Passive Income Tip:
When an income stream is passive, it means it requires little to no maintenance to keep the money flowing. Now, that doesn't mean it can simply be completely ignored or forgotten about. No. Quite the contrary. It's important to track every passive income stream and watch it like a hawk, no matter how automated it might be. (entrepreneur.com)
The most powerful quote I ever read in my life is, “ you cant help a man who wont help himself “. Yes that’s all gender friendly. Its like trying to help your friends who waste all his money, but he keeps screaming YOLO, eventually his going to start hating you, so you have to back away until that person is ready to receice the information.
And that’s what I love about Youtube, because when you click video you are ready to receive the information and you are that person whos intelligent. So yes, I’m telling you to stop worrying so much about passive income ( its stupid, and I’ll tell you why ). Ps Im going to make around 30-40k this year in passive income.
But if I had to start from $0, I wouldn’t be doing the same things I’m doing today. ( because not everything thing works at different levels)
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2:10 Passive Income Definition
3:13 Here is the Massive problem with this
5:29 What Should Be Your Priority?
8:18 What Do You Do Once You Have A High Income Skill
1. So First Lets Establish the Definition so we are all on the same Page
– To almost everyone I know passive income is very attractive
– Because people see it as, I put my work for me and I don’t need to work ( and if I build an endless source of income without having to work, I can quite my job and just do exactly what I want to do )
2. Here is the Massive problem with this ( Broke People want to only Focus on passive income )
– I mean some of my most popular videos are on passive income
– And most youtuber that talk about their passive income source streams, all come from youtube ( so make no sense for the average person)
But the Biggest Problem is this:
– Most people are willing to invest money today to make some passive income ( but think about, in order to receive enough passive income to cover all your bills you’re going to need to either take on a lot of risk or have a lot of money )
Now my Point is this:
– My point is not to tell you that these things don’t work ( because clearly they do)
– But my point is to show you that more than often it takes a lot of time and money
– So if all you have a small amount of money ( I don’t really recommend you spend it to build passive income, its a little stupid)
3. So what should be your priority
– Investing in a High Income Skill
– Trade Job, College, books, courses or even License
Now for Context if I go to Forbes List and I look at the Top 6:
– If you took away all the money from all of those billionairs today
– They would all be left with their skills
– And those skills would be able to get them jobs, Businesses, Funding or whatever it is
My point is:
– If you don’t have a high income skill, that you like, and are good at
– You are most likely working a job that you might like or might not like but definitely doesn’t pay you the amount of money that you should be getting paid
4. What do you do ones you have it ( that skill and have a big earning potential)
– Simple Focus on the Things that Create Wealth, Lower the Risk of Losing your wealth and give you passive income
These are 4 things:
– Having a Budget and Know how much you spend and how you make ( I ask 3 questions and people always know one but not the rest : How you make, Spend and Have )
– Pay off Your debt
– Save For emergencies
– Invest for retirement & Payoff your Home 33% Rule on a 15 year mortgage
5. Here are Some Extra Tips
– Stop buying the product and start investing in the Business
– Stop Eating the fruits of your money ( let it reinvest )
– Only invest money you wont need for 10-20 Years
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