How would you like to live a life of travel and adventure, driving the open road from state to state while your bank account seems to take care of itself?
Or maybe you’d just like to have a little more freedom and security knowing that you have a few streams of income to rely on in case the unexpected happens?
Tara is with us for a quick episode on the podcast this week, with some great information on what the green gap is, how to figure out what to do with that extra money and how to leverage it to create a totally new lifestyle or even just some extra income streams to support your business.
We are going to cover:
What the “Green Gap” is.
How to calculate what to do with that extra money.
What passive income means.
Why those extra income streams are important.
You can catch up with Tara and get free access to info on 7 streams of passive income that she uses at https://www.thedifferentlife.com/
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How would you like to live a life full of travel and adventure? Driving the open road from state to state while your bank account seems to take care of itself, or maybe you'd just like to have a little more freedom and security, knowing that you have a few streams of income to rely on in case the unexpected happens.
Tara is with us for a quick episode on the podcast this week with some great information. On what the green gap is, how to figure out what to do with the extra money and how to leverage it, to create a totally new lifestyle, or even just some extra income streams to support your business. We're going to cover on the podcast today. What the green gap is.
How to calculate what to do with that extra money. What passive income means and why those extra income streams are important. So let's get into it.
Kristy: Well, hello, Tara, and welcome to the one-step empire podcast. We are so fortunate to have Tara Eichman with us today. Tara lives the life. Most of us, just dream of she and her boyfriend roam the [00:01:00] world together while making a living. With passive income lifestyle. So, you know, perhaps the, the entire passive income lifestyle, isn't gonna work for everybody right now.
But I think we can all agree that that kind of freedom would be an asset in any of our lives any day. You know, whether you're trying to create freedom in your life entirely, or whether you want to create income streams. Tara is the go-to. So I'll let you explain what to do a little bit better.
And we're going to talk about today, Tara, but can you tell us a little bit about your journey here of how you started and what it is that you do?
Tara: Hey, well, thank you for having me. I like to call myself the passive income princess, at the age of 35, I found myself being downsized out of my career 12 years and.
I was just devastated, but I chose to not let it get me down. And in the last three years I've built seven passive income streams. and now I am on a journey to teach other people to do the same. I travel, we just got done with a six week RV trip. Me and my boyfriend went [00:02:00] all the way from Texas around from Florida all the way up to Texas and around and back into the big circle.
Kristy: we're going to talk about a number of things today, but let's just kind of give everybody a, a look into the rest of the podcast. So they know what we're going to be talking about. What, what actionable steps are our audience going to walk away with today?
from the episode that they can put to put, to work in their life, right.
Tara: I was actually going to discuss where you're actually losing money in your budget. in a little thing that we call the green gap. So everybody has income and expenses and your income doesn't always meet your expenses, which it should never.
and there's always that little green gap and that extra money that you can find the two can put into building extra businesses, investing, paying down debt, and just getting the lifestyle of.
Kristy: All right. I love it. I love it. Okay, well, let's get started. So where should we begin?
Tara: well, I guess I'd just explain what the green gap is.
The first things that you need to do is to do [00:03:00] a 90 day look back. What your actual expenses are and what your actual income is. So you have to know where you are first, before you know, where you're wanting to go. so that's step number one is to create, your look back on what you want to do, then you need to, um, identify what that gap is.
What's the difference between What you're spending every month on a regular basis. And then what's your, what's coming in for income. And then step number two is to maximize the gap by either increasing your income, decreasing your spending or both, which is bonus the dream. That's the dream. And then the final step of that is to use that gap appropriately.
We all know. don't really necessarily look at it and it'll just fly out of the window and extra Starbucks or, date nights or anything going out So. If you a portion, that gap, take that money and [00:04:00] actually spend it properly. 45% needs to go towards debt repayment. If you have debt repayment, 45% would go to savings or investments.
And then we always keep a little fun money in our budget so that it doesn't feel like it's a diet. So the other 10% would you'd have to spend on something enjoyable. have to,
Kristy: you have to, I like that. and I think, , depending on your personality type, people tend to look at either one side or the other, you know, some people tend to look at and maybe, you know what your background is too.
If they, if they're trying to find more money, they look at where they can cut expenses. Rather than looking at how they could make more money. And I think then there's the opposite side of the coin, where there's certain people. and I'm probably one of those people. I'm definitely one of those people where instead of looking at where I can cut expenses, I try and figure out how I can make more money, and to look at both of them.
I mean, it's twice as powerful. I love that, that you need to look at both sides and kind of pull those two apart. Great.
Tara: Yeah, so that that's basically the green gap in a [00:05:00] nutshell, there is a full 11 module course that, we have that goes into a deeper dive of figuring out your net worth, and then making some money goals and things like that.
Kristy: Okay. And then, as far as, so when you find that extra money that's not being utilized properly, and I know you've built several different streams of passive income. What are a couple of top tips for people if they do find themselves that extra money and they want to do that, passive income piece, or should they say.
Tara: I have seven different income streams that I use. it's all really what you like, what risks do you want to take? my favorite right now is actually, foreign currency trading and, it's this it's a bot that actually trades, but then Pro traders watch it. So you put your, put, threw money into this investment account and they trade it for you and you would only have to know how to trade.
You don't have to know what you're doing. it's averaging about 1% a day right now, which is amazing. And then you pay a 50% profit split with the traders and things like that. But that's my favorite, passive [00:06:00] income stream at this current model.
Kristy: And where would you even start looking for ideas on passive income streams?
Is there a good place to start with?
I have a full membership that I teach all the ones that I do. That's great. If you ever want to reach out to me, I can definitely help you with, what I do I never teach or. Mark. It's something that I haven't done myself though.
I definitely lead by example people that aren't
familiar with, the concept. I know a lot of people are, but defined passive income for us. Like what, what, what are we talking about when we're talking about passive income?
Tara: passive income is basically, you're not trading your time for dollars when you go to work and you're working hourly, you're trading an hour of your time for this amount of dollars.
Passive income is more of a. Lifestyle shift where you're not trading time for dollars. You're doing something once that gets on an automated system and keeps going over and over again, or you have hire professionals or things like that, that will use their time and resources. And then you're trading it for some, for money so that your money can make you more.[00:07:00]
Kristy: Right. So you can leverage your time. That's the key, right? and a lot of the businesses that we're building, we're trying to leverage our time. can only scale so big when you're trading your, time for money. Okay. So, and where can they find you, Tara, if they want to get more information?
Tara: our website is called the different life.com. So we're on there and then we're also on Facebook.
Kristy: And we're going to put that in the show notes as well.
What's your best advice for new women, entrepreneurs, women, founders? What do you wish you could have told yourself when you first
Tara: starting out? well, actually, I'm going to give you the advice that I got personally, when. Started my entrepreneurial journey is find something that you're passionate about.
Something that you're already doing in your life for free, and then learn a way to monetize it into a business motivation and accountability, and just sticking to it is the hardest thing that I've learned in entrepreneurship. A lot of people will want They want the lifestyle that they don't want to put in the work to get it, or they don't [00:08:00] have the stamina.
To keep it going. So they'll try something for a second and then they'll quit. So it has to be something that you're excited about. So my main goal was to get time, freedom, and also then to share and teach and train other people to do the same
Kristy: thing. You're right. It's going to get hard no matter what, no matter what it is that you're doing.
And if you love it, you're going to stick with it.
Tara: my number two though. I always have a couple things in my basket. That's why I do multiple streams of passive income, because if something isn't doing well at any given time, you can always fall back on something else. So you're not always having all your eggs in one basket.
Kristy: Great advice. And then I love to ask this question because I think sharing our resources and our tools is a great way to help each other. What's the one resource or tool that you wish you'd known about when you started.
Tara: I did just learn, website development and design. I just created my my own website for the first time, through Kajabi. So I guess that would be my little quick tip that it's not as hard [00:09:00] as you think it's going to be.
Kristy: And so many people get stuck there. Like. was just talking about this with somebody that they can, you can get on and build a one-page website on so many different platforms, even just to at least have some kind of presence.
And it's not nearly as part as we build it up in our heads to be. Yes. I just want to say, thank you. Thank you very much for coming on with us today, Tara, Thanks so much for being here.
Tara: Thank you for having me. Pleasure.