← The Candy Valentino Show
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- [00:00]
Candy Valentino
Foreign.
- [00:03]
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- [00:49]
Sean Ryan
Welcome to the Candy Valentino show, the podcast for founders, investors and entrepreneurs where we have honest conversations about what it takes to grow your business, build more wealth and create financial freedom.
- [01:14]
Candy Valentino
Hey guys, welcome back to another episode of the Candy Valentino Show. Thanks for tuning in with me today. We've got one of my favorite segments today, Ask Candy. It's really fun for me, by the way. So if you haven't done this and you think, oh, I don't really want to ask her a question, please ask me a question. This is a one way conversation. So many times like normally I am sitting here, I've got producer and our editor sitting in a zoom room on Riverside. We're recording this and I'm like talking to myself. So when you give me your questions, I feel like there's a little bit of a two way conversation here. So head over to candy valentino.com Ask Candy we are doing these every single week. I am loving it. I'm loving to meet you, see where you live, get your name, understand how you even followed the show. So we have another one today from Michelle in Michigan and before I jump into this I want to remind you if you haven't yet, head over to YouTube. We are dropping these really cool segments and if you didn't hear the last episode where we announced this, if you don't know now you do. I actually have news segments that are appearing across the US in dozens of markets at this point. Everywhere from Phoenix and Denver to Buffalo, Tampa. We've also got Philadelphia, Houston, Houston, some Texas markets. So depending on where you live, you may not just hear me or watch me on YouTube. You may see this mug inside of your living room tv. So we are doing these really cool segments called you'd Money Minute. They're going to be on the news and we're also going to share them with you on Financial Fridays over on YouTube. So head over to subscribe so that you can get up to date quick two to five minute little nuggets of financial information from Money to markets, to business. So I wanted to make sure that you had heard that if you didn't hear it on the last show. Let's jump in to this. Ask Candies with Michelle from Michigan's question She says hi, I'd love some advice. I work a full time W2 job and earn a solid 6 figure income. Congrats. I am looking for ways to grow my income even further. I'm open to strategies for either saving more or creating additional revenue streams. That said, I don't have time for a traditional side hustle and I'm not interested in gig economy work. What are some realistic ways I can increase my income and build more financial security without adding another job to my plate? Oh, this is a good one too. See, this is why I love your questions because you ask really great ones. I would have never thought to cover this on an episode. So go ask me your questions. Candyvalentino.com AskCandi Great question. So I love that you said how much you were making because if you didn't I would then have to give you context. If somebody is currently making 40 or $50,000 at their job, I would say, hey, look, the only way you're going to be able to make more is you're going to have to take on more hours, diversify the type of earned income that you've got coming, or do something on the side. But since you have a solid six figure income in your words and you're open to saving more or creating additional revenue streams, there's a couple things that come to mind. Number one, the way I diversified my income stream back in the day when I was 20, which was by starting to invest in real estate. So depending on how much you have saved, you may be in a position that you want to start looking into real estate. You want to start perhaps even looking into short term rentals depending on where you live. And there's a lot of astronauts for this that need clarification because in some markets across the country, short term rentals like Airbnb and VRBO are very difficult or they're getting very overpopulated and the returns on rents are not like they used to be. So personally I use this site. We're not sponsored by them, but it's air DNA. If you're going to get into short term rentals like Airbnb or vrbo, go to that website to at least start and see how much excess is in your area. Because so many times people don't do their research. They start a short term rental property, they list something on Airbnb and they didn't actually take time to do a plan and they don't get the rents that they want or they have a ton of vacancies because competition is everywhere. So you want to start understanding the knowledge of the area that you're looking to do this in. Now, the reason I want to start with short term rentals is because having a W2 job, there's also a lot of tax benefits outside of just additional passive income. When you have a short term rental, that's for a whole other episode. And perhaps if you guys reach out and want to hear more about that, we can break it down, but there are a lot of benefits. This also could potentially be changing or even becoming better because of the big beautiful bill that President Trump just got passed. So if you want to hear more about that, we can. This only applies to people that are working with a W2 job and they have a short term rental. It's a little bit of a loophole that you basically can, you know, get all of the tax benefits just like an entrepreneur without actually opening a separate business. So a lot to go in if that is of interest. Do you know what's sitting in my garage right now? A Range Rover. It is the only vehicle that I have had over and over again throughout my lifetime. And that's because the Range Rover Sport blends power, poise and performance. And it's free from unnecessary details. It has this raw power and agility that can take on roads anywhere. And when you drive one, you won't want to drive anything else. Just like you, it was designed to make impact. The Range Rover Sport combines dynamic sporting personality, elegance and agility to deliver a truly instinctive drive. It has defined true modern luxury and it's a force inside and out. The Range Rover Sport was built with you and I in mind. Build your Range Rover Sport@range Rover.com US Sport.
- [07:16]
Progressive Insurance Ad
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- [07:52]
Candy Valentino
The second thing I think about is if you don't want to do short term rentals or you take a look and say oh my gosh, Candy, my market is saturated. Well, maybe you want to look at long term holds, which is what I would recommend. A long term hold is something that you buy and you're keeping and somebody is doing a 6 at least minimum, most times 12 month lease where they are paying you every single month. That is a great way to start to understand the real estate market. Whether it's a single family home, a duplex, a quad apartment building or a large apartment building, depending on how much money that you have saved. That's another great way to create additional revenue streams. The third option that comes to mind is I would start to look at your investments. Depending on how much money you've been able to save, as you're making this nice income, you may have some investments that you can reallocate funds and start to earn dividends from specific growth stocks. So that's another thing. If you're working with a financial pro or a planner, you would want to ask them like, hey, how much do I have invested and is there anything that we can reallocate in this portfolio in order for me to start making some dividend money? And there's lots of reasons why you would or wouldn't want to do that. It all depends on your total financial picture, which of course we don't have. And then last, I would say, are you able to increase a little bit more of what you are making in your day job? You know, I always say obviously having, I don't even know, maybe hundreds at this point of employees over the years. So many times people would just come in and ask for a raise with really no reason. Maybe they were there for 18 months and didn't get one or they thought their year anniversary they would get one. But really the way you can stand out as an employee to an employer is to create more value and to even let your employer know that you really want to make more money at this company. So you want to create more value and ask, is there anything that I am not doing in my current role that I could be doing in order to, to create more income for myself, is there maybe another project that you can take on inside of that job? Is there a partial role that maybe you can take on that somebody left and rather than them hiring someone, el, you take on part of that role and in fact create, take on part of that money that they would be paying that employee? There's a lot of different ways you can structure this, but it always helps to ask. I can't tell you how many times people would just not ask. And I know that there are great resources online. You could even leverage ChatGPT on the best ways to ask for a raise. But from an employer that has had hundreds of employees sitting across the desk from time to time over the last 26 years, I can tell you that if you create more value for an ethical, kind, caring company, they will make sure to promote you, to give you more money. And it's always best to set up with the end in mind so that you don't just start doing stuff that actually doesn't matter to the business. But ask your boss, ask your supervisor, ask the CEO, founder, whoever you report to, of what it is that you could take on. And is there anything else you could be doing to create more value? Because the more value that we create as entrepreneurs or as employees, the more value we bring to the marketplace. So those are a couple quick ways. And then something's just floating in my mind at the moment that I think another thing to think about is so often we have stuff laying around in our house. And I'm a huge minimalist. You may not know that because if you're watching on YouTube, you see all the stuff sitting behind me, but I am a huge minimalist. I don't like a lot of stuff. I don't like clutter. I'm a little. What would they call it? Maybe OCD or neurotic about stuff. Like, everything has to be in its place. I kind of like everything neat and clean. So for me, what I is shocking. Most people would find this shocking to know. I sell stuff under a fake Facebook name. I sell stuff on Facebook Marketplace. So if I have something sitting around that is not being used. If I have clothes in my closet that have not been worn for two years, I have this whole process where they get moved to a different place in the closet after two years. If they are not being sold, I'm consigning them. I am selling them. I am putting them on Facebook Marketplace. My husband always says, you just risked my life for $25. I'm like, yes, I did. And all of that little stuff adds up. You may have a space in your house that you're not using. You know, so often people buy big homes and maybe they get divorced or their kids move off to school, and maybe you've got, like, a way to set up your house that you could rent out a room or a floor, depending on your situation. There's a lot of ways like that that you can bring money in that we don't even think about. Now, if you live in California. I don't recommend it. It's a completely different market with rentals and having people renting inside of your home. There's a lot of horror stories that you'll hear, but in most states it's something that you could consider and that you can do. And not to mention all of the stuff that we have inside of our house. So even if you don't want to sell your time, if you don't want to sell additional services, you may be able to sell some stuff or leverage what you've already got or sell your spaces. You know another one, this is like a fun fact. I don't know when I found this out years ago that if you have a pool, there is an app called swimply Swimming I think is the name of it. And you could literally rent out your pool. You could rent out your backyard for events, for masterminds, for small showers. Like all, there's so many things if you start to open your mind up and I'll even give you I love Chat GPT if you can't tell, I recommend it all the time on the show, but it's all about the prompts that you use. So if you go into grok or chat GPT and literally lay this out and say give me 12 suggestions, you would be shocked at some of the different things that it would actually give you as ideas to make make more money without costing more of your time. Because that's really what everyone is after. Freedom is the name of the game. That is the one thing that people want. And so if we can make more money, save more money in order to invest more money, then we actually get to buy what we all want, which is time. Thanks so much for your question, Michelle in Michigan. It was a great one. And again, if you haven't already, head over to YouTube and look for your money minute happening on Fridays. Thanks so much for tuning in and spending this time with me today guys. We'll see you next time. Hey guys, thanks for tuning in to this episode and if there was something that you loved or you had a specific takeaway, share it and tag me at Candy Valentino. And if you haven't already, grab a copy of my latest book, the 9% Edge Life Changing Secrets to create more revenue for your business and more freedom for yourself. You can pick it up anywhere but books are sold Amazon, Barnes and Noble or your local independent store. And once you do, head over to 9% edge.com and claim $1500 in pre order bonuses including a chance to join me on this very show. Thanks so much for tuning in and spending this time with me today, guys. We'll see you next time.
- [15:01]
Sean Ryan
Former US Navy SEAL Sean Ryan captures real stories about sacrifice and strength.
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Candy Valentino
We go into this hooch searching for Christ knows what. Regardless if anybody else does it.
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Sean Ryan
Will you do it? There's a lot of things that are hurtful and disturbing. Can't get anybody to talk about it. Uncovering truth with the heroes who live to tell it.
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Candy Valentino
There's a saying. There's no atheists in a foxhole. That was the hardest part for you coming home. Watch. How'd you get through it? I worked hard.
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Sean Ryan
The Sean Ryan Show. You ready?
- [15:27]
Candy Valentino
Let's do it.
- [15:27]
Sean Ryan
All right, let's go. Follow and listen on your favorite platform.