This is my first podcast, so please be patient with me.
This week’s topic is about Passive Income and why I think it’s a scam, and also, why it’s wrong to chase it.
Don’t worry, I also have an alternative, because I want this discussion to be constructive 🙂
Listen to find out!
If you want to save the main ideas from this podcast. I’ll make it easier for you! Here are the show notes.
1. Passive income comes from the assumption that you can make money without working, for example: sitting on a beach and having money pouring into your bank account while you do nothing.
2. The way moneymaking works into this world is that you offer something of value to others in exchange for $.
3. One simple principle here is that what you offer needs to be greater in value (or perceived value) than what that other person is paying for.
Example: A $350 Gucci T-shirt for some is trash, and they will not buy it even if they have the $, for some, it’s worth more because it’s one of the most “inexpensive” pieces they can buy from Gucci so they can show the world that they are rich.
Conclusion: We always want to be paying less than the value we get in a transaction.
4. Chasing passive income is a trap because it’s a shortcut, a trick, something “short term” and that is the opposite of how you should make money because it’s tricking the system.
When chasing passive income we are focusing on tricking the system, rather than offering value in exchange for money.
5. The smartest way to “trick the system” is to find a way to offer value to others by doing something that you love and enjoy, and getting paid in return.
6. You will still have to work, but you will work on something that you love doing, and it will not feel like work.
7. This is the best “passive income” you can create for yourself.
Conclusion: Stop chasing shortcuts, ways to rig the game, find a way to do what you love, offer value and get paid. It’s smarter, long-lasting and more fulfilling.
For all you audio-only listeners, you can listen to my podcast while you work out, walk, drive to work, cook or fall asleep 🙂