PASSIVE INCOME: Real or Fake in 2021?

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Passive income is a term that gets thrown around a lot by financial education YouTubers like Alex Becker, Dan Lok, Pat Flynn, Millionaire Millennial, Graham Stephan and yours truly Matthew Pillmore. And I think its time we stopped using Passive Income to describe the residual income we’re all striving to build for ourselves. In this video I discuss the reasons why the term passive income is a myth and how we should begin looking at it as progressive income instead.

Now I’m not married to that term, so if you have any better ideas I’d love to hear about them in the comments below, but I do think it serves the purpose of describing how to make money in a more residual and efficient manner, while also revealing the fact that building out these revenue streams cannot be done passively – they take work!

That said it’s all about being efficient in how the systems are built so that as time goes on you’re spending less and less time on that revenue stream making it more and more efficient in building wealth over time. If you want to know how to get rich then you will have to look at progressive or residual income streams – you only have so many hours you can work a day.

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#PassiveIncome #HowToMakeMoreMoney #FinancialIndependence

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Comments

VIP Financial Education says:

What do you think about the state of passive income in 2021?

Steven Waithe says:

I'm with you on the passive income slogan, but I like aggressive income for me, but I like progressive income as well, to me passive is slow money, progressive income is growing money

Dustin Boyd says:

I love fish Creek falls, great hike and there's a uranium mine on the left hand side of the road you can go up to as well.

Dustin Boyd says:

I love steamboat springs Colorado I used to live an hour away from there Craig Colorado. Used to live there for about 20 years.

Data Is Amazing says:

I started looking to make passive income about 5 years ago. My first big effort crashed and burned over technicalities, but I learned to be more cautious. My next big venture took about 2 hours a day of work and turned into a full time income. It got more difficult to grow it and one venture has risks, so I decided to build a whole new business around insurance renewals. My last venture made me over 40k last year with zero work, allowing me to focus on insurance. Once I build up the new business, it will cover all my living expenses before I do anything for the day. My goal is to make a full time living each month if I work or not. I know a lady in the same business who made 144k during 2020 Covid, choosing not to work at all while she purchased a nice new home, moved in and remodeled everything. Passive income does exist, but you either create it or purchase it and maintain it.

Dickson Jack says:

Am thinking of getting into crypto investment crypto is indeed the future

Tammy Hensley says:

Yep, nothing passive about the time and energy I put into my rental portfolio.

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