Not every single one , but there is a lot of truth in it. I've been in the investing for 22 years and when asked, I say it depends on YOU and I walk them through it. If they have job stability, it's a long term play, and it's comfortable financially, then perhaps yes. If not, I will advise that maybe they should wait or rent
@@loud9090 A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow
@@user-3456rtu Thanks for this tip. Her website popped up on the first page immediately I searched her, I read through her resume and Did my due diligence on her before leaving a message. So, hopefully she replies soon.
Great closing words: "Everything has to be watched. Everything has to be managed." ... unless you want to live in the forest, sleep on the ground, and forage for berries that statement is very important.
You're a mind reader, my friend. I always laugh at these RUclipsrs who brag about being retired before they've reached 40 years-old. It's like, bro, you're putting out 3-4 videos a week, selling a course, and privately coaching people to supposedly retire on passive income. And probably managing crypto, stocks, and real estate behind the scenes. That's all work, not retirement. That's not passive at all.
@@davidrieger8816 I never said the index fund route is easy, but it is super simple. You save enough and follow the 4% rule. To have $2k/month in cashflow, you would need $600k invested. Very achievable if you lower expenses and take on higher paying working in tech or some other higher paying field. Far better to learn a skill that makes you 6 figures to shorten the time. You can do it in about 20 years if you only make $50k/year. Index funds will in all likelihood, outpace inflation long term, so inflation is not a major concern. Also, you would only need 2 million if you're trying to have $80k/year in cashflow, which seems excessive if you're trying to live in Central/South America. There is no such thing as a free lunch. If you want the lifestyle, structure your life in a way to achieve it.
@@davidrieger8816 - And the reality is that most people do not know how much money they spend per year so they really do not know if they could live off their passive income.
As a professional poker player it's not very often I see someone of Andrew's caliber not being completely dismissive of poker as a career/lifestyle choice. I give even more props to the fact that he seems to understand how incredibly difficult it is & how much work is required to be truly successful at it. It's honestly refreshing.
To me it's like someone trying to make a living from being a musician or actor. Sure somebody is going to make a lot from that, but unless you are the most talented and/or skilled person anyone in your circle of friends and family has ever known, you probably won't succeed financially and you'd be better for putting your hard work, time, and energy into something more likely to produce a solid return.
One of my clients here in Playa del Carmen is a pro poker player ☺️He is the nicest guy. One of his sites paid him in BTC a while back and he was able to put that into property here back when BTC was surging. I’m very happy for him and that I was able to help him :)
@@gordo3582 I agree, some careers only the most talented people can earn a decent living. Other careers you can be quite average and do very well, assuming you work at it.
Its delayed gratification rather than passive income, you need to work hard for decades and invest as much as possible to build a portfolio that pays for your life style
I 100% agree about the “company it keeps”. The passive income mantra attracts a ton of scammers and borderline scammers. Like sure their course might be legit, but you don’t necessarily need to buy a course to learn what they’re trying to teach.
Every time I hear someone say "I could live off my dividends but I choose to continue my business" or like he said "I'm building a 7 figure dividend income", I just feel like their life outside work sucks. I could never trade a life traveling and relaxing with my wife, volunteering here and there and going to museums and meeting friends for work. Ever. And if you do, it's one of two options: either you think you don't have enough money, or your life outside work sucks and you'd rather feel the fullfilment of making more money and growing your business
I think your opinion is more sensible than his andrews.There is a such thing as passive income because portfolio income is passive income that many retirees live off.Even social security is passive income.Andrews self employed and a entrepeneur so he have employees etc But he just mention he is not a investor therefore he is unable to fully explain what passive investing is about.
The term passive income is usually used by MLM people. Whenever they start to tell me about this, my answer is "Passive? You are still out there looking for new people to join your scheme, THAT is very active."
I'd reached a similar conclusion. Both "retirement" and "passive income" are myths. The economy is all the products and services that people make. If everyone stops working then there's nothing to buy. Creating value for other people is the key to wealth.
I have yet to meet one person who talks about "passive income" that isn't seriously lazy and work avoidant. It's kind of amazing because if they'd just put that same effort into creating value they wouldn't be broke.
Owning real estate for rental purposes is a hellish 24/7 job. Nothing passive about it. Younger and new generation renters are horrible tentants. Older mature ones are getting scarce. In US, renters intentionally treat rentals as destruction projects. Utilities, Taxes are sky rocketing. Maintance and repair costs are sky rocketing. And, most people dont know, in US property management companies make most of thier money through padding maintance and repair bills and by creating "urgent high cost" padded repair issues. In europe its impossible to evict non paying tenants. In Asia, condos are poorly built, poorly managed and require huge property management fees. In the few great markets like singapore, taiwan and Hong Kong they make "renting by foreigners" extremely expensive with stamp fees, high rental income tax, capped rental rates.
I am moving to the beach in Mexico in two weeks. I spent 25 years working my ass off. I will live on the beach in Cancun and keep working my ass off at a job that I don't like anymore but pays A LOT of money. And I work very passively at it. That's my idea of "passive income ". I already have beach front real estate there, and believe me, there is nothing passive about it. Pain in the neck dealing with people, contractors, maids, condo management , etc
What people dont understand about passive income is that it is income that has been ALREADY established with countless hours of work. Passive is just expanding your business to diversify around other fields. You're not retired. You just turned into a busy manager.
This really resonated with me, especially the part about "why do I have book an appointment (i.e. pay) to answer a question?" I get this all the time when vague acquaintances ask me for help with their legal questions and get miffed if I don't "just tell them" (i.e. work for free). Knowing the answers to their questions took years of hard work to get through law school and learning from my mistakes, thus I value my time and I don't work for free. There really is no passive income but if you do something you like, it doesn't really matter.
If you want to live on a beach in mexico, the easiest way to start is to find a job or start a company on the beach of mexico. Surf/sailing lessons/ renting out sailing boats / canoos, etc etc etc.
Often see Airbnb called passive income. But they also talk about setup, dealing with guests, repairs, managing cleaning staffetc etc - definitely not passive.
There's a brazilian finance instructor that says something in the line of "The only way of having income is through work (being IC, entrepeneur, etc), there's no passive income, the only thing that you can really do is making a living of an enourmous asset that you earned in your life by working", I think it kinda resonates with your message, I hope to have new ideas to expand my business in the coming months/years, since now my company is estabilished only so I can be a contractor.
I'm sorry I completely disagree. There is passive income via real estate and stocks. I'm a NYC teacher and have built I have brought a couple of homes that pay me rental income. The home I live in purchased in 2006 for 500k is now worth 1.7 million. More importantly at one point it was earning approximately 6000-9000 per month on Airbnb depending of the time of year. As a result of my home earning money I was able to save a lot in my retirement account. In Nyc teachers earn a 7% guaranteed on their retirement account. My account earns close to 3000.00 now.
My wife, who's a quite popular pro athlete and fitness coach has her own fitness app. We got "sold" the idea that this would be a potentially 5 figures _passive income_ since she had to design the platform only once and the rest is based on promoting it on her socials and getting the subscribers in. While the 5 figure monthly income is realistic and got reached within the first trimester, this bloody app has *nothing* passive about it. Nothing! It's an *ADDITIONAL* load of work, on top of the already packed schedule she had. She worked so hard to delegate most of the tasks (writing new programs, online marketing, managing the memberships, taking care of glitches etc...). Big wake up call.
Buffet gets 600 million a year just for owning coca cola and close to 1 billion from 3 energy companies and over 4 billion from 6 companies He works cause he wants to like Bezos or Gates They don't need to work I personally survived 10 years without working an hour in a year. Stock dividends is one way Book music or acting royalties another Can have 30 rental properties in Tokyo or Hawaii or Vail 100% managed by property managers Can have a Billion dollar short sale in a company that goes bankrupt and never work again I shorted EK Eastman Kodak when it was over 30 It went bankrupt So did AMR over 40 I know people in Seattle that own gas station mini marts in Texas managed 100% by others that make $1000 a day and play golf 5 days a week Passive income is real.
Good message my friend. I was a truck driver and lived in my truck for a year and didn't go home. I kept working and saved all my money. But the whole time I was learning on line about the stock market. Now I travel all over the world and trade stocks on line. I'm 45 and have been traveling for 5 years.
@@Honchobuns we're the same age. I have a wife and kids and was curious to know how one would pull off that lifestyle with a family. I suppose it's doable.
The most important thing is work your ass off and get out of debt. Then learn your niche. I love the stock market but it's not for everyone. It's actually really stressful, and if I'm in Asia I have to stay up all night because of the timezone. Good luck. : )
Not true. You just dont have the knowledge. I have passive income, worked about 5 hours this summer, made multiple 6 figures. The only way it is possible if you have a.% from individual business entities run by others. I have that
Honestly, NOTHING is passive when you’re talking about income. Yes, you can get a bucket of money (or Bitcoin) and put it in a closet and draw down on it to fund your lifestyle, but ANY income generating asset is active. Houses need maintenance; tenants need managing; dividend paying stocks require work being done by the company you invest in; managed index funds require managing. What we describe as being passive IS being actively managed by someone and there will be a cost that’s associated with that management. Your job is to find a balance between what you do actively, and what you outsource (and pay) someone else to do. Sure as anything, if you expect to be paid to do nothing at all, either you are accepting there’s an opportunity cost associated with the work that IS being done, or you have no problem with no growth (and therefore no income) on your investment.
What I call passive investing is my savings earning money for me (earned money without physically working for another person). I see the point that as soon as I have a portfolio of dividend stocks, I now have a job of dividend investor, but it's something that can be done quite easily off the side of your desk. I started in 2020 and "bought into" the correction with an investment account that was mainly cash and now I have a sizeable portfolio of dividend stocks that provide income. Being that I still work at a "real job," I use DRIP and reinvest my dividends. I don't min/max this stuff at all and I my investing style is centred around finding 20 good dividend performers and holding them for the rest of my life. You can't really go wrong with this and no it doesn't take that much effort. I have an income in mind for retirement and right now, I'm about 25% of the way there. This is with a portfolio of my own savings and does not include my pension account at work which will one day be converted into an income stream. I also anticipate inheriting money and property which will also be converted into an income producing investment. AS was said in this video, I could either take the money I've saved and bought frivolous nonsense or I could buy dividend stocks. I think of dividend stocks as my "employees," all of which earn income for me.
Moral of this story “Passive income is a result of many years of hard work building a system that earns money without you needing to spend constant attention to keep it going. And even then, there is a life cycle to that system that will eventually wind down entropically to the point that you will need to work again to wind it back up”
The only way to survive governments, inflation and wars is to build an empire around the world and have multiple passports. If someone stops working and studying it is only a matter of time before that person will become poorer.
Andrew this is a great video. After 28 years of working 12 to 14 hours a day 6-7 days a week; I now trade options. My decades of savings and learning about investing over the 50 years has put me in a place to work 6-8 hours a day, six days a week. Nothing is passive. You must work and continue to learn. Develop a wealth building and generating system. Keep up the good work!
Clearly you find a ton of/all of your fulfillment in your work because if all I had to look forward to after all those years of working was a 6 hour daily reduction to my work week, I would almost certainly take myself out. Good for you, but it is examples like this that make me glad I have absolutely zero incentive to live the true millionaire/billionaire lifestyle where your work is your entire life. I see work/money as a tool to support the life I want to live in the future and nothing more.
@@jkfd97 Thanks for your comment. Work is not my entire life. Work is an important component. I include in my work time workouts; running, lifting, biking, and stretching. Physical fitness in combination with a good diet gives one real energy and drive. Reading books on many topics is also in my work hours. I do find work fun. Much of my work now is reading and analysis. Keep in mind you read a few sentences in a YT comment. You don't see time off, training others to take part of the load. The long hours make it possible to take time off to think. I never took of six months to think like Steve Jobs; just a few days at a time, a few times a year. Best of luck finding your balance in life. You sound like a well balanced, hard worker.
@@CatsandDogs-qn3ij Thank you for the response. It is just interesting to have a brief overview into the kind of life I couldn't imagine for myself. I am glad things have worked out well for you and that you are keeping healthy on top of it. All the best to you. 👍
Nice video. But I would not say that passive income is a Myth. I worked really hard the last few years and left the corp world a year ago. I bought several rental properties in the past few years and paid off all the mortgages. Now I work 5 hours or less a week. My passive income is more than my corp income used to be at this point. I don’t have any type of debt. Love my life because I can manage my time as I see fit while having monthly income. I still believe passive income based on my current life style. I travel quite often and lead an active life not related to work. I feel blessed at my current situation due to passive income.
Crypto investing is not at all passive investing. I have been doing it siince 2015. To keep your money in crypto you have to make sure assets are safe against hacks, theft, scams, and bad actors. Also you have to make sure your computers, software and hardware wallets are up to date with the latest changes in software and industry standards. Thank you for a great and informative video.
The Dutch with 600 years of historical investing have a tremendous amount of passive income. The Heiress to the Heineken fortune does not work nor has any of her ancestors since the 1600's has had a formal job. Passive income exists for a few lucky ones who inherit an income stream. For the rest of us, there is work
Thank you, Andrew! I’ve been an entrepreneur for 45 years. I started with nothing, and over many years became fairly well off. Then Obama showed up, weaponized the IRS against conservatives, and put me out of business! Understanding business, and the nature of business, I couldn’t agree with you more! I’m trying to see my way clear to leave America! It no longer reflects my values, nor does it honor hard work and sacrifice. Hopefully I’ll get there one day. Cheers
Andrew, I have watched a lot of your content, this is your best video yet. For those that hustle every day to build their business (my partner and I have been working our tails off for 8 years), this was very much needed. For anyone else working hard to build their business, keep pushing, you’re not alone.
This is a good one. Money will not just fall from the sky by itself. There is always something to take care of and economical structures change. What worked 20 years ago is now irrelevant.
I stopped the video in the track how to become an entrepreneur, there is one thing I do not understand (I am still a rookie in this realm, this my first time on this channel btw) is that whether you’re an investor or entrepreneur, you need money first ! Where does that money come from ? You have to be something else before getting of these paths and like you said in the beginning not everyone came with a heritage or stuff
Only way to live on passive income is to have a percentage from individual business entities. I work about 4-5 hours a week, and get multiple 6 figures. My income comes from business entities spread over 20 countries, over 20 years. I dont have any employees, no liabilities, no office etc. As of this summer I worked about 5 hours all together.
The best way you're going to make money is by working, and millionaires can have 7 streams of income because they are rich, they never say if they had 7 streams BEFORE they were a millionaire. You gotta have something before you can diversify it lol.
I never thought about the entrepreneur vs investor angle before. Thinking about starting a business and all the interpersonal work it requires makes me break out in hives. The idea of spending three hours on an investor conference call gets me excited and engaged. Thank you for the insight!
They are two different worlds.Passive investing you get passive or portifolio income that you can live off and retire from the wage market.Thats the answer that that gentleman in audience need.But he ask a man who is entrepeneur and not an investor like john bogle,warren buffet etc Passive income is not myth.Being a passive investor is easier than becoming a entrpreneur for some people.And its easier for me as well.The stockmarket historcially pays 10 percent a year 7 percent adjusted inflation.I am cool with that because i am retiring early to thailand anyway.
In regards to the "becoming rich" segment, I don't want to be rich, I just want to be sustainable enough in my own expectations to live out my youth, not when I'm old enough to really crack my back the wrong way. But I get it, society isn't that giving anymore to be frank. So for me, although I'm aware there is truly no such thing as passive income, I would still jump that ship and sail with it. You only live once you know.
I find MLM Co's being the largest culprit regarding this. I used to be with an MLM co for yrs (not Amway) and for 4 hard yrs work my tail off to get nowhere and then the Co closed down. I then joined a different one which I was really successful at and then went through a divorce. One video on the myth of MLM is the mathematics of it and I even knew that at the time I was in them, yet the focus is of utmost importance. I knew so many ppl in several MLM companies and got nowhere, or made tidbits here and there instead of a strong income from just one. Even with my online business now I have ppl asking me to join them in doing their thing and I simply don't have time so I just tell them, no thanks. Mr. Myagi in Karate Kid said it best....you karate do, yes; you karate do, no. You karate do just so, squish just like grape.
Most excellent episode Andrew! Finally some truth and common sense into all these people misleading so many other slothful folks who want to make alot of money doing nothing. I work 5:30am though dinner and often part of the weekends…nothing passive about success…passive income is as you say…a myth.
Gary Vee will never be a legitimate source in my book. You don't get born into an already existing successful business (the hardest part of becoming an entrepreneur is getting started) and then get to lecture everyone on why they're poor and you're rich.
Most of the wealth transferred from people without capital to people with it comes in the form of working jobs to pay rent to a landlord. The landlord can't be completely passive, no, but obviously the work required to pay your rent vastly exceeds the amount of effort your landlord spends managing your specific unit. If this were not true, no landlord could ever own 100 units. I can buy a REIT and collect 10% completely being out to lunch. Maybe some years it's less but basically it works. The *average* wealth in the US is 500k, which is, probably not coincidentally, about the price of the median home. I can stick my money in an index fund and collect 4% or whatever with no effort. At all. Maybe it's not the best possible return, but nevertheless, it's income. If I start out with 2m, I can spend the rest of my life not working while other people work to feed and clothe and transport me. When people say "I want to escape the rat race" or "I want passive income," yeah, maybe they're lazy, but part of it is also just not wanting to be a debt slave and see half your income go to a landlord for the privilege of living in their property. All wealth is accumulated through a mixture of entreprenurial ambition/grit/brilliance, luck, and theft. But, once you have it, it all works pretty much the same way! You own physical stuff or intellectual property or organizational structures (at its most abstract) that other people need in order to make money to stay alive. They can theoretically scratch at the dirt in the taiga, or go around collecting recyclables or coins off the ground, but almost all other productive activities require capital to combine your labor with, and so, they have to rent that capital from you. The two of you are collaborating to create something of value, but by definition, the owner of the capital is not contributing as much of his labor. It would be fair to say that certain capital requires more active management than others. If you are giving bootleg haircuts, your scissors are capital but you won't make a red cent without picking them up and cutting hair. It's not scalable. You can't outsource it. Whereas, some covered-call fund that sits in a trust and pays an executor to dole out an income into the bank account of a profligate scion is about as close to totally passive as you can get. But I want to point out that this passive scion's house, if he owns it, is creating income so passive (in the form of rent he doesn't pay) that he doesn't even notice it! I think *all* of us would like *this* kind of passive income. And it seems kind of crazy that just to break even against capitalism in the US, you do need a net worth of 500k.
This was a really insightful video, and I’d never considered the entrepreneur vs investor personality traits being binary. Trying out my own ventures has often led to me being outside my comfort zone and hasn’t always yielded the results I’d hoped for, whereas making investment decisions have come a lot more natural for me. Thank you Andrew and team 👍🏻
Just a reality check here on this topic, while a passive income isn't a guarintee, my mum's house in Sydney was earning as much as her teaching salary each year... When she sold it, she was able to retire comfortably on that. So it's about having your situation set up correctly. It's of course out of most people's reach, but for those who already have wealth, good portfolio management can make you bank. Particularly a really good crypto gain.
Excellent…as always. Very to the point and eye opening for most. Lot’s of people start off very energetic and determined but are easily misled by listening to those who paint a picture of the “Mexican beach” then get caught in “alternate options” of getting there.
Passive income is only a myth to those who can't figure out how to make passive income. I spend a bunch of time upfront to build web properties that operate themselves, after the initial build they are definitely passive. I don't run ads or do marketing, I don't have customer service issues, I don't have inventory- I don't do anything other than look at the new sale notifications as they come in on my phone.
I have watched quite a few of your videos and I think this was one of the best! I think some of the others are more motivating for me to get into your potential customer bracket and this one was more knowledge that I could use right now. Thanks
Interest rates go up and down.. Inflation goes up and down and currencies come and go. Even if you had enough in the bank to live off, you'd still have to put thought in to managing it.
The US Fed has made living off Interest something that wasnt done since 2000. It cant be done now because even rising interest rates dont keep up with high inflation rates.
@@Thomas_Hardy. agreed, and by all but destroying interest as a viable income source it has driven everyone into stocks and, most of all, real estate, fuelling the asset bubble
I think real-estate and dividend stocks are the closest thing to passive income and you need to be intelligent and spend alot of money to get them going and keep them going
Very interesting video. I was just talking to a friend about this very subject. I am close to retirement and also a more recent nomad. I keep saying that I don't want to work so hard anymore, because I want my free time and less stress, but when I think about the free time I'll have, I'm continuously try to fill the future void. Strange paradox.
People have a business mind or a customer mind. Watching a get rich quick video the business mind is interested in how the Tuber is selling. The customer mind is falling for the pitch. Business mind is always selling. Customer mind is always buying. The business mind is unlikely to ever be happy on a beach, at least for very long. They enjoy making money more. IMO as soon as a person says they want to retire to some beach I know they're a customer.
I work 70-80 hrs a week and live like a starving college student to have the surpluss capital for investment and future passive income... Guess I have no work ethic?
@@yarpenzigrin1893 Naturally. It's why I work so hard. So I don't *have* to work for anyone else. Capital accumulation opens up a lot of doors, including running my own business or outsourcing by investing in successful businesses.
absolutely correct. Work hard, be in the right place at the right time with the idea/product to match. Most wealthy people have failed alot before they finally found success so it is the concept of perserverence when other fall by the wayside that differentiates them. Biggest hurdle is finding the idea/product from which you can build the business.
True. What comes to mind are when the sitcom show The Big Bang ended, all the actors gets Royalty checks .that's as close as passive income it gets lol
To distill this down the best thing to say to these people is: if it's so easy everyone would be doing it! The passive income mentality is fine for someone looking to maintain wealth but you will not make significant gains going down that road!
Thank you for this video. I have been posting my teaching videos for the past 4 yours and am now monetized on one of my channels. I have 30 years of knowledge that I pass on to others for free and do it so that I might offset some bills later in life when I retire - not a get-rich plan at all. Hard work is the way to go and hopefully, it is in something you are passionate about. Lining someone else's pocket makes them rich and you are just hoping to get there.
Best video yet, and all the rest are good. A lot of religious-minded people waste a lot of time simply waiting on God to deliver their wealth but this is unfortunately a misunderstanding, God only helps those who help themselves, there are plenty of other passages about the necessity of work and reaping what you sow. We are all under the laws of the universe the same as we are under the law of gravity, for example. Removing victimhood allows you to have a positive mindset, which is necessary for action and progress. I think the meaning of the term 'passive income' refers to the multiplication effect via automation that occurs when you organize a system to produce more units than you could produce by yourself alone. So in that way you're getting free money, but the energy put in has to have been enough to make the system that great. Victory in preparation.
"...they're looking to 'learn the secrets of the rich' when really the secret is working hard." Not that it's never been said before. Many honest and successful people have said it, but well said! Thanks for the honesty.
Thanks, I really appreciate your direct honest opinions and take on this subject. As one of these "sloth" types everyone is bashing in the comments, let me give my perspective. I'm 37yr old, I'm successful in my career making $180k living in Manhattan. However, I am miserable. I hate working at my job. Before hearing your perspective, I think simply assumed that because I don't have any passions, that there simply isn't anything that I can be motivated to wake up and do everyday. So for guys like me and that person who asked the question at the event, in our heads, passive income is our only hope. I think the biggest thing I am taking away here is that in truth, my only real hope is finding something I can become passionate about. That's what I should be focusing on. Because even if I win the lottery, what would I even do with my free time?
I took a zoom call from one of these hawkers. It was free so no harm. Boy did I get a mindful of this bulls-t. It didn't take long to find out that it was a shiny mousetrap of promise and they were going to fleece you for basically teaching how to fleece others.
Asking a real estate broker if it’s time to buy is like asking an alcoholic it was time for a drink.
Not every single one , but there is a lot of truth in it. I've been in the investing for 22 years and when asked, I say it depends on YOU and I walk them through it. If they have job stability, it's a long term play, and it's comfortable financially, then perhaps yes. If not, I will advise that maybe they should wait or rent
@@loud9090 A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow
@@user-3456rtu I will be happy getting assistance and glad to get the help of one, just how can one spot a reputable one?
@@user-3456rtu Thanks for this tip. Her website popped up on the first page immediately I searched her, I read through her resume and Did my due diligence on her before leaving a message. So, hopefully she replies soon.
Great closing words: "Everything has to be watched. Everything has to be managed." ... unless you want to live in the forest, sleep on the ground, and forage for berries that statement is very important.
Even living in a forest there are THINGS that need to be watched and managed😅
In the forest, predators watch you.
Even in the forest everything needs to be watched and managed....
You're a mind reader, my friend. I always laugh at these RUclipsrs who brag about being retired before they've reached 40 years-old. It's like, bro, you're putting out 3-4 videos a week, selling a course, and privately coaching people to supposedly retire on passive income. And probably managing crypto, stocks, and real estate behind the scenes. That's all work, not retirement. That's not passive at all.
You can have a fully passive income using low cost index funds. I don't manage the portfolio, and only check on it a few times a year.
@@jackieboy1593 and you have to keep writing checks
@@davidrieger8816 I never said the index fund route is easy, but it is super simple. You save enough and follow the 4% rule. To have $2k/month in cashflow, you would need $600k invested.
Very achievable if you lower expenses and take on higher paying working in tech or some other higher paying field. Far better to learn a skill that makes you 6 figures to shorten the time. You can do it in about 20 years if you only make $50k/year.
Index funds will in all likelihood, outpace inflation long term, so inflation is not a major concern. Also, you would only need 2 million if you're trying to have $80k/year in cashflow, which seems excessive if you're trying to live in Central/South America.
There is no such thing as a free lunch. If you want the lifestyle, structure your life in a way to achieve it.
@@davidrieger8816 - And the reality is that most people do not know how much money they spend per year so they really do not know if they could live off their passive income.
@@olivierdevries01 That's a key point. Most people will never make it because they don't track their expenses. That's step 1, and easily automated.
Thank you for calling out the bs of the fake financial gurus on RUclips who only want to sell you their course. I appreciate your genuineness.
As a professional poker player it's not very often I see someone of Andrew's caliber not being completely dismissive of poker as a career/lifestyle choice. I give even more props to the fact that he seems to understand how incredibly difficult it is & how much work is required to be truly successful at it. It's honestly refreshing.
To me it's like someone trying to make a living from being a musician or actor. Sure somebody is going to make a lot from that, but unless you are the most talented and/or skilled person anyone in your circle of friends and family has ever known, you probably won't succeed financially and you'd be better for putting your hard work, time, and energy into something more likely to produce a solid return.
Your double negative is so confusing..
One of my clients here in Playa del Carmen is a pro poker player ☺️He is the nicest guy. One of his sites paid him in BTC a while back and he was able to put that into property here back when BTC was surging. I’m very happy for him and that I was able to help him :)
@@gordo3582 I agree, some careers only the most talented people can earn a decent living. Other careers you can be quite average and do very well, assuming you work at it.
Poker is kind of like life right? 80% strategy and 20% luck.
Its delayed gratification rather than passive income, you need to work hard for decades and invest as much as possible to build a portfolio that pays for your life style
I 100% agree about the “company it keeps”. The passive income mantra attracts a ton of scammers and borderline scammers. Like sure their course might be legit, but you don’t necessarily need to buy a course to learn what they’re trying to teach.
Remember, in the Gold Rush, the only people who made 'real' money were the folks selling pics & shovels.
Every time I hear someone say "I could live off my dividends but I choose to continue my business" or like he said "I'm building a 7 figure dividend income", I just feel like their life outside work sucks.
I could never trade a life traveling and relaxing with my wife, volunteering here and there and going to museums and meeting friends for work. Ever.
And if you do, it's one of two options: either you think you don't have enough money, or your life outside work sucks and you'd rather feel the fullfilment of making more money and growing your business
I think your opinion is more sensible than his andrews.There is a such thing as passive income because portfolio income is passive income that many retirees live off.Even social security is passive income.Andrews self employed and a entrepeneur so he have employees etc But he just mention he is not a investor therefore he is unable to fully explain what passive investing is about.
Passive income is just a scale with more and less work but there's nothing with no work
Good to see "passive income" not being confused with not working.
No such thing as "easy money" in a free market! Thanks for the content
The term passive income is usually used by MLM people.
Whenever they start to tell me about this, my answer is "Passive? You are still out there looking for new people to join your scheme, THAT is very active."
I'd reached a similar conclusion. Both "retirement" and "passive income" are myths. The economy is all the products and services that people make. If everyone stops working then there's nothing to buy. Creating value for other people is the key to wealth.
I think people have there ownn definition of retirement.
Passive income = putting the work upfront, delayed repayments
I have yet to meet one person who talks about "passive income" that isn't seriously lazy and work avoidant. It's kind of amazing because if they'd just put that same effort into creating value they wouldn't be broke.
You have no idea how badly I needed to hear this and get this explained, thank you.
Owning real estate for rental purposes is a hellish 24/7 job. Nothing passive about it. Younger and new generation renters are horrible tentants. Older mature ones are getting scarce. In US, renters intentionally treat rentals as destruction projects. Utilities, Taxes are sky rocketing. Maintance and repair costs are sky rocketing. And, most people dont know, in US property management companies make most of thier money through padding maintance and repair bills and by creating "urgent high cost" padded repair issues. In europe its impossible to evict non paying tenants. In Asia, condos are poorly built, poorly managed and require huge property management fees. In the few great markets like singapore, taiwan and Hong Kong they make "renting by foreigners" extremely expensive with stamp fees, high rental income tax, capped rental rates.
I am moving to the beach in Mexico in two weeks. I spent 25 years working my ass off. I will live on the beach in Cancun and keep working my ass off at a job that I don't like anymore but pays A LOT of money. And I work very passively at it. That's my idea of "passive income ". I already have beach front real estate there, and believe me, there is nothing passive about it. Pain in the neck dealing with people, contractors, maids, condo management , etc
The closest thing to passive income is buy a property, rent it out and pay a decent management company to manage everything..That's it.
Passive income is having tens of millions or more dollars earning a dividend. You need wealth first.
Nope that money doesnt exist and s&p 500 dividend is too low
I wouldn't call passive income a myth, I would rather call it mythunderstood. Just like being "self-made" doesn't mean what it says.
true
Money is a responsibility, there is no passivity.
What people dont understand about passive income is that it is income that has been ALREADY established with countless hours of work. Passive is just expanding your business to diversify around other fields. You're not retired. You just turned into a busy manager.
This really resonated with me, especially the part about "why do I have book an appointment (i.e. pay) to answer a question?" I get this all the time when vague acquaintances ask me for help with their legal questions and get miffed if I don't "just tell them" (i.e. work for free). Knowing the answers to their questions took years of hard work to get through law school and learning from my mistakes, thus I value my time and I don't work for free. There really is no passive income but if you do something you like, it doesn't really matter.
If you want to live on a beach in mexico, the easiest way to start is to find a job or start a company on the beach of mexico. Surf/sailing lessons/ renting out sailing boats / canoos, etc etc etc.
Positive cash flow is the key
Earn - Save - Invest - Prosper
Amen!
Often see Airbnb called passive income. But they also talk about setup, dealing with guests, repairs, managing cleaning staffetc etc - definitely not passive.
There's a brazilian finance instructor that says something in the line of "The only way of having income is through work (being IC, entrepeneur, etc), there's no passive income, the only thing that you can really do is making a living of an enourmous asset that you earned in your life by working", I think it kinda resonates with your message, I hope to have new ideas to expand my business in the coming months/years, since now my company is estabilished only so I can be a contractor.
It's Baster, right? Good stuff
I'm sorry I completely disagree. There is passive income via real estate and stocks. I'm a NYC teacher and have built I have brought a couple of homes that pay me rental income. The home I live in purchased in 2006 for 500k is now worth 1.7 million. More importantly at one point it was earning approximately 6000-9000 per month on Airbnb depending of the time of year. As a result of my home earning money I was able to save a lot in my retirement account. In Nyc teachers earn a 7% guaranteed on their retirement account. My account earns close to 3000.00 now.
My wife, who's a quite popular pro athlete and fitness coach has her own fitness app. We got "sold" the idea that this would be a potentially 5 figures _passive income_ since she had to design the platform only once and the rest is based on promoting it on her socials and getting the subscribers in. While the 5 figure monthly income is realistic and got reached within the first trimester, this bloody app has *nothing* passive about it. Nothing! It's an *ADDITIONAL* load of work, on top of the already packed schedule she had. She worked so hard to delegate most of the tasks (writing new programs, online marketing, managing the memberships, taking care of glitches etc...). Big wake up call.
I liked this one: "...Warren Buffet is in his 90s and still working hard like he's in his 20s" . Passive in come is not so passive afterall
Warren hardly HAS to work. It is his hobby now and he loves it.
Buffet gets 600 million a year just for owning coca cola and close to 1 billion from 3 energy companies and over 4 billion from 6 companies He works cause he wants to like Bezos or Gates They don't need to work I personally survived 10 years without working an hour in a year. Stock dividends is one way Book music or acting royalties another Can have 30 rental properties in Tokyo or Hawaii or Vail 100% managed by property managers Can have a Billion dollar short sale in a company that goes bankrupt and never work again I shorted EK Eastman Kodak when it was over 30 It went bankrupt So did AMR over 40 I know people in Seattle that own gas station mini marts in Texas managed 100% by others that make $1000 a day and play golf 5 days a week Passive income is real.
It is not work, he loves doing it. Warren could have stopped doing it decades ago and sat on a beach every day and still dying with billions.
All investments need to be managed to stay on top of micro and macro changes
A better term is RESIDUAL income, not passive.
Good message my friend. I was a truck driver and lived in my truck for a year and didn't go home. I kept working and saved all my money. But the whole time I was learning on line about the stock market. Now I travel all over the world and trade stocks on line. I'm 45 and have been traveling for 5 years.
At 45, do you have a family?
@@MaxwellMax I don't have kids
My girlfriend lives in the Philippines. I met her 3 years ago.
@@Honchobuns we're the same age. I have a wife and kids and was curious to know how one would pull off that lifestyle with a family. I suppose it's doable.
The most important thing is work your ass off and get out of debt. Then learn your niche. I love the stock market but it's not for everyone. It's actually really stressful, and if I'm in Asia I have to stay up all night because of the timezone. Good luck. : )
@@Honchobuns kudos on selecting a Filipina girlfriend!
Thank you for calling out the elephant in the room! There is nothing passive about RUclips or most of the other things that generate income! 💯💯💯
Not true. You just dont have the knowledge. I have passive income, worked about 5 hours this summer, made multiple 6 figures. The only way it is possible if you have a.% from individual business entities run by others. I have that
Honestly, NOTHING is passive when you’re talking about income. Yes, you can get a bucket of money (or Bitcoin) and put it in a closet and draw down on it to fund your lifestyle, but ANY income generating asset is active.
Houses need maintenance; tenants need managing; dividend paying stocks require work being done by the company you invest in; managed index funds require managing.
What we describe as being passive IS being actively managed by someone and there will be a cost that’s associated with that management. Your job is to find a balance between what you do actively, and what you outsource (and pay) someone else to do. Sure as anything, if you expect to be paid to do nothing at all, either you are accepting there’s an opportunity cost associated with the work that IS being done, or you have no problem with no growth (and therefore no income) on your investment.
I never liked the idea of “not working” it’s such as horrible way to view life.
“Winter is coming, need to work” this simple thing says so much about the world.
What I call passive investing is my savings earning money for me (earned money without physically working for another person). I see the point that as soon as I have a portfolio of dividend stocks, I now have a job of dividend investor, but it's something that can be done quite easily off the side of your desk. I started in 2020 and "bought into" the correction with an investment account that was mainly cash and now I have a sizeable portfolio of dividend stocks that provide income. Being that I still work at a "real job," I use DRIP and reinvest my dividends. I don't min/max this stuff at all and I my investing style is centred around finding 20 good dividend performers and holding them for the rest of my life. You can't really go wrong with this and no it doesn't take that much effort. I have an income in mind for retirement and right now, I'm about 25% of the way there. This is with a portfolio of my own savings and does not include my pension account at work which will one day be converted into an income stream. I also anticipate inheriting money and property which will also be converted into an income producing investment.
AS was said in this video, I could either take the money I've saved and bought frivolous nonsense or I could buy dividend stocks. I think of dividend stocks as my "employees," all of which earn income for me.
Moral of this story “Passive income is a result of many years of hard work building a system that earns money without you needing to spend constant attention to keep it going. And even then, there is a life cycle to that system that will eventually wind down entropically to the point that you will need to work again to wind it back up”
The only way to survive governments, inflation and wars is to build an empire around the world and have multiple passports. If someone stops working and studying it is only a matter of time before that person will become poorer.
Andrew this is a great video. After 28 years of working 12 to 14 hours a day 6-7 days a week; I now trade options. My decades of savings and learning about investing over the 50 years has put me in a place to work 6-8 hours a day, six days a week. Nothing is passive. You must work and continue to learn. Develop a wealth building and generating system. Keep up the good work!
Clearly you find a ton of/all of your fulfillment in your work because if all I had to look forward to after all those years of working was a 6 hour daily reduction to my work week, I would almost certainly take myself out. Good for you, but it is examples like this that make me glad I have absolutely zero incentive to live the true millionaire/billionaire lifestyle where your work is your entire life. I see work/money as a tool to support the life I want to live in the future and nothing more.
@@jkfd97 Thanks for your comment. Work is not my entire life. Work is an important component. I include in my work time workouts; running, lifting, biking, and stretching. Physical fitness in combination with a good diet gives one real energy and drive. Reading books on many topics is also in my work hours. I do find work fun. Much of my work now is reading and analysis. Keep in mind you read a few sentences in a YT comment. You don't see time off, training others to take part of the load. The long hours make it possible to take time off to think. I never took of six months to think like Steve Jobs; just a few days at a time, a few times a year. Best of luck finding your balance in life. You sound like a well balanced, hard worker.
@@CatsandDogs-qn3ij Thank you for the response. It is just interesting to have a brief overview into the kind of life I couldn't imagine for myself. I am glad things have worked out well for you and that you are keeping healthy on top of it. All the best to you. 👍
@@jkfd97 Thank you, Good Sir.
@Cats and Dogs, sounds like you and I have similar backgrounds. Busted my tail for 35 years, now reaping the rewards. I love option trading.
Nice video. But I would not say that passive income is a Myth. I worked really hard the last few years and left the corp world a year ago. I bought several rental properties in the past few years and paid off all the mortgages. Now I work 5 hours or less a week. My passive income is more than my corp income used to be at this point. I don’t have any type of debt. Love my life because I can manage my time as I see fit while having monthly income. I still believe passive income based on my current life style. I travel quite often and lead an active life not related to work. I feel blessed at my current situation due to passive income.
Crypto investing is not at all passive investing. I have been doing it siince 2015. To keep your money in crypto you have to make sure assets are safe against hacks, theft, scams, and bad actors. Also you have to make sure your computers, software and hardware wallets are up to date with the latest changes in software and industry standards. Thank you for a great and informative video.
The Dutch with 600 years of historical investing have a tremendous amount of passive income. The Heiress to the Heineken fortune does not work nor has any of her ancestors since the 1600's has had a formal job. Passive income exists for a few lucky ones who inherit an income stream. For the rest of us, there is work
As a real estate investor for over 25 years, I absolutely love it but, it is very, very far from "passive"! The RE courses are a joke.
This is one of the best videos you've posted, and that's saying a lot.
This is 100% right. Passive income does exist, but requires time, money, and skill to create it
Or yolo the right stock before it moons trolololol
@@space-timecontinuumrepairm9553 True, but that is the likelihood of lottery odds
Thank you, Andrew! I’ve been an entrepreneur for 45 years. I started with nothing, and over many years became fairly well off. Then Obama showed up, weaponized the IRS against conservatives, and put me out of business! Understanding business, and the nature of business, I couldn’t agree with you more! I’m trying to see my way clear to leave America! It no longer reflects my values, nor does it honor hard work and sacrifice. Hopefully I’ll get there one day. Cheers
Andrew, I have watched a lot of your content, this is your best video yet. For those that hustle every day to build their business (my partner and I have been working our tails off for 8 years), this was very much needed. For anyone else working hard to build their business, keep pushing, you’re not alone.
This is a good one. Money will not just fall from the sky by itself. There is always something to take care of and economical structures change. What worked 20 years ago is now irrelevant.
I stopped the video in the track how to become an entrepreneur, there is one thing I do not understand (I am still a rookie in this realm, this my first time on this channel btw) is that whether you’re an investor or entrepreneur, you need money first ! Where does that money come from ? You have to be something else before getting of these paths and like you said in the beginning not everyone came with a heritage or stuff
Excellent points. Agree 100%.
Only way to live on passive income is to have a percentage from individual business entities. I work about 4-5 hours a week, and get multiple 6 figures. My income comes from business entities spread over 20 countries, over 20 years. I dont have any employees, no liabilities, no office etc. As of this summer I worked about 5 hours all together.
You should create a YT channel. Is what you did duplicatable?
It's not passive income. It's front loaded income: a lot of work at first with less work later.
The best way you're going to make money is by working, and millionaires can have 7 streams of income because they are rich, they never say if they had 7 streams BEFORE they were a millionaire. You gotta have something before you can diversify it lol.
I never thought about the entrepreneur vs investor angle before. Thinking about starting a business and all the interpersonal work it requires makes me break out in hives. The idea of spending three hours on an investor conference call gets me excited and engaged.
Thank you for the insight!
They are two different worlds.Passive investing you get passive or portifolio income that you can live off and retire from the wage market.Thats the answer that that gentleman in audience need.But he ask a man who is entrepeneur and not an investor like john bogle,warren buffet etc Passive income is not myth.Being a passive investor is easier than becoming a entrpreneur for some people.And its easier for me as well.The stockmarket historcially pays 10 percent a year 7 percent adjusted inflation.I am cool with that because i am retiring early to thailand anyway.
In regards to the "becoming rich" segment, I don't want to be rich, I just want to be sustainable enough in my own expectations to live out my youth, not when I'm old enough to really crack my back the wrong way. But I get it, society isn't that giving anymore to be frank. So for me, although I'm aware there is truly no such thing as passive income, I would still jump that ship and sail with it. You only live once you know.
I find MLM Co's being the largest culprit regarding this. I used to be with an MLM co for yrs (not Amway) and for 4 hard yrs work my tail off to get nowhere and then the Co closed down. I then joined a different one which I was really successful at and then went through a divorce. One video on the myth of MLM is the mathematics of it and I even knew that at the time I was in them, yet the focus is of utmost importance. I knew so many ppl in several MLM companies and got nowhere, or made tidbits here and there instead of a strong income from just one.
Even with my online business now I have ppl asking me to join them in doing their thing and I simply don't have time so I just tell them, no thanks.
Mr. Myagi in Karate Kid said it best....you karate do, yes; you karate do, no. You karate do just so, squish just like grape.
Most excellent episode Andrew! Finally some truth and common sense into all these people misleading so many other slothful folks who want to make alot of money doing nothing. I work 5:30am though dinner and often part of the weekends…nothing passive about success…passive income is as you say…a myth.
It was the people who manufactured the picks and shovels and they didn't actually do anything they just paid people to do it
Gary Vee will never be a legitimate source in my book. You don't get born into an already existing successful business (the hardest part of becoming an entrepreneur is getting started) and then get to lecture everyone on why they're poor and you're rich.
work hard the work becomes easier, you can charge more, more things you can do for less work
Most of the wealth transferred from people without capital to people with it comes in the form of working jobs to pay rent to a landlord. The landlord can't be completely passive, no, but obviously the work required to pay your rent vastly exceeds the amount of effort your landlord spends managing your specific unit. If this were not true, no landlord could ever own 100 units. I can buy a REIT and collect 10% completely being out to lunch. Maybe some years it's less but basically it works. The *average* wealth in the US is 500k, which is, probably not coincidentally, about the price of the median home. I can stick my money in an index fund and collect 4% or whatever with no effort. At all. Maybe it's not the best possible return, but nevertheless, it's income. If I start out with 2m, I can spend the rest of my life not working while other people work to feed and clothe and transport me.
When people say "I want to escape the rat race" or "I want passive income," yeah, maybe they're lazy, but part of it is also just not wanting to be a debt slave and see half your income go to a landlord for the privilege of living in their property. All wealth is accumulated through a mixture of entreprenurial ambition/grit/brilliance, luck, and theft. But, once you have it, it all works pretty much the same way! You own physical stuff or intellectual property or organizational structures (at its most abstract) that other people need in order to make money to stay alive. They can theoretically scratch at the dirt in the taiga, or go around collecting recyclables or coins off the ground, but almost all other productive activities require capital to combine your labor with, and so, they have to rent that capital from you. The two of you are collaborating to create something of value, but by definition, the owner of the capital is not contributing as much of his labor.
It would be fair to say that certain capital requires more active management than others. If you are giving bootleg haircuts, your scissors are capital but you won't make a red cent without picking them up and cutting hair. It's not scalable. You can't outsource it. Whereas, some covered-call fund that sits in a trust and pays an executor to dole out an income into the bank account of a profligate scion is about as close to totally passive as you can get. But I want to point out that this passive scion's house, if he owns it, is creating income so passive (in the form of rent he doesn't pay) that he doesn't even notice it!
I think *all* of us would like *this* kind of passive income. And it seems kind of crazy that just to break even against capitalism in the US, you do need a net worth of 500k.
This was a really insightful video, and I’d never considered the entrepreneur vs investor personality traits being binary. Trying out my own ventures has often led to me being outside my comfort zone and hasn’t always yielded the results I’d hoped for, whereas making investment decisions have come a lot more natural for me. Thank you Andrew and team 👍🏻
Just a reality check here on this topic, while a passive income isn't a guarintee, my mum's house in Sydney was earning as much as her teaching salary each year... When she sold it, she was able to retire comfortably on that. So it's about having your situation set up correctly. It's of course out of most people's reach, but for those who already have wealth, good portfolio management can make you bank.
Particularly a really good crypto gain.
Excellent…as always. Very to the point and eye opening for most. Lot’s of people start off very energetic and determined but are easily misled by listening to those who paint a picture of the “Mexican beach” then get caught in “alternate options” of getting there.
Thank you for your thoughts!! Time well spent :)
Passive income is only a myth to those who can't figure out how to make passive income. I spend a bunch of time upfront to build web properties that operate themselves, after the initial build they are definitely passive. I don't run ads or do marketing, I don't have customer service issues, I don't have inventory- I don't do anything other than look at the new sale notifications as they come in on my phone.
Great video!! As a fellow 8 figure guy, I agree 100% with everything said here! Terrific work Andrew.
Great video, please make more videos about wealth in general.
This is so good and *necessary.* Thank you Andrew!
I have watched quite a few of your videos and I think this was one of the best! I think some of the others are more motivating for me to get into your potential customer bracket and this one was more knowledge that I could use right now. Thanks
When one can live off the interest alone .. that’s passive income
Yeah if you create say $2 million at 3% interest is $60,000 p.a
That is the only passive income.
Interest rates go up and down.. Inflation goes up and down and currencies come and go. Even if you had enough in the bank to live off, you'd still have to put thought in to managing it.
@@markcrisp07 Which doesn't even keep up with inflation
The US Fed has made living off Interest something that wasnt done since 2000. It cant be done now because even rising interest rates dont keep up with high inflation rates.
@@Thomas_Hardy. agreed, and by all but destroying interest as a viable income source it has driven everyone into stocks and, most of all, real estate, fuelling the asset bubble
I think real-estate and dividend stocks are the closest thing to passive income and you need to be intelligent and spend alot of money to get them going and keep them going
Very interesting video. I was just talking to a friend about this very subject. I am close to retirement and also a more recent nomad.
I keep saying that I don't want to work so hard anymore, because I want my free time and less stress, but when I think about the free time I'll have, I'm continuously try to fill the future void. Strange paradox.
Right on Andrew - I focused on 2 income streams and its served me well, focus instead of diversify.
Best video on the internet.
The true formula is to put in the necessary work, to achieve the maximum dividends with the least amount of effort. It will never be true passive
People have a business mind or a customer mind. Watching a get rich quick video the business mind is interested in how the Tuber is selling. The customer mind is falling for the pitch. Business mind is always selling. Customer mind is always buying.
The business mind is unlikely to ever be happy on a beach, at least for very long. They enjoy making money more. IMO as soon as a person says they want to retire to some beach I know they're a customer.
To me, the definition of Passive Income is interest earned from investments / dividends. Money that is earned without a person having to work
I've learned over the years, "I'm looking for passive income," often correlates to, "I have no work ethic."
I work 70-80 hrs a week and live like a starving college student to have the surpluss capital for investment and future passive income... Guess I have no work ethic?
@@etaaramin9361 Work smart and hard. Working 80hrs a week doesn't mean jack if you're just working for someone else.
@@yarpenzigrin1893 Naturally. It's why I work so hard. So I don't *have* to work for anyone else. Capital accumulation opens up a lot of doors, including running my own business or outsourcing by investing in successful businesses.
@@etaaramin9361 You can achieve the same financial results you currently do by working 5 hours per week.
@@propellerhead2000 All I need to do is buy your course/book, right? 🤣
absolutely correct. Work hard, be in the right place at the right time with the idea/product to match. Most wealthy people have failed alot before they finally found success so it is the concept of perserverence when other fall by the wayside that differentiates them. Biggest hurdle is finding the idea/product from which you can build the business.
I’ll become a millionaire for the first time in about 3 weeks and you’re totally right. I failed many times before I finally had some success.
My favourite video so far
Glad to hear.
True. What comes to mind are when the sitcom show The Big Bang ended, all the actors gets Royalty checks .that's as close as passive income it gets lol
Could not agree more
There is lot of people, who’s only work is check, that rent money is arriving to account.
To distill this down the best thing to say to these people is: if it's so easy everyone would be doing it! The passive income mentality is fine for someone looking to maintain wealth but you will not make significant gains going down that road!
Just Because Something Can’t Be Done By Everyone Doesn’t Mean Can’t Be Done..
Thanks for saying this Andrew...it needs to be said.
Never heard of flare networks....
The future of finance
The only income you don't work for is a government handout, and while you don't work for it you do suffer.
Thank you for this video. I have been posting my teaching videos for the past 4 yours and am now monetized on one of my channels. I have 30 years of knowledge that I pass on to others for free and do it so that I might offset some bills later in life when I retire - not a get-rich plan at all. Hard work is the way to go and hopefully, it is in something you are passionate about. Lining someone else's pocket makes them rich and you are just hoping to get there.
Best video yet, and all the rest are good. A lot of religious-minded people waste a lot of time simply waiting on God to deliver their wealth but this is unfortunately a misunderstanding, God only helps those who help themselves, there are plenty of other passages about the necessity of work and reaping what you sow. We are all under the laws of the universe the same as we are under the law of gravity, for example. Removing victimhood allows you to have a positive mindset, which is necessary for action and progress. I think the meaning of the term 'passive income' refers to the multiplication effect via automation that occurs when you organize a system to produce more units than you could produce by yourself alone. So in that way you're getting free money, but the energy put in has to have been enough to make the system that great. Victory in preparation.
Oh. Gary Vee still talks about his lemonade stand when he was a kid. 👌
I'm at a point in my life where hearing this was super useful. Thank you.
I guess the better question is, how can I find what I'm passionate about?
"...they're looking to 'learn the secrets of the rich' when really the secret is working hard."
Not that it's never been said before. Many honest and successful people have said it, but well said! Thanks for the honesty.
I know I am unhappy with my job when I am only working 40 hours/week.
Thank you!!
Thanks, I really appreciate your direct honest opinions and take on this subject.
As one of these "sloth" types everyone is bashing in the comments, let me give my perspective.
I'm 37yr old, I'm successful in my career making $180k living in Manhattan. However, I am miserable. I hate working at my job.
Before hearing your perspective, I think simply assumed that because I don't have any passions, that there simply isn't anything that I can be motivated to wake up and do everyday.
So for guys like me and that person who asked the question at the event, in our heads, passive income is our only hope.
I think the biggest thing I am taking away here is that in truth, my only real hope is finding something I can become passionate about.
That's what I should be focusing on. Because even if I win the lottery, what would I even do with my free time?
This is a good talk. I see too many young ppl nowdays wanting to have a good life without working / any effort.
I took a zoom call from one of these hawkers. It was free so no harm. Boy did I get a mindful of this bulls-t. It didn't take long to find out that it was a shiny mousetrap of promise and they were going to fleece you for basically teaching how to fleece others.