20 min
Episode 29: Multiple Income Streams After Journey in Prison Success After Prison with Michael Santos
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- Personal Journals
Eric’s testimonial convinced me that through digital programs like Earning Freedom, more people would find hope they needed to overcome struggle and prepare for success. My challenge was finding more purchase orders, as I would need a revenue stream to build a sustainable business.
Multiple Revenue Streams:
Throughout this book, I’ve tried to share lessons I learned from masterminds. They taught me that I could advance my prospects for success if I lived in the world of reality rather than the world of fantasy. When authorities took me into custody, back in 1987, I had to live with the reality that I had made many bad decisions as a young man. While locked in the Pierce County Jail, prayers led me to the story of Socrates. From that story, I learned to think about the avatars that would influence my prospects in the future.
Instead of dwelling on challenges that my bad decisions created, I had to think about the best possible outcome. With that vision, I could engineer a path that would take me from a jail cell, through multiple decades in prison, and into a life of success upon release.
Certainly, I wish that I had made better decisions as a young man. If I’d made better decisions as a young man, I wouldn’t have been locked in jail. But I couldn’t deal with the world of wishes. No one advanced a station in life by wishing or complaining. Instead, we had to take action, disciplined action.
Reality required that I make new decisions. By thinking about the future, I realized that if I didn’t adjust wisely in prison, I would have a very difficult time finding employment once I concluded my prison sentence. In fact, I accepted that the length of time I expected to serve might make it difficult for me to find any type of meaningful employment.
Throughout the journey, I contemplated what resources I would need to start my life upon release. If I didn’t adjust wisely, I wouldn’t have anything when my term ended. I wouldn’t have clothes to wear, a car to drive, a savings account, or anything. Fortunately, decisions I made inside opened numerous opportunities. Yet when Carole and I began, I anticipated that my prison term and criminal record would always be hanging over my head. If I could create several different streams of income, I anticipated that I would advance our prospects for stability.
Financial Markets:
Those who read Earning Freedom: Conquering a 45-Year Term or any of my earlier books will know that the stock market had an influence on my adjustment through prison. I wanted to speculate on stocks after my release, but I had priorities. Although trading in stocks opened opportunities to build an additional income stream, there were also inherent risks. I wasn’t prepared to take those risks until Carole and I had more stability.
By early 2015, however, our asset base had grown. The San Francisco real estate market was one of the hottest markets in the United States, and soaring prices lifted our equity. The house we purchased for $390,000 was worth more than $525,000 in the fall of 2015. And with the rental income from our tenants, we paid down our mortgage each month. Our equity in that property grew to more than $200,000 since we moved to Orange County.
In addition to the paper equity we had in real estate, by living frugally and saving income that I received from speaking events, consulting, and ghostwriting, we built a high balance in our savings account. When the account balance grew to exceed $200,000, I decided to open a brokerage account. With a net worth of more than $400,000, the time felt right to speculate with stocks.
That turned out to be a bad decision.
I traded aggressively for several months. But after bad trades in Twitter and Alibaba resulted in more than $40,000 vanishing from our stock portfolio, I decided to stop trading in stocks—at least for the time being.
I’m not implying that the stock market doesn’t off
Eric’s testimonial convinced me that through digital programs like Earning Freedom, more people would find hope they needed to overcome struggle and prepare for success. My challenge was finding more purchase orders, as I would need a revenue stream to build a sustainable business.
Multiple Revenue Streams:
Throughout this book, I’ve tried to share lessons I learned from masterminds. They taught me that I could advance my prospects for success if I lived in the world of reality rather than the world of fantasy. When authorities took me into custody, back in 1987, I had to live with the reality that I had made many bad decisions as a young man. While locked in the Pierce County Jail, prayers led me to the story of Socrates. From that story, I learned to think about the avatars that would influence my prospects in the future.
Instead of dwelling on challenges that my bad decisions created, I had to think about the best possible outcome. With that vision, I could engineer a path that would take me from a jail cell, through multiple decades in prison, and into a life of success upon release.
Certainly, I wish that I had made better decisions as a young man. If I’d made better decisions as a young man, I wouldn’t have been locked in jail. But I couldn’t deal with the world of wishes. No one advanced a station in life by wishing or complaining. Instead, we had to take action, disciplined action.
Reality required that I make new decisions. By thinking about the future, I realized that if I didn’t adjust wisely in prison, I would have a very difficult time finding employment once I concluded my prison sentence. In fact, I accepted that the length of time I expected to serve might make it difficult for me to find any type of meaningful employment.
Throughout the journey, I contemplated what resources I would need to start my life upon release. If I didn’t adjust wisely, I wouldn’t have anything when my term ended. I wouldn’t have clothes to wear, a car to drive, a savings account, or anything. Fortunately, decisions I made inside opened numerous opportunities. Yet when Carole and I began, I anticipated that my prison term and criminal record would always be hanging over my head. If I could create several different streams of income, I anticipated that I would advance our prospects for stability.
Financial Markets:
Those who read Earning Freedom: Conquering a 45-Year Term or any of my earlier books will know that the stock market had an influence on my adjustment through prison. I wanted to speculate on stocks after my release, but I had priorities. Although trading in stocks opened opportunities to build an additional income stream, there were also inherent risks. I wasn’t prepared to take those risks until Carole and I had more stability.
By early 2015, however, our asset base had grown. The San Francisco real estate market was one of the hottest markets in the United States, and soaring prices lifted our equity. The house we purchased for $390,000 was worth more than $525,000 in the fall of 2015. And with the rental income from our tenants, we paid down our mortgage each month. Our equity in that property grew to more than $200,000 since we moved to Orange County.
In addition to the paper equity we had in real estate, by living frugally and saving income that I received from speaking events, consulting, and ghostwriting, we built a high balance in our savings account. When the account balance grew to exceed $200,000, I decided to open a brokerage account. With a net worth of more than $400,000, the time felt right to speculate with stocks.
That turned out to be a bad decision.
I traded aggressively for several months. But after bad trades in Twitter and Alibaba resulted in more than $40,000 vanishing from our stock portfolio, I decided to stop trading in stocks—at least for the time being.
I’m not implying that the stock market doesn’t off
20 min