Updated: February 1, 2021
Listen to Episode 53:
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Episode 53 Chapters:
- 00:59: Doodads
- 03:39: Passive Income
- 07:37: Episode Break
- 09:55: No Instant Formula
- 11:39: Residual Income
- 14:21: Passive Income Trap
Excerpts and Highlights:
Building passive income actually requires a lot of hard work. Passive income is not for the lazy.
Creating passive income is good, but it’s easier and smarter to instead look for opportunities to earn residual income. This mindset is better, more achievable, and more importantly, it doesn’t discount or remove hard work, which is and will always be an essential part of financial success.
The purpose of passive income is not really to replace your active income but to help you prepare financially for when you cannot work anymore.
Book Mentioned: Rich Dad, Poor Dad by Robert Kiyosaki
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