Resources - Additional Resources
W.I.L.A. MOUNTAIN
Learn about the four streams of income and how to get back more of your time!
Introduction to W.I.L.A. Mountain
This guide explains the four streams of income and the importance of shifting from active to passive income to retain more earnings and enjoy more free time. The acronym stands for Worker, Independent Operator, Large Company Owner, and Asset Manager.
By understanding these four profiles and identifying your current situation, you can better appreciate the journey towards financial independence. Achieving financial independence is like climbing a mountain, with the goal of reaching the APEX and shifting to the right side of the mountain to secure your financial future.
We applaud you for taking the first step on your journey towards financial independence. Let’s get after it!
WORKER
You can identify someone who has the mindset of a worker by asking them what they value
the most. If their answer resembles the following “I am looking for a secure job with nice colleagues and great benefits.”
then you probably have your answer.
The Worker persona is someone who is usually risk averse and seeks safety.
They think that a high paying job, achieved through hard work and a good education
provides stability. Here, stability is more important that financial independence. As workers
shy away from risk, they don’t see the need to learn about money or how it works.
For them, educational pursuits are a necessity to securing a steady, high paying job with great benefits.
When workers need more money, they look for a higher paying jobs.
INDEPENDENT OPERATOR
You can also identify an independent operator by asking them what their values are. If their answer resembles the following ” I want to be adequately compensated and appreciated for the quality of services I deliver and skillset I have.” Answers similar to this are informative and can be used to assist with reaching the APEX.
Independent Operators do not like being subordinate to anyone else and often have the attitude that no one can do it better than them. Consequently, this attitude limits their ability to increase revenues because they have a delegation issue. Because of their aversion to delegating tasks, the end up owning a job and not owning a business. People who are most likely to fall into this group are subject matter experts such as physicians, attorney’s, accountants, web designers, plumbers, consultants, etc. These careers usually require schooling and some form of government certification.
When Independent Operators need more money, they look for more hours they can bill.
LARGE COMPANY OWNER
The persona of the Large Company Owner can be summed up in the following quote: “I am looking for people who are smarter than me, who can run my business for me.”
Large company owners own systems the make them money even when they’re not working. The key here is being good at systems creation and people management.
Large company owners are often seen as risk takers. From their perspective being a worker is riskier because Workers have little to no control over their earning potential. A Large Company Owner can make the decision to layoff parts of the workforce, but very few people are able to take the business away from its owner.
When the economy is in a down turn, Large Company Owners have more control over their fate due to their ability to make decisions.
When Large Company Owners need more money, they create a new product or acquire a new system that produces money.
ASSET MANAGER
"I am looking for a place where my money can work for me in the most profitable way possible.” This is the mindset of the Asset Manager. This person understands the velocity of money, the time value of money, and how best to achieve a return on their money.
Asset Managers are adept at finding performing assets that provide steady income in the form of cashflow and they often use other people’s money to obtain those assets.
When asset managers need more money, they look to acquire more performing assets which generate passive income.
REACHING THE APEX
You have successfully reached the APEX when you have enough passive income to pay for all of your expenses.
Whether you are starting from the left side or the right side of the Mountain, the goal of achieving financial independence must always be insight.
PROTECTING THE BASE
The concept of protecting the base tells people to always be cognizant of risk and to not over expose large amounts of money to potential downturns. For example. If you invest $1,000 and earn $3,000 in profit, you now have $4,000 total.
Instead of investing the full $4,000 into the next high risk venture, you should protect the base or initial $1,000 amount by putting it in a less risky asset for investment.
That way, if the second round of investing doesn’t go so well you are not in a position of starting from scratch. Protecting the base offers peace of mind which will allow you to engages in high risk high return ventures more clearly.
The concept of protecting the base tells people to always be cognizant of risk and to not over expose large amounts of money to potential downturns. For example. If you invest $1,000 and earn $3,000 in profit, you now have $4,000 total.
Instead of investing the full $4,000 into the next high risk venture, you should protect the base or initial $1,000 amount by putting it in a less risky asset for investment.
That way, if the second round of investing doesn’t go so well you are not in a position of starting from scratch. Protecting the base offers peace of mind which will allow you to engages in high risk high return ventures more clearly.
TAXES
The left side of the mountain is taxed heavily by the government, there are far fewer tax incentives because the need for people to provide for themselves and their families is incentive enough. Independent Operators are taxed even worse primarily because of the amount of regulations that they are solely responsible for adhering too. Their income being taxed as earned income instead of business income is also a contributing factor. Earned income tax brackets can range from 10% to 40% at the federal level and then much higher when you combine this with a state income tax in the states that have income taxes.
The right side of the mountain is encouraged to take risks, and as a result there are far fewer people willing to engage in these activities. To encourage people to participate in the economic engine of job creation and capital investment, the government provides incentives in the form of tax breaks, or tax credits. This policy encourages people to act in a way that provides services and products that a capitalistic society needs to grow, thrive, and provide opportunities for the greatest number of people.
ADDITIONAL RESOURCES
As you work to increase your financial literacy and achieve financial independence, remember that education is a continuous process. We never really stop learning.
RINO INVEST is here to aid you in your journey towards increasing your financial IQ and providing sound financial advice. Please feel free to follow us on social media, engage in one of our webinar opportunities, or give us a call for personalized consultation.
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