Just like how we can idolize ‘finding the right one’ when looking for a partner or spouse, the same can be true of passive income as we’re talking about our personal finances. We can be tempted into thinking that if we only find the right person then it’s smooth sailing. But as anyone who has been in a long-term relationship knows- the work has only just begun! The same is often true of the different passive income opportunities that we hear pitched in social media or hawked in YouTube videos. Passive income is a legit and real concept, but the way it’s often presented doesn’t include the full story, or they leave out some crucial details. There are very few sources of 100%, purely passive income and so that’s why we are dispelling the myth that there are opportunities around every corner, but have a listen because there are ways you can begin establishing your own future streams of income, today.
Additional links from this episode:
- Joel shared how the easiest way he made some passive income was with Wrapify. Carvertise is another legit operation.
- Using existing assets you have to generate income is the idea behind some of the easier methods- like renting your car on Turo or kids gear on BabyQuip.
- We discuss how investing your money in the market is the only true method of passive income that is available to everyone.
- We’re huge fans of leveraging rental properties to grow wealth, and don’t forget how you can even use Airbnb to make a living.
- And don’t forget that I became an Airbnb host using my basement apartment before we turned it into our podcast studio!
During this episode we enjoyed a Radix by Halfway Crooks! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!