one life and you’re not born to work, you are born to work. But then you also are born to really experience all the other aspects of life, it’s very important to understand the relative income. And whenever. So I met people who told me I only work four hours a day, and I make, you know, $50 an hour, for four hours, and then the remainder, whatever the number of hours remaining in the day, I just do whatever I want to do. So be careful with your time that’s tied head, relative income is an important concept, you got to really master. Now, let’s talk about additional income.
This is something that I have gotten a lot of questions about on the podcast, you can create additional income in different ways. For example, if you have money already, then you can use your money to make more money. And this is where passive income the concepts of passive income come in. This is where portfolio income comes in. This is where anything that’s outside of earned income is. So you can use the money to make money. If you have some assets, like real estate, or whatever assets you have, like your car, or whatever, you can rent out your car, you can rent out your house, and you can use your assets to make money. And if you have some more time on your hands, then you can use your time to make money. And as a part of that, you can start a business or you can use you can engage in some other activities. Or you can take up a second job, whatever that is. So the different ways to approach this. So additional income is always there. And I think I think everybody should have more than one income stream anyway. But most people don’t really, really understand this and they are confused, they want to start a business, but they don’t know what to do. They don’t have ideas. And I get those questions all the time, at least in the back of the day, I still really get a lot of questions, and I still run seminars on this.
That leads to the fourth and final one, which is knowledge, and income. Knowledge income is what you see when you are in a situation where you do not know what to do, but you want to do something. That is when this concept of knowledge income comes in. You take whatever knowledge you have, whatever experiences, skills, and talents that you have within you, and you have been doing whatever you’re doing for a long time, and you turn that into an income stream. So back in the day, we used to call this or even today, we used to call information marketing or doing something where you take anything and everything that you know, you’d package that into a product or a service and sell it and generate income from it. And this could be pretty deep though I can. I can talk a lot about how to do this because this is something that I have done this is this is the life I’ve lived, where I took dumb things I’ve taken to the experiences and package them into information that I turned that information into, into an income stream in the form of coaching consulting, courses, training programs, seminars, workshops, retreats, masterminds did all that stuff. So if you ever think this is the big takeaway from today’s podcast episode, if you ever think that you do not know what to do, which business to start, where to start, how to build it and all I want to let you know that there is a business already within you there is an income already within you. There are multiple sleeper revenues within you. All you have to do is to awaken them, you have to wake them up. That’s all you have to do. And if you do it now, so for example, you understand relative income, you become more efficient.
So you deploy efficient income, you create an additional income in the form of either the former knowledge, income or some passive income, or some portfolio income. Whatever it is, we use, position yourself like this. Imagine what will happen to you when you step into a difficulty here. See you’re accused. So Ill A lot of fear for that matter, is because we are uninformed. The only time we are fearful is when we are uninformed. We don’t know what to do. We don’t know. Because we don’t know what to do. We process the risk at a bigger level than otherwise, we should be processing. So the message is that you understand your income. you position yourself, if possible with one or two or three of these that I already talked about here, and then mentally become stronger to deal with any uncertainty in the market. That’s all for now. Enjoy your Sunday. And before you know it, I’ll be with you tomorrow. And tomorrow, the start of a new week. And every tomorrow is getting us closer to the new year.
That’s all for now. You take care of yourself. I’ll talk to you soon. Bye now.