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Speaker 1: Happy Friday. Everybody was that I'm channeling my nineties spud

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Speaker 1: wise over here.

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Speaker 2: Then it feel like spring I feel like after Easter.

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Speaker 2: After well, it's spring break for us. So the reason

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Speaker 2: we've got this bestie here is should I should be

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Speaker 2: saying happy spring break to everyone, even though for you.

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Speaker 1: It's not a spring break and that's going to Panama City.

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Speaker 2: It has been for us. We have been spending time

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Speaker 2: with family, with friends. But that being said, we didn't

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Speaker 2: want to leave you in the lurch without any hon

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Speaker 2: of money content there in your podcatcher, So we.

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Speaker 1: Figured we would replay an episode that we actually referenced

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Speaker 1: last Friday flight because we're talking about the vending machines

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Speaker 1: and the flipping of houses and how passive income is

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Speaker 1: is something that so many people desire in the personal

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Speaker 1: finance kind of feels like.

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Speaker 2: This holy grail that once they achieve it, it's gonna

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Speaker 2: solve all of the problem.

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Speaker 1: It's the elixir of life. And there is some truth

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Speaker 1: to being able to generate passive income, but there's also

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Speaker 1: a lot of a lot of myths, true mistruths, a

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Speaker 1: lot of lies in that space, especially coming from influencers.

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Speaker 1: I want to sell you something, or who want your view,

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Speaker 1: want your eyeballs, want your attention, and so we want

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Speaker 1: to give kind.

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Speaker 2: It's so ironic because they're oftentimes taluting the different passive

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Speaker 2: forms of passive income on a platform that they are

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Speaker 2: working hard at creating, right, and so it's a slide

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Speaker 2: of hand trick. What's going on there is like they're

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Speaker 2: showing you they unlock the thing and they pull the

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Speaker 2: little the bucket out with all the quarters, and you

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Speaker 2: will maybe fooled into thinking that, oh, that's passive income.

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Speaker 2: But if they are a little more truthful, what they

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Speaker 2: would be pointing to is the fact that they are

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Speaker 2: a content creator on let's say TikTok or YouTube, and

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Speaker 2: those are part time to full time jobs.

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Speaker 1: That those folks have exactly right. And that's what some

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Speaker 1: people in the Fire community have been criticized about. It's like, oh,

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Speaker 1: I retired early, but I'm creating so much content around

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Speaker 1: Fire to try to get you to, you know, sign

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Speaker 1: up for this and such service. And that's how I'm

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Speaker 1: going to actually make my living. As I write about

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Speaker 1: the lifestyle that I kind of sort of am living

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Speaker 1: but not quite because I have this part time job

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Speaker 1: at least creating content. So this is hopefully an episode

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Speaker 1: that offers a sobering approach to passive income and helps

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Speaker 1: you think about how you can generate passive income in

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Speaker 1: your life. But typically that means frontloading the sacrifice a

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Speaker 1: little bit more so, Yeah, it's not actually passive income

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Speaker 1: there always involves a little bit of work. Although there

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Speaker 1: is one form of truly passive income. You'll hear us

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Speaker 1: talking about that, but even still it still takes a

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Speaker 1: little bit of upfront cash in order to get started.

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Speaker 1: But yeah, we hope you enjoy this besty episode. Welcome

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Speaker 1: to Out of Money. I'm Joel and I am Matts,

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Speaker 1: and today we're asking the question is passive income a myth?

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Speaker 2: Yeah, Joel, I am so excited for us to tackle

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Speaker 2: this concept of passive income. It's something that you and

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Speaker 2: I that we are striving towards when we have to

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Speaker 2: a certain extent ourselves personally. But it's something too that

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Speaker 2: I feel like is that we hear more often, like

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Speaker 2: when in social media you hear it being talked about.

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Speaker 2: It's something that you can easily attain some passive income

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Speaker 2: in your life. Kind of sounds like maybe a pyramid scheme.

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Speaker 2: This is like, how can I automate money? I want

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Speaker 2: money coming towards me with very little effort, And so

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Speaker 2: don't we all? Yeah, And I'm glad that we're gonna

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Speaker 2: We've dedicated an entire episode to talking about how passive

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Speaker 2: income is a legit, a true, honest thing in the

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Speaker 2: ways where maybe it's it's a little more shady, or

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Speaker 2: that it's just not true exactly to the way it's

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Speaker 2: being marketed.

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Speaker 1: Or sold to folks. Yeah, I think sometimes when we

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Speaker 1: talk about passive income people at least I think of

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Speaker 1: like the Leprechaun and the pot of gold at the

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Speaker 1: end of the rainbow, And that's kind of how the

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Speaker 1: passive income conversation feels to me At times. I'm like, Okay,

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Speaker 1: this video or this this article is gonna teach me

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Speaker 1: how to make passive income in just a few minutes.

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Speaker 1: It's gonna be it's gonna be so simple. And yet

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Speaker 1: at the end of the day, there is no pot

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Speaker 1: of gold at the end of the rainbow, and you're

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Speaker 1: you're sold to Billy Goods. That isn't actually true. So

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Speaker 1: we're gonna try to kind of actually talk about what

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Speaker 1: is true about past to income and what's not true.

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Speaker 1: Separate the myth from the reality here, that's right.

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Speaker 2: Yeah, But first, dude, I wanted to talk about coffee.

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Speaker 2: You know, and I've everybody who listens to the show

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Speaker 2: knows that I like Aldi.

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Speaker 1: Dude.

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Speaker 2: We save so much money by getting our groceries there

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Speaker 2: at Aldi, and in particular, we've been fans of the

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Speaker 2: whole being coffee that you can get there, specifically the

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Speaker 2: Peruvian blend.

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Speaker 1: And of course, you know, you and me are opposites.

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Speaker 1: I get my coffee at Costco, That's.

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Speaker 2: Right, Yeah, which is totally fine, But Dude, lately I

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Speaker 2: feel like the Aldi coffee hasn't been cutting it for me. Recently,

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Speaker 2: Kate brought home a pound of some local coffee. Well

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Speaker 2: it's sold locally, but it's like it's an Ethiopium blend.

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Speaker 1: Dude.

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Speaker 2: It is so good, so much better than the cheaper

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Speaker 2: stuff that I get at Aldi, that I'm not sure

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Speaker 2: that we're gonna be able to go back and continue

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Speaker 2: buying the cheap o Aldi beans. But the problem is

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Speaker 2: is it costs more, and I don't know how. I

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Speaker 2: don't know if our budget can absorb the increase in cost. Right, So,

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Speaker 2: at Aldi is like four or five bucks for a pound.

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Speaker 2: This new coffee costs ten bucks a pound. I'm looking

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Speaker 2: to double the amount of money I'm spending on my coffee.

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Speaker 2: How much so the stuff you buy at costco how

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Speaker 2: much do you spend?

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Speaker 1: I think, yeah, usually it's about a little over five

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Speaker 1: bucks a pound. I think it's eleven dollars for a

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Speaker 1: two pound back. And you like it, right, I mean

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Speaker 1: it works well for y'all. Yeah, it's good. I don't

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Speaker 1: have like high follute and taste when it comes to coffee.

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Speaker 1: I like my coffee to be run of the mill average,

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Speaker 1: Like I.

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Speaker 2: Feel like that's what I've enjoyed up until now, but

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Speaker 2: until I've had a taste of the good stuff. Once

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Speaker 2: you taste it, yes, And now that we've kind of

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Speaker 2: gone back to our standard all these stuff, I'm trying

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Speaker 2: to decide whether or not it's worth it to me.

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Speaker 2: And you know, this is one of those areas where

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Speaker 2: I feel like, if I continue buying the cheap stuff,

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Speaker 2: it's gonna feel cheap to me. And I can literally

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Speaker 2: taste a huge difference between the Aldise stuff versus this

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Speaker 2: nicer Ethiopian blend, and so I guess I'm mentioning it

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Speaker 2: because I think we are going to just budget for it.

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Speaker 1: We're gonna plan for.

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Speaker 2: It because this is something that Kate and I are

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Speaker 2: both appreciating. It's something that we can tell the difference.

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Speaker 2: We appreciate the nicer stuff, and honestly, in the end,

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Speaker 2: you know, we're looking at increasing our coffee budget by

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Speaker 2: you know, five dollars a pound roughly. On one hand,

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Speaker 2: it feels extravagant, But on the other hand, I'm like, Okay,

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Speaker 2: this is not a big deal. Leave it to money

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Speaker 2: nerds like us right to obsess over something so small.

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Speaker 2: But I guess my question for you is as would

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Speaker 2: you judge.

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Speaker 1: Me for for effectively doubling my coffee budget? Not at all? Actually, yeah, no,

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Speaker 1: I think you're you should totally go for me. You

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Speaker 1: should spend a little bit more on this thing. And

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Speaker 1: I think coffee is one of those things that in

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Speaker 1: your life literally every day of the year, and if

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Speaker 1: you can thoroughly enjoy your cup of coffee versus just

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Speaker 1: kind of, yeah, mildly enjoying your cup of coffee in

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Speaker 1: the morning, I think that extra what ten bucks a

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Speaker 1: month in your budget, I'm sure you can find a

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Speaker 1: way to cut back ten bucks in some other in

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Speaker 1: some other part of your budget in order to be

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Speaker 1: able to pay for a nicer coffee or find a

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Speaker 1: way to earn ten extra dollars, you know, by giving

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Speaker 1: a lift ride or something to somebody.

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Speaker 2: Yeah, I guess I wanted to share that because I

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Speaker 2: want folks to know, in a sense, I want to

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Speaker 2: give individuals out their permission to spend money towards the

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Speaker 2: things that truly like bring you joy or you know,

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Speaker 2: bring you value. But just know that you can't spend

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Speaker 2: money on every single thing out there, like you can't

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Speaker 2: upgrade everything in your life. But in this case, I

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Speaker 2: think we are going to spend a little bit more

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Speaker 2: every month on coffee.

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Speaker 1: Yeah, sometimes ignorance is bliss when it comes to see

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Speaker 1: a budget.

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Speaker 2: I wish I would have never had it, because I

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Speaker 2: think I would have been totally fine with the Aldi coffee.

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Speaker 1: That's the way I feel about the nicer new pizza

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Speaker 1: joint We've been hitting up sometimes these days, and I

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Speaker 1: truly love it, Like it's delicious, pizza, really good, it's

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Speaker 1: really expensive, And now when I go back to the

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Speaker 1: other neighborhood joint, I'm like, it's good, it's fine, the

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Speaker 1: inferior pizza. Yeah, but I wouldn't have thought that before

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Speaker 1: it until I tasted the super good sof's so true.

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Speaker 1: It's kind of one of those things that happens every

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Speaker 1: once in a while, and you you have to put

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Speaker 1: blinders on, yeah, in order to stay the course, exactly

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Speaker 1: like a horse in a race. But but I hope

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Speaker 1: you enjoy your new coffee, my friend. Thanks man. But

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Speaker 1: let's move on mention the beer that we're having on

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Speaker 1: this episode. The reason we have a beer every episode

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Speaker 1: is because that is a place we choose to put

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Speaker 1: our money on purpose. We like craft beer a whole lot.

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Speaker 1: The beer that we're drinking on today's episode is called

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Speaker 1: raid X is by Halfway Crooks, which is a brewery

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Speaker 1: in our neighborhood that we absolutely love. So looking forward

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Speaker 1: to us to drinking this pilsner with you, man. Yeah

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Speaker 1: all right, Well, let's move on to the subject at hand.

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Speaker 1: We are asking the question is passive income a myth?

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Speaker 1: On today's episode, and Matt, when we were kind of

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Speaker 1: deciding how to tackle this topic, it made me think

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Speaker 1: about relationships and I feel like I don't know why

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Speaker 1: passive income and relationships they don't necessarily go hand in hand,

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Speaker 1: like you and me. Yeah, well, I was thinking more

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Speaker 1: about like a love relationship. I feel like the messaging

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Speaker 1: that we often get is that finding the right one

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Speaker 1: is the hard part. Right. Once you find the right

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Speaker 1: one and settle down, you're good to go, and life

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Speaker 1: is easy from there on out. Now that you've got

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Speaker 1: that perfect partner, things are smooth for you in life.

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Speaker 1: And when you find the person that you can truly

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Speaker 1: be yourself with, it is a gift. Like I'm not

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Speaker 1: trying to diminish true love. I think. I think it's

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Speaker 1: really good, and I am in love with my wife,

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Speaker 1: and I'm thankful for our relationship. But still, even when

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Speaker 1: you make a lifelong commitment to someone else that fits

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Speaker 1: you like a glove, it really does still take work

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Speaker 1: to keep that leve alive and to stay deeply connected

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Speaker 1: to one another. You know this, Matt, You've been married

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Speaker 1: for what Yeah, dude, it'll be fourteen this year. Nice, Okay.

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Speaker 1: And I feel like this is a great analogy for

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Speaker 1: passive income, because passive income sounds so easy and similar

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Speaker 1: to you know, a great relationship. It's not that passive

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Speaker 1: income isn't a great thing. It is, but passive income

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Speaker 1: also takes work. So yeah, in this episode, we're going

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Speaker 1: to try and give an accurate definition of what passive

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Speaker 1: income looks like and then the best avenues for pursuing it,

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Speaker 1: and maybe, just maybe along the way, Matt, you're gonna

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Speaker 1: sprinkle in some relationship advice. I feel like you've probably

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Speaker 1: got a lot to offer on that front.

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Speaker 2: Well, yeah, I mean relationships, like passive income requires a

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Speaker 2: little tender love and care, right, But I don't Yeah,

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Speaker 2: I don't have any tips. I will say Kate and

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Speaker 2: I started dating when I was a senior and she

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Speaker 2: was a freshman in college, and so all I'm saying

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Speaker 2: is like, use the strengths that you have going for you.

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Speaker 1: So obviously, Kate, like the older guys so worked out

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Speaker 1: for me, and you know, when you know you found

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Speaker 1: the right person, stick with it like you did. Yeah.

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Speaker 2: Absolutely, man, I'm looking forward to I've already mentioned the

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Speaker 2: show before fifteen years next year.

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Speaker 1: I feel like that's going to be a huge milestone.

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Speaker 2: Not to discount fourteen, but yeah, like in the same

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Speaker 2: way that relationships, you know, continue to require that input

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Speaker 2: and that attention. Almost all of the quote unquote passive

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Speaker 2: income opportunities that we hear about. These are maybe the

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Speaker 2: ones you know, getting all the views on social media.

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Speaker 2: They also require a meaningful degree of work, and so

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Speaker 2: a better term I think to use instead of passive

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Speaker 2: income is probably leveraged income. You know, there are very

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Speaker 2: few purely passive sources of income, and so that's why

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Speaker 2: we are, you know, dispelling the myth that there's a

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Speaker 2: source of passive income around every corner, right, Like, you

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Speaker 2: aren't missing out on the passive income that everyone else

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Speaker 2: is enjoying because it doesn't exist.

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Speaker 1: Is that where you can go and sign up for

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Speaker 1: free money?

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Speaker 2: Most of these opportunities could probably be considered a side gig,

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Speaker 2: or even a part time job, or even a full

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Speaker 2: time job. We'll get to some of those scenarios later

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Speaker 2: on in the episode.

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Speaker 1: Yeah, I think sometimes when we're talking about passive income,

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Speaker 1: there is that fomo. People are like, I feel like

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Speaker 1: everybody's like making this passive income. I see it out

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Speaker 1: there online, where's my passive income? And like so the

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Speaker 1: golden ticket exactly. But a lot of what's considered passive

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Speaker 1: income isn't necessarily passive. And I like what you said

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Speaker 1: Matt about leverage income. I think it's a better way

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Speaker 1: to think about it. You know, we'll continue to use

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Speaker 1: the phrase passive income in this episode, but leverage is

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Speaker 1: really an important part of this equation. To gain passive income,

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Speaker 1: you're often putting in more time and effort now to

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Speaker 1: reap greater rewards later on in your financial life. But

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Speaker 1: the reason people are so desirous of generating passive income

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Speaker 1: streams is that it's better to have your money working

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Speaker 1: for you than to have to work for your money

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Speaker 1: decade after decade after decade, right, sometimes five decades of work,

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Speaker 1: and at some point you want passive income to kind

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Speaker 1: of help carry some of that load. Making money while

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Speaker 1: you're a sleep sounds pretty phenomenal, but generating regular income

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Speaker 1: that doesn't come via a paycheck from your employer takes intentionality,

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Speaker 1: takes sacrifice, and takes the ability to delay gratification.

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Speaker 2: Yeah, it takes work, essentially as what you're saying, and

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Speaker 2: sometimes the understanding that it takes effort to generate passive

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Speaker 2: income that gets lost in the discussion about how to

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Speaker 2: get there. To be able to make money without lifting

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Speaker 2: a fingers in something that I've ever experienced, but often

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Speaker 2: that is the passive income pitch that we hear. Even

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Speaker 2: to make money, you know, based on what you know,

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Speaker 2: like that takes a lot of dedication and getting that

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Speaker 2: knowledge just in the first place. You know, it takes

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Speaker 2: quite a bit of time to see any meaningful passive income.

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Speaker 2: You're not going to build three passive income streams, you know,

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Speaker 2: just in the course of a few days. Even just

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Speaker 2: amassing the knowledge to know which routes to take like

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Speaker 2: that alone can require a ton of reading, a ton

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Speaker 2: of information gathering, and implementation of that knowledge doesn't happen

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Speaker 2: quickly either.

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Speaker 1: Yeah, so you mentioned that it takes time to see

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Speaker 1: meaningful passive income. Yeah, it's not something that's done quickly,

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Speaker 1: which is true. And also too, it takes trial and

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Speaker 1: error on that front to see which passive income routes

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Speaker 1: work well for you. You might think that one route is

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Speaker 1: going to make sense, and you might decide, no, that's

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Speaker 1: actually not in my wheelhouse. Check something else out. It

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Speaker 1: also takes money to build up any sort of passive

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Speaker 1: income stream. All of the different passive income streams that

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Speaker 1: we're going to discuss today take varying amounts of money

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Speaker 1: to get into. So, like the down payment on your

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Speaker 1: first rental property. Well, that requires quite a bit of cash.

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Speaker 1: Starting a blog though, isn't going to take nearly as

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Speaker 1: much money to get going, of course, But to start

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Speaker 1: earning income that flows while you sleep, it often takes

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Speaker 1: money in addition to hard work. It takes a little

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Speaker 1: bit of both, sometimes a lot of both, right.

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Speaker 2: Yeah, yeah, And different sources of passive income are going

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Speaker 2: to have varying degrees of time and work involved. Right

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Speaker 2: At a very elementary level, passive income can literally, you know,

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Speaker 2: be as simple as having money in a savings account

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Speaker 2: and earning interest, although that's not going to earn.

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Speaker 1: You much, especially these days, so yeah, exactly.

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Speaker 2: But that method could you know, just take a few

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Speaker 2: bucks and virtually none of your time.

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Speaker 1: It's super simple, super easy.

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Speaker 2: Or on the other hand, passive income could be as

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Speaker 2: complex as building this massive business with you know, hundreds

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Speaker 2: of employees that you eventually you are able to step

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Speaker 2: away from. This is an example of a form of

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Speaker 2: passive income that's going to take a lot of time

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Speaker 2: and a lot of money. And of course, you know,

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Speaker 2: there are different approaches to passive income all along the

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Speaker 2: way in between those two extremes, and so we're going

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Speaker 2: to cover some different methods of passive income that are

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Speaker 2: going to kind of run the gamut between those two extremes.

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Speaker 1: Yeah, so let's start kind of maybe on the easy

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Speaker 1: end of the spectrum, and let's set the easy button

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Speaker 1: and talk about one of the simplest ways to make

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Speaker 1: passive income. And this one, I'm gonnadmit this first one

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Speaker 1: that we're gonna throw out there. It's a little bit random.

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Speaker 1: It's not one that you're going to see touted in

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Speaker 1: most of the YouTube videos. But yeah, one way that

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Speaker 1: you could make money is just using an asset that

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Speaker 1: you already have. You can generate passive income by doing

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Speaker 1: the actions that you're already doing, but doing them in

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Speaker 1: a different way. And wrapping your car in an advertisement

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Speaker 1: is actually the easiest way, I would say to do that.

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Speaker 1: It's actually something Matt that I have done before personally

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Speaker 1: done this, right, It's the easiest way I've ever made

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Speaker 1: money doing the thing I was already doing. Right, So

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Speaker 1: I had to have the car slightly embarrassing to your wife, Yeah,

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Speaker 1: to my wife, not to me. I didn't care, but

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Speaker 1: some people would be more embarrassed than others about it.

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Speaker 1: I have no sense of shame, but yeah, I already

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Speaker 1: had the car, and I was driving it already to

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Speaker 1: work on some days and around town on other days,

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Speaker 1: and so making money without having to really change up

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Speaker 1: anything in my daily routine was pretty nice. It's a

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Speaker 1: chill way to make some extra dough. And the company

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Speaker 1: I went through was called Rapify, and they're still around.

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Speaker 1: And I will say too, there are lots of scams

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Speaker 1: when it comes to car wrapping, so you want to

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Speaker 1: be careful which company you go with, but Rapify will

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Speaker 1: link to it in the show notes. Is a legit

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Speaker 1: one could be a good way for a lot of

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Speaker 1: people to make hundreds of extra dollars every month literally

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Speaker 1: by driving the miles they were already driving. So that's

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Speaker 1: a cool way of making passive income without having to

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Speaker 1: put in too much effort. Also, too, running out that

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Speaker 1: car that you aren't using is another way to score

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Speaker 1: a bit of passive income in your life. Cars are idle,

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Speaker 1: Matt somewhere close to ninety five percent of the time,

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Speaker 1: especially these days if we're working from home. A lot

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Speaker 1: of us have been using our cars way less than

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Speaker 1: we used to, and so why not turn that car

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Speaker 1: that spening their idol into some passive income and you

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Speaker 1: can do that at a site like Toro, where you

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Speaker 1: can rent out your own car for other people to use,

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Speaker 1: and you can make some decent money doing that.

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Speaker 2: That's right, Yeah, that's super easy. Although I guess there's

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Speaker 2: a difference between rapify and turo Right. With Touro, it

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Speaker 2: does take a little more managing, you know, of your vehicle,

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Speaker 2: making sure it's maintained, making sure it's in the right

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Speaker 2: place at the right time.

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Speaker 1: Right responding to people who are trying to book their

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Speaker 1: car to.

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Speaker 2: Yeah, exactly, whereas like truly rapify, I mean, you didn't

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Speaker 2: change anything about about what you're doing except for having

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Speaker 2: to go and get it wrapped and then taking it

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Speaker 2: back there once the campaign was over.

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Speaker 1: Yeah, right exactly.

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Speaker 2: But yeah, similar to Toro, where you're renting out your

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Speaker 2: vehicle that you are owned. Baby equip is another example

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Speaker 2: of this, and you know we've mentioned this on the

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Speaker 2: show before, but you can make money by renting out

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Speaker 2: baby equipment that you already own that you aren't using.

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Speaker 2: So if you've got like that extra pack and play

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Speaker 2: sitting there in the closet, why not put it to use?

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Speaker 2: So using assets that you already own more efficiently, that

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Speaker 2: can be a really easy way to kind of generate

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Speaker 2: some passive income. But we're going to talk about the

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Speaker 2: pros and cons of other passive income methods, ones that

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Speaker 2: have the potential to generate way more money, and what

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Speaker 2: get those right after this break, all.

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Speaker 1: Right, we're back. We're going to keep talking to you

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Speaker 1: about passive income. And it's our goal to point you

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Speaker 1: in the right direction for how you can make money

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Speaker 1: on your money or on the items you already have,

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Speaker 1: or with the skills that you already have, without selling

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Speaker 1: you a bill of goods that isn't actually real. And so, Matt,

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Speaker 1: let's talk about probably our favorite method of passive income.

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Speaker 1: Investing in the market is one of the best ways

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Speaker 1: for anyone to get started building up an eventual source

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Speaker 1: of passive income in their lives. That's what saving for

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Speaker 1: retirements all about, right, saving in your four oh one gay,

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Speaker 1: your four h three B or your IRA. You know,

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Speaker 1: some folks attempt to take a more active role when

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Speaker 1: it comes to investing, picking individual stocks, making frequent trades.

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Speaker 1: But that's really the opposite of passive income. That sounds

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Speaker 1: like work, that sounds like you're having to figure out

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Speaker 1: which company you think is going to perform well over

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Speaker 1: the next six months, year, two years, and allocate your

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Speaker 1: investments accordingly. But you and I, we actually pursue the

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Speaker 1: truly passive dollar cost averaging buy and hold strategy that

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Speaker 1: truly takes almost zero mental bandwidth. Like the time that

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Speaker 1: it takes for us to invest is almost nothing. And

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Speaker 1: I do appreciate that about investing in the market. But

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Speaker 1: even if you're all about finding multiple ways to pursue

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Speaker 1: passive income, like you want to get involved in some

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Speaker 1: of the other things we're going to talk about on

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Speaker 1: this episode today, investing in the market is one route

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Speaker 1: that we believe that basically everyone should be participating in.

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Speaker 1: It's one of the simplest methods to building a passive

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Speaker 1: income stream that will fund decades of your future expenses

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Speaker 1: later in life. Even if you start with just a

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Speaker 1: really small portion of your income going in that direction,

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Speaker 1: it doesn't take a whole lot of cash, but those

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Speaker 1: little amounts of cash over a large number of years

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Speaker 1: are going to have just this incredible impact in your

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Speaker 1: ability to have passive income in your later years in life. Yeah,

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Speaker 1: that's true.

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Speaker 2: Yeah, investing your money in the market, it's really the

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Speaker 2: only way to have a truly passive source of income.

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Speaker 2: But you know, it does require a lot of money

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Speaker 2: in order to eventually generate enough money in interest to

436
00:19:23,560 --> 00:19:23,919
Speaker 2: live on.

437
00:19:24,160 --> 00:19:24,360
Speaker 1: Right.

438
00:19:24,680 --> 00:19:27,720
Speaker 2: So, for example, if you have the typical expenses of

439
00:19:27,720 --> 00:19:30,760
Speaker 2: an average American, that means you have around sixty thousand

440
00:19:30,760 --> 00:19:33,399
Speaker 2: dollars in expenses, right, And using some quick math, we

441
00:19:33,480 --> 00:19:36,960
Speaker 2: know that by multiplying that amount by twenty five, you'll

442
00:19:36,960 --> 00:19:39,000
Speaker 2: have a good idea of how much you'll need to

443
00:19:39,040 --> 00:19:41,879
Speaker 2: have invested in order to live off that nest egg.

444
00:19:42,160 --> 00:19:44,160
Speaker 2: And so in this example, if you multiply twenty five

445
00:19:44,240 --> 00:19:47,480
Speaker 2: by sixty thousand, that leads to one point five million dollars.

446
00:19:47,920 --> 00:19:49,719
Speaker 1: That is a lot of money.

447
00:19:49,440 --> 00:19:52,360
Speaker 2: That sounds daunting, it is, dude, yeah, but that's why

448
00:19:52,359 --> 00:19:54,800
Speaker 2: it often takes an entire working career in order to

449
00:19:54,880 --> 00:19:58,439
Speaker 2: have enough saved to become financially independent. But it is

450
00:19:58,520 --> 00:20:01,200
Speaker 2: easy in that it doesn't take much re search indexcelence,

451
00:20:01,200 --> 00:20:03,160
Speaker 2: that's all you need to know. But it does take

452
00:20:03,240 --> 00:20:05,719
Speaker 2: a long time to get there. But because it doesn't

453
00:20:05,720 --> 00:20:08,080
Speaker 2: require much money upfront, and it's something that you can

454
00:20:08,119 --> 00:20:10,760
Speaker 2: easily get into, and it doesn't require that specialized knowledge

455
00:20:11,080 --> 00:20:13,760
Speaker 2: or time, it's something that everybody can take part in.

456
00:20:14,200 --> 00:20:18,280
Speaker 1: Yeah, so investing in the market is almost like Rapify level,

457
00:20:18,320 --> 00:20:21,639
Speaker 1: almost car wrapping level. Simple. It just takes the money

458
00:20:21,880 --> 00:20:25,160
Speaker 1: and the dedication to continue putting that money in consistently. Yes,

459
00:20:25,320 --> 00:20:27,679
Speaker 1: all right, let's talk about some other ways Matt, that

460
00:20:27,760 --> 00:20:30,680
Speaker 1: people can make passive income in their lives. One of

461
00:20:30,680 --> 00:20:34,040
Speaker 1: the ways that is often touted is affiliate marketing. It's

462
00:20:34,040 --> 00:20:37,080
Speaker 1: supposed to be a fairly easy method, pretty huge online.

463
00:20:37,080 --> 00:20:39,640
Speaker 1: You hear people talking about it. Yeah. Yeah, they're like, hey,

464
00:20:40,160 --> 00:20:43,080
Speaker 1: start a blog and pop in some affiliate links and

465
00:20:43,400 --> 00:20:46,160
Speaker 1: you're going to start developing passive income in no time,

466
00:20:46,240 --> 00:20:48,879
Speaker 1: like overnight, right, And so, yeah, I think this is

467
00:20:48,880 --> 00:20:51,960
Speaker 1: one of the things maybe that's over promised and anybody

468
00:20:51,960 --> 00:20:55,520
Speaker 1: that's actually tried doing this realizes that it's much harder

469
00:20:55,560 --> 00:20:57,879
Speaker 1: than it seems. Right. The way this works is that

470
00:20:57,920 --> 00:21:00,359
Speaker 1: businesses will pay you a commission for sending costs roomers

471
00:21:00,359 --> 00:21:03,600
Speaker 1: their way. A lot of different sites rely on affiliate

472
00:21:03,640 --> 00:21:06,239
Speaker 1: marketing like they're getting sales when bloggers link to them

473
00:21:06,240 --> 00:21:08,959
Speaker 1: and then you know, readers click through to make a purchase. Right.

474
00:21:09,240 --> 00:21:11,560
Speaker 1: And while this is a legit way to make money

475
00:21:11,720 --> 00:21:14,760
Speaker 1: starting a blog, finding your tribe of readers. You gotta

476
00:21:14,760 --> 00:21:17,120
Speaker 1: have enough readers to actually make it make it worthwhile

477
00:21:17,240 --> 00:21:20,199
Speaker 1: to actually get click throughs and see sales.

478
00:21:20,320 --> 00:21:22,119
Speaker 2: Yeah, if it's just your mom clicking through, that's not

479
00:21:22,160 --> 00:21:23,399
Speaker 2: going to generate enough income.

480
00:21:23,520 --> 00:21:26,520
Speaker 1: Now that passive income might be like a dollar, you know,

481
00:21:26,560 --> 00:21:27,760
Speaker 1: and that's not going to that's not going to do

482
00:21:27,760 --> 00:21:27,960
Speaker 1: it for.

483
00:21:27,960 --> 00:21:29,040
Speaker 2: You to say, hey, honey, let me just take you

484
00:21:29,080 --> 00:21:30,520
Speaker 2: out to lunch, Like I'm not going to click the link.

485
00:21:31,240 --> 00:21:34,440
Speaker 2: That's not even cover the hosting fees, right, So true, yeah,

486
00:21:34,560 --> 00:21:37,520
Speaker 2: not worthwhile. But yeah, it's it's just not as easy

487
00:21:37,560 --> 00:21:39,359
Speaker 2: as it sounds and as easy as some of the

488
00:21:39,560 --> 00:21:42,679
Speaker 2: folks on YouTube make it sound. So Yeah, generating income

489
00:21:42,800 --> 00:21:46,440
Speaker 2: online is much more complex and competition for page views

490
00:21:46,560 --> 00:21:48,679
Speaker 2: is stiff online. You really have to learn a lot,

491
00:21:48,760 --> 00:21:51,760
Speaker 2: develop a good niche online and then be able to

492
00:21:51,800 --> 00:21:54,040
Speaker 2: actually attract the readers that are going to be able

493
00:21:54,040 --> 00:21:55,120
Speaker 2: to support your endeavor.

494
00:21:55,320 --> 00:21:57,840
Speaker 1: You say niche, I say niche. I know, I don't

495
00:21:57,880 --> 00:21:59,560
Speaker 1: know which one I think. I go back and forth.

496
00:21:59,720 --> 00:22:02,400
Speaker 2: Well, talk about writing a book, right, because self publishing

497
00:22:02,440 --> 00:22:05,520
Speaker 2: a book is often another way to pursue passive income,

498
00:22:05,520 --> 00:22:07,240
Speaker 2: and many times that blog that we just talked about

499
00:22:07,440 --> 00:22:09,320
Speaker 2: that is used as a way to market that book.

500
00:22:09,640 --> 00:22:14,840
Speaker 2: But just remember that getting the knowledge actively writing the book, marketing, touring,

501
00:22:15,160 --> 00:22:17,959
Speaker 2: interviews associated with promoting your book. I don't know about you,

502
00:22:18,119 --> 00:22:20,720
Speaker 2: but this all sounds like a lot of work to take.

503
00:22:20,720 --> 00:22:21,920
Speaker 1: Does not sound like passive income.

504
00:22:21,960 --> 00:22:23,600
Speaker 2: Does not sound like you're just kicking back in a

505
00:22:23,640 --> 00:22:25,959
Speaker 2: hammock after having like come up with a good idea.

506
00:22:26,359 --> 00:22:28,639
Speaker 2: And so you know, while it may not require a

507
00:22:28,640 --> 00:22:30,879
Speaker 2: lot of money in order to publish a book or

508
00:22:30,920 --> 00:22:32,760
Speaker 2: to get your blog going, it does take a fair

509
00:22:32,760 --> 00:22:34,840
Speaker 2: amount of time on the front end in order to

510
00:22:34,840 --> 00:22:36,399
Speaker 2: start realizing some of that income.

511
00:22:36,520 --> 00:22:39,440
Speaker 1: Yeah, ask anybody who's ever self published a book. I've

512
00:22:39,480 --> 00:22:42,280
Speaker 1: never heard anyone say that was simple, that was easy.

513
00:22:42,640 --> 00:22:45,600
Speaker 1: And I crushed it. Like, it's not that you can't

514
00:22:45,640 --> 00:22:48,560
Speaker 1: make money publishing a book. It's just that it's not

515
00:22:48,720 --> 00:22:51,560
Speaker 1: really a form of passive income in our minds. It

516
00:22:51,600 --> 00:22:54,119
Speaker 1: really truly is a form of work, and it's a

517
00:22:54,160 --> 00:22:56,400
Speaker 1: form of like what we talked about earlier, leveraged work.

518
00:22:56,440 --> 00:22:58,160
Speaker 1: Sometimes you can write a book and it can sell

519
00:22:58,200 --> 00:23:00,840
Speaker 1: for years to come. You can make money for a

520
00:23:00,880 --> 00:23:03,480
Speaker 1: long time on that book in all iightlihood, though for

521
00:23:03,600 --> 00:23:05,920
Speaker 1: most people it's just not a lot of money that

522
00:23:05,920 --> 00:23:08,880
Speaker 1: they're going to be making. True. And Matt, let's talk

523
00:23:08,880 --> 00:23:11,040
Speaker 1: about podcasts here for a second. Let's get a little

524
00:23:11,040 --> 00:23:13,439
Speaker 1: metal with it. That's another thing that people point to

525
00:23:13,520 --> 00:23:15,880
Speaker 1: these days as a way to make passive income. Yeah,

526
00:23:15,880 --> 00:23:17,399
Speaker 1: they're like, Joel and Matt do it. Why can't I?

527
00:23:17,480 --> 00:23:19,120
Speaker 1: It's so simple, And they just keep back in their

528
00:23:19,119 --> 00:23:22,000
Speaker 1: hammocks and so yeah, they're just sitting there drinking beer.

529
00:23:22,119 --> 00:23:23,960
Speaker 1: I will be honest, which is true. If we can

530
00:23:23,960 --> 00:23:26,439
Speaker 1: do it, then other people definitely can do it, because

531
00:23:26,440 --> 00:23:28,920
Speaker 1: we're not the smartest guys in the world or maybe

532
00:23:28,920 --> 00:23:29,600
Speaker 1: even in this room.

533
00:23:29,640 --> 00:23:31,479
Speaker 2: There's not other people in this room, so I know

534
00:23:32,320 --> 00:23:35,520
Speaker 2: there's nobody watching us. But it takes work, and that's

535
00:23:35,560 --> 00:23:38,879
Speaker 2: what we're talking about here, right. But obviously podcast super

536
00:23:38,920 --> 00:23:41,840
Speaker 2: popular these days, and a lot of people are churning

537
00:23:41,840 --> 00:23:44,239
Speaker 2: out new shows like There's No Tomorrow. The amount of

538
00:23:44,280 --> 00:23:46,880
Speaker 2: new podcasts on the scene has skyrocketed over the past

539
00:23:46,920 --> 00:23:49,879
Speaker 2: few years. But just because you get an idea for

540
00:23:49,920 --> 00:23:52,679
Speaker 2: a show doesn't mean that you'll be able to generate

541
00:23:52,720 --> 00:23:53,679
Speaker 2: any income from it.

542
00:23:53,800 --> 00:23:56,840
Speaker 1: Right. We just saw a recent stat Matt, twenty six

543
00:23:56,880 --> 00:24:00,120
Speaker 1: percent of the two million podcasts that are available to

544
00:24:00,119 --> 00:24:02,640
Speaker 1: listen to via Apple Podcasts, and then you know, through

545
00:24:02,720 --> 00:24:07,280
Speaker 1: all the other podcasters, accordingly they only have a single episode,

546
00:24:07,560 --> 00:24:10,800
Speaker 1: so one episode, one episode, and then there's a huge

547
00:24:10,800 --> 00:24:13,440
Speaker 1: percentage that have fewer than ten episodes. So there's a

548
00:24:13,480 --> 00:24:15,240
Speaker 1: lot of people that give it a shot, that put

549
00:24:15,280 --> 00:24:17,679
Speaker 1: out a few episodes and try to see what sticks,

550
00:24:17,960 --> 00:24:20,359
Speaker 1: but they don't find much traction in the beginning, and

551
00:24:20,440 --> 00:24:22,840
Speaker 1: so they quit pretty quickly. So it's a really high

552
00:24:22,880 --> 00:24:24,399
Speaker 1: number of folks who don't keep it up after they

553
00:24:24,400 --> 00:24:27,879
Speaker 1: get started. And it's obviously a relatively cheap medium to

554
00:24:27,880 --> 00:24:30,719
Speaker 1: get into. It's not that expensive to start a podcast,

555
00:24:30,800 --> 00:24:32,720
Speaker 1: and I think we've talked about on the show. We

556
00:24:32,840 --> 00:24:35,320
Speaker 1: literally have four hundred dollars worth of equipment. The hosting

557
00:24:35,400 --> 00:24:37,960
Speaker 1: when we initially started out was like ten dollars a month.

558
00:24:37,960 --> 00:24:40,359
Speaker 1: I think it was a free for the first three free, yeah,

559
00:24:40,359 --> 00:24:42,840
Speaker 1: because we did enough. We didn't have enough content, yeah,

560
00:24:43,119 --> 00:24:45,840
Speaker 1: or listeners and so yeah, and we still use the

561
00:24:45,840 --> 00:24:48,560
Speaker 1: same equipment that we used back then exactly. Granted, the

562
00:24:48,640 --> 00:24:50,520
Speaker 1: room is different and we you know, we have soundproofing

563
00:24:50,560 --> 00:24:52,719
Speaker 1: and you know, ways to acoustically treat the space. But

564
00:24:52,760 --> 00:24:55,399
Speaker 1: literally we are using the same microphones and the same

565
00:24:56,040 --> 00:24:58,760
Speaker 1: little zoom recorder right here. It's true, it's kind of ridiculous.

566
00:24:58,800 --> 00:25:01,400
Speaker 1: So yeah, obviously, yeah, people might hear that and be like, okay, cool,

567
00:25:01,400 --> 00:25:03,080
Speaker 1: it's a few hundred bucks. I can get into it

568
00:25:03,200 --> 00:25:06,640
Speaker 1: and start making money too, low overhead. But podcasts similar

569
00:25:06,720 --> 00:25:09,280
Speaker 1: to you know, affiliate marketing with a blog or writing

570
00:25:09,280 --> 00:25:11,119
Speaker 1: a book. It takes a lot of work to create

571
00:25:11,160 --> 00:25:13,919
Speaker 1: something that people actually want to listen to and to

572
00:25:14,000 --> 00:25:15,800
Speaker 1: reach the audience that you're trying to reach.

573
00:25:15,880 --> 00:25:17,159
Speaker 2: Yeah, and of course, you know, the way that we

574
00:25:17,240 --> 00:25:19,439
Speaker 2: generate income from the from the podcast are from the

575
00:25:19,480 --> 00:25:22,439
Speaker 2: ads that you hear. But even with a super small

576
00:25:22,440 --> 00:25:25,439
Speaker 2: listener base, it's it's now possible to make money, and

577
00:25:25,440 --> 00:25:27,719
Speaker 2: you can do that via platforms like Anchor. Like literally

578
00:25:27,720 --> 00:25:30,080
Speaker 2: on their website and I wrote this down, it says

579
00:25:30,119 --> 00:25:33,119
Speaker 2: that you can quote unquote, create, distribute, and monetize your

580
00:25:33,119 --> 00:25:37,119
Speaker 2: podcast all for free. Like it's crazy like it they

581
00:25:37,119 --> 00:25:39,080
Speaker 2: almost make it sound like like because it says all

582
00:25:39,119 --> 00:25:41,760
Speaker 2: for free. I think the trick is that they make

583
00:25:41,800 --> 00:25:44,320
Speaker 2: you think that, oh, that first part even creating it,

584
00:25:44,400 --> 00:25:46,119
Speaker 2: like that's going to be free, Like it's almost like

585
00:25:46,119 --> 00:25:49,080
Speaker 2: it's automatic but no, like it does take hard work.

586
00:25:49,920 --> 00:25:51,840
Speaker 2: And in addition to that, you know, some shows have

587
00:25:51,880 --> 00:25:54,720
Speaker 2: gone the route of getting like support directly from listeners

588
00:25:54,800 --> 00:25:57,679
Speaker 2: via sites like you know, Patreon. But again it's important

589
00:25:57,720 --> 00:26:00,000
Speaker 2: to note that, you know, putting out great content consists,

590
00:26:00,400 --> 00:26:03,200
Speaker 2: it's not easy, and it's hard to consider this business

591
00:26:03,200 --> 00:26:05,960
Speaker 2: model as passive income. You know, it's it's it's literally

592
00:26:06,000 --> 00:26:06,480
Speaker 2: our job.

593
00:26:06,520 --> 00:26:07,040
Speaker 1: It's what we do.

594
00:26:07,119 --> 00:26:09,840
Speaker 2: It's not something that we're uh, you know, doing without

595
00:26:09,880 --> 00:26:11,160
Speaker 2: hardly even thinking about it.

596
00:26:11,320 --> 00:26:14,359
Speaker 1: True, podcasting for us takes a lot of thought, uh

597
00:26:14,359 --> 00:26:16,920
Speaker 1: and a lot of time. But let's talk about another

598
00:26:17,200 --> 00:26:19,520
Speaker 1: another way that you could potentially make some passive income

599
00:26:19,600 --> 00:26:22,720
Speaker 1: online and maybe let's see if this one is is

600
00:26:22,760 --> 00:26:25,000
Speaker 1: a little bit better. Similar to running a side or

601
00:26:25,040 --> 00:26:27,200
Speaker 1: a blog or self publishing a book or a podcast,

602
00:26:27,480 --> 00:26:29,600
Speaker 1: there are plenty of other platforms out there that allow

603
00:26:29,640 --> 00:26:32,240
Speaker 1: for you to create a course online that you can sell,

604
00:26:32,600 --> 00:26:36,640
Speaker 1: and platforms like you to me and Coursera are specifically

605
00:26:36,680 --> 00:26:38,680
Speaker 1: there for you to be able to upload some of

606
00:26:38,720 --> 00:26:41,159
Speaker 1: those courses and make some side money. You upload that

607
00:26:41,200 --> 00:26:44,960
Speaker 1: course once and hopefully those residual passive income dollars just

608
00:26:45,080 --> 00:26:48,000
Speaker 1: keep flowing your way. Right, Let me see those royalties. Yeah,

609
00:26:48,440 --> 00:26:52,439
Speaker 1: royalties sounds so nice, sounds good because it's royalty's it

610
00:26:52,440 --> 00:26:55,200
Speaker 1: makes you think that like, oh no, no, that's just money.

611
00:26:55,240 --> 00:26:58,679
Speaker 2: That's it's nothing beyond just money. But because it's called royalties,

612
00:26:59,040 --> 00:27:00,480
Speaker 2: it has this the peel. It makes me feel like

613
00:27:00,520 --> 00:27:03,880
Speaker 2: I'm a king or something. Yeah, exactly, at least to Prince.

614
00:27:04,000 --> 00:27:05,720
Speaker 1: Yeah, it makes me want to write some sort of

615
00:27:05,720 --> 00:27:07,480
Speaker 1: like hip hop song or something like that for Taylor

616
00:27:07,480 --> 00:27:09,480
Speaker 1: Swift and then you know, collect some of those royalties.

617
00:27:09,520 --> 00:27:12,159
Speaker 1: But you should, Okay, I can see you're performing a

618
00:27:12,160 --> 00:27:14,440
Speaker 1: song that you wrote. I have never written a song before,

619
00:27:14,440 --> 00:27:15,639
Speaker 1: but maybe I'll give it a gout. See if I

620
00:27:15,680 --> 00:27:18,600
Speaker 1: can get that passive income from royalties. But let's get

621
00:27:18,600 --> 00:27:21,560
Speaker 1: back to online courses, and it is fascinating to see

622
00:27:21,600 --> 00:27:24,880
Speaker 1: people who are able to monetize their unique wisdom, insight,

623
00:27:25,240 --> 00:27:29,199
Speaker 1: their personality, or even their basic but practical knowledge. We

624
00:27:29,320 --> 00:27:32,600
Speaker 1: all have access to so much incredible knowledge these days

625
00:27:32,640 --> 00:27:35,639
Speaker 1: that we previously couldn't access without paying money to go

626
00:27:35,680 --> 00:27:39,000
Speaker 1: to college or spending years getting advanced degrees, and online

627
00:27:39,040 --> 00:27:41,760
Speaker 1: courses have made that more of a reality. Like what

628
00:27:41,800 --> 00:27:45,080
Speaker 1: we can learn now for free is just incredible but

629
00:27:45,119 --> 00:27:47,760
Speaker 1: people are getting paid in order to disseminate that information.

630
00:27:48,240 --> 00:27:50,120
Speaker 1: And so yeah, it's cool to see that some people

631
00:27:50,160 --> 00:27:51,480
Speaker 1: are making passive ages in that way.

632
00:27:51,560 --> 00:27:53,240
Speaker 2: And I mean, it's no wonder that folks are willing

633
00:27:53,240 --> 00:27:54,879
Speaker 2: to pay for that because you get to learn about

634
00:27:54,880 --> 00:27:58,240
Speaker 2: something completely niche, like I like to say niche.

635
00:27:58,200 --> 00:27:59,520
Speaker 1: For very little money.

636
00:27:59,720 --> 00:28:02,359
Speaker 2: Who spend five or twenty bucks to learn how to

637
00:28:02,359 --> 00:28:03,520
Speaker 2: do something completely unique?

638
00:28:03,560 --> 00:28:06,160
Speaker 1: I still want to take that Aaron Franklin barbecue master

639
00:28:06,200 --> 00:28:08,840
Speaker 1: class that's gonna happen. One of these masterclass that's a

640
00:28:08,880 --> 00:28:10,960
Speaker 1: bit more. It does cost a little more. Yeah, we'd

641
00:28:10,960 --> 00:28:13,960
Speaker 1: have to go in and split that one, buddy. Yeah.

642
00:28:14,000 --> 00:28:15,840
Speaker 2: And you know, when it comes online courses, the argument

643
00:28:16,160 --> 00:28:18,760
Speaker 2: goes something like that of writing your own book. Right,

644
00:28:18,880 --> 00:28:20,800
Speaker 2: Just figure out what you want to teach or what

645
00:28:20,800 --> 00:28:22,720
Speaker 2: it is that you want to communicate to others once

646
00:28:23,080 --> 00:28:24,920
Speaker 2: and then you can kick back while the profits start

647
00:28:24,920 --> 00:28:25,440
Speaker 2: showing up.

648
00:28:25,400 --> 00:28:27,119
Speaker 1: The royalties and the royalties.

649
00:28:27,440 --> 00:28:30,040
Speaker 2: If feels that easy, then everybody would be doing it.

650
00:28:30,080 --> 00:28:32,680
Speaker 2: And so you realize that it could take years of work,

651
00:28:32,760 --> 00:28:35,800
Speaker 2: years of research and planning before you're able to have

652
00:28:35,840 --> 00:28:37,680
Speaker 2: a product that that folks are going to be willing

653
00:28:37,680 --> 00:28:41,040
Speaker 2: to pay for and so you know, while these knowledge

654
00:28:41,040 --> 00:28:44,840
Speaker 2: based methods of passive income don't require much money to

655
00:28:45,120 --> 00:28:46,760
Speaker 2: get things off the ground, they're going to take a

656
00:28:46,760 --> 00:28:49,640
Speaker 2: lot more time and energy before they can be considered

657
00:28:50,000 --> 00:28:53,040
Speaker 2: passive income. It's making me realize too, Joe, Like, I mean,

658
00:28:53,120 --> 00:28:55,000
Speaker 2: all of these things that we've that we're talking about

659
00:28:55,000 --> 00:28:58,160
Speaker 2: here are different platforms that are that have very low

660
00:28:58,600 --> 00:29:01,520
Speaker 2: bars of entry, right that they make it really convenient

661
00:29:01,560 --> 00:29:03,680
Speaker 2: for you to get plugged in and you're trying the

662
00:29:03,720 --> 00:29:05,959
Speaker 2: thing out, but they don't do the work for you.

663
00:29:06,000 --> 00:29:08,600
Speaker 2: They make getting started easy, but they don't necessarily make

664
00:29:08,680 --> 00:29:11,600
Speaker 2: being successful easy, Like you still have to put in

665
00:29:11,600 --> 00:29:13,240
Speaker 2: the hard work. They get their foot in the door,

666
00:29:13,400 --> 00:29:14,840
Speaker 2: and then the rest it's still up to you. And

667
00:29:14,840 --> 00:29:17,440
Speaker 2: I think that's why, for instance, with podcasts low barrier

668
00:29:17,480 --> 00:29:19,480
Speaker 2: to entry, you're going to see a lot of podcasts

669
00:29:19,520 --> 00:29:21,520
Speaker 2: that have only one episode. There're gonna be a lot

670
00:29:21,560 --> 00:29:24,040
Speaker 2: of people who are who have an account on Uber

671
00:29:24,080 --> 00:29:25,640
Speaker 2: because they tried it out being a driver once. It's

672
00:29:25,720 --> 00:29:28,200
Speaker 2: very easy to try it out once, but beyond that,

673
00:29:28,280 --> 00:29:30,480
Speaker 2: it's up to you to follow through and to put

674
00:29:30,520 --> 00:29:31,320
Speaker 2: in that hard work.

675
00:29:31,680 --> 00:29:33,600
Speaker 1: Yeah, man, I love what you said too about how

676
00:29:33,960 --> 00:29:37,240
Speaker 1: it might take years to become viable and to make

677
00:29:37,280 --> 00:29:39,920
Speaker 1: one of these products sticky to where you can actually

678
00:29:39,920 --> 00:29:42,240
Speaker 1: make money from it. And I think that's true. I

679
00:29:42,240 --> 00:29:44,840
Speaker 1: think there's a big learning curve to a lot of

680
00:29:44,840 --> 00:29:48,800
Speaker 1: these platforms, even though they are super simple to get started.

681
00:29:49,080 --> 00:29:51,680
Speaker 1: Like what you put together, what you package, what you

682
00:29:51,760 --> 00:29:54,920
Speaker 1: offer to the world, that's the thing that takes time

683
00:29:54,960 --> 00:29:57,960
Speaker 1: to craft and to grow your knowledge base to where

684
00:29:58,000 --> 00:30:00,560
Speaker 1: people actually want to tune in and check out what

685
00:30:00,600 --> 00:30:02,880
Speaker 1: you're putting out there into the world. So, if all

686
00:30:02,880 --> 00:30:04,840
Speaker 1: the ones we've covered so far, investing in the stock

687
00:30:04,840 --> 00:30:07,680
Speaker 1: market is the easiest route to passive income, although it

688
00:30:07,720 --> 00:30:10,040
Speaker 1: takes a while. But there are other ways, including we

689
00:30:10,120 --> 00:30:11,880
Speaker 1: got to talk about real estate, Matt, because that is

690
00:30:11,880 --> 00:30:14,840
Speaker 1: one of the most effective routes to building up passive income.

691
00:30:14,880 --> 00:30:20,680
Speaker 1: We'll get to that and more right after this break.

692
00:30:25,640 --> 00:30:27,840
Speaker 2: All right, we are back from the break in Joel

693
00:30:27,920 --> 00:30:30,520
Speaker 2: up until now. You know, the examples that we've covered

694
00:30:30,600 --> 00:30:33,480
Speaker 2: are pretty easy to get started. They mostly require a

695
00:30:33,520 --> 00:30:35,720
Speaker 2: little bit of money and a good amount of work,

696
00:30:35,760 --> 00:30:38,080
Speaker 2: you know, and luckily a lot of those platforms make

697
00:30:38,160 --> 00:30:40,080
Speaker 2: it easier to kind of get plugged in and to

698
00:30:40,120 --> 00:30:42,160
Speaker 2: get started but let's crank things up a little bit.

699
00:30:42,240 --> 00:30:45,800
Speaker 2: If you're really looking to increase your income, specifically your

700
00:30:45,800 --> 00:30:49,320
Speaker 2: passive income, getting into rental real estate is an example

701
00:30:49,480 --> 00:30:52,920
Speaker 2: that will take quite a bit of upfront work. Right, Like,

702
00:30:52,960 --> 00:30:56,480
Speaker 2: every real estate investor I know makes a good rookie

703
00:30:56,520 --> 00:30:59,240
Speaker 2: mistake here there, or even twenty or so.

704
00:30:59,240 --> 00:31:01,960
Speaker 1: We've all anybody who's gotten into real estate has made

705
00:31:02,120 --> 00:31:04,520
Speaker 1: some mistakes, and they cost you money and time and

706
00:31:04,600 --> 00:31:06,280
Speaker 1: a lot of like some headache care pulling.

707
00:31:07,000 --> 00:31:10,280
Speaker 2: But eventually, right, over time, rental properties can become one

708
00:31:10,280 --> 00:31:13,760
Speaker 2: of the best ways to earn residual, mostly passive income.

709
00:31:14,320 --> 00:31:16,760
Speaker 2: I know, I'm happy with my hourly rates as a

710
00:31:16,800 --> 00:31:19,400
Speaker 2: real estate investor. In particular, though, to make real estate

711
00:31:19,480 --> 00:31:23,920
Speaker 2: truly passive over time involves acquiring a handful of properties

712
00:31:24,160 --> 00:31:25,760
Speaker 2: and getting to the point where you can turn them

713
00:31:25,800 --> 00:31:29,320
Speaker 2: over to a property management company. That at that point

714
00:31:29,360 --> 00:31:31,160
Speaker 2: is when it becomes purely passive.

715
00:31:31,280 --> 00:31:34,520
Speaker 1: Yeah, you and I were mom and pop landlords, and

716
00:31:34,760 --> 00:31:37,280
Speaker 1: we still manage our own properties, and so there is

717
00:31:37,400 --> 00:31:40,040
Speaker 1: work involved when it comes to that. But I will

718
00:31:40,040 --> 00:31:42,480
Speaker 1: say it is more passive if we're talking about a

719
00:31:42,520 --> 00:31:44,560
Speaker 1: scale of passivity, which which you kind of mentioned at

720
00:31:44,560 --> 00:31:47,520
Speaker 1: the beginning of the episode. It is more passive than

721
00:31:47,680 --> 00:31:49,200
Speaker 1: almost any other way that I make money at this

722
00:31:49,200 --> 00:31:51,880
Speaker 1: sort time besides the stock market. And so I think

723
00:31:51,920 --> 00:31:54,600
Speaker 1: real estate is a good way to make passive income

724
00:31:54,640 --> 00:31:56,080
Speaker 1: over time. But like you said, yeah, the way to

725
00:31:56,120 --> 00:31:58,440
Speaker 1: make it the most passive is to have somebody else

726
00:31:58,560 --> 00:32:01,200
Speaker 1: manage that property for you. That eats into the profits though.

727
00:32:01,280 --> 00:32:01,720
Speaker 1: That's right.

728
00:32:01,800 --> 00:32:03,360
Speaker 2: Well, And like you said, though you say, anytime you

729
00:32:03,360 --> 00:32:05,840
Speaker 2: see mom and pop landlords or real estate investors, it

730
00:32:05,880 --> 00:32:07,680
Speaker 2: makes me think of like an old farmer, like pulling

731
00:32:07,720 --> 00:32:09,000
Speaker 2: up to the house with like a straw hat and

732
00:32:09,040 --> 00:32:11,560
Speaker 2: a like old beat up pickup truck. I like to

733
00:32:11,720 --> 00:32:13,040
Speaker 2: I don't know, I don't know why it makes me

734
00:32:13,120 --> 00:32:14,520
Speaker 2: think that, but I like to have my corn cob

735
00:32:14,560 --> 00:32:16,280
Speaker 2: pipe in my mouth when I, you know, run by

736
00:32:16,320 --> 00:32:17,640
Speaker 2: my my property to check it out.

737
00:32:17,680 --> 00:32:20,240
Speaker 1: Neither you or I have pickup trucks. I'll say that

738
00:32:20,720 --> 00:32:21,240
Speaker 1: true thought.

739
00:32:21,240 --> 00:32:23,440
Speaker 2: I would love to have, like as just an old small,

740
00:32:23,480 --> 00:32:25,360
Speaker 2: like little Toyota pickup truck, just to be able to

741
00:32:25,360 --> 00:32:26,120
Speaker 2: throw stuff in the back.

742
00:32:26,280 --> 00:32:28,280
Speaker 1: Oh, dude, I would love that. They're prettyweet. Dude. Yeah,

743
00:32:28,320 --> 00:32:30,680
Speaker 1: I kind of still want a Ribbean electric pickup truck.

744
00:32:30,840 --> 00:32:34,120
Speaker 2: One of these days, like the opposite a small toyo

745
00:32:34,240 --> 00:32:35,400
Speaker 2: a pickup truck you want.

746
00:32:35,200 --> 00:32:37,560
Speaker 1: Like like literally the fanciest, most expensive one they make

747
00:32:38,320 --> 00:32:40,959
Speaker 1: that are also the sweetest looking trucks. Cyber truck can

748
00:32:40,960 --> 00:32:43,760
Speaker 1: eat it. Yeah, so maybe like maybe ten years from now,

749
00:32:43,760 --> 00:32:45,160
Speaker 1: I'll be able to afford one of those. Maybe so

750
00:32:45,600 --> 00:32:48,959
Speaker 1: yeah so So. Getting into real estate is also difficult though,

751
00:32:49,000 --> 00:32:51,920
Speaker 1: because it typically requires a pretty large sum of cash.

752
00:32:51,920 --> 00:32:54,560
Speaker 1: That I need is a down payment, right, So there's

753
00:32:54,680 --> 00:32:56,280
Speaker 1: more of a barrier to entry for that because it

754
00:32:56,280 --> 00:32:59,320
Speaker 1: can take years to save up that down payment in

755
00:32:59,440 --> 00:33:02,120
Speaker 1: order to buy your first rental property. There are other

756
00:33:02,160 --> 00:33:04,800
Speaker 1: ways to go about it, Matt, We've talked about this before.

757
00:33:05,120 --> 00:33:07,280
Speaker 1: Living in a property and then buying another property to

758
00:33:07,280 --> 00:33:08,840
Speaker 1: live in and then renting out that first house makes

759
00:33:08,840 --> 00:33:11,360
Speaker 1: it a little bit easier at least, But yeah, that's

760
00:33:11,400 --> 00:33:14,040
Speaker 1: something that you need to consider. It takes sacrifice right

761
00:33:14,120 --> 00:33:16,360
Speaker 1: as you cut back and work to save up enough

762
00:33:16,360 --> 00:33:18,880
Speaker 1: money to buy that first house though. That's part of

763
00:33:18,880 --> 00:33:20,520
Speaker 1: the reason I think why a lot of people look

764
00:33:20,560 --> 00:33:24,440
Speaker 1: to airbnb as an easier method to trying out rental properties,

765
00:33:24,720 --> 00:33:26,680
Speaker 1: and it definitely can be a great way to get

766
00:33:26,680 --> 00:33:29,440
Speaker 1: a taste. Yeah, but when you decide to rent out

767
00:33:29,520 --> 00:33:32,200
Speaker 1: a room in your home or even buy another place

768
00:33:32,200 --> 00:33:35,479
Speaker 1: to list on Airbnb, it's more of a hospitality play

769
00:33:35,720 --> 00:33:39,480
Speaker 1: than just a purely real estate investing play. Your part

770
00:33:39,480 --> 00:33:42,480
Speaker 1: real estate investor and part hotel manager when you start

771
00:33:42,480 --> 00:33:46,000
Speaker 1: hosting on Airbnb. That being said, there are systems that

772
00:33:46,040 --> 00:33:48,640
Speaker 1: you can put in place that can make your Airbnb

773
00:33:48,760 --> 00:33:52,360
Speaker 1: listings function more like passive income, and we talked about

774
00:33:52,360 --> 00:33:55,600
Speaker 1: that more on episode two fifty three with Ziona McIntyre

775
00:33:55,800 --> 00:34:00,200
Speaker 1: who has literally made her living owning properties and ding

776
00:34:00,240 --> 00:34:02,600
Speaker 1: them out on air and b helping other people do

777
00:34:02,680 --> 00:34:05,040
Speaker 1: the same thing. It's amazing it's what she does now. Yeah,

778
00:34:05,080 --> 00:34:07,680
Speaker 1: she's turned it into a career. But I will say, yeah,

779
00:34:07,720 --> 00:34:09,560
Speaker 1: a lot of that income is passive, but some of

780
00:34:09,560 --> 00:34:12,480
Speaker 1: that income is very active on her part. But Airbnb

781
00:34:12,600 --> 00:34:16,120
Speaker 1: is definitely something that's worthwhile to consider if you're looking

782
00:34:16,239 --> 00:34:18,840
Speaker 1: to generate more passive income in your life and to

783
00:34:18,960 --> 00:34:21,120
Speaker 1: use again, like we talked about earlier, some of the

784
00:34:21,160 --> 00:34:23,160
Speaker 1: assets that you already have on hand. If you have

785
00:34:23,320 --> 00:34:25,640
Speaker 1: a house and you have a room that you could

786
00:34:25,719 --> 00:34:28,240
Speaker 1: run out, or you have a basement that you could outfit,

787
00:34:28,320 --> 00:34:30,399
Speaker 1: make it a little bit nice and rent that out

788
00:34:30,520 --> 00:34:32,880
Speaker 1: on a nightly basis. You can make some real returns

789
00:34:32,920 --> 00:34:34,440
Speaker 1: doing that, that's right, man.

790
00:34:34,520 --> 00:34:36,600
Speaker 2: Yeah, And so as we kind of graduate too higher

791
00:34:36,680 --> 00:34:39,920
Speaker 2: levels of difficulty, let's talk about starting.

792
00:34:39,600 --> 00:34:41,040
Speaker 1: Your own business.

793
00:34:40,800 --> 00:34:43,000
Speaker 2: That's the Starting your own business is probably going to

794
00:34:43,040 --> 00:34:45,839
Speaker 2: be the most difficult way to generate passive income. You know,

795
00:34:46,160 --> 00:34:48,520
Speaker 2: it's often going to be the most risky, as creating

796
00:34:48,520 --> 00:34:50,920
Speaker 2: your own thing from scratch will will require the most

797
00:34:50,960 --> 00:34:54,399
Speaker 2: time and the most money, but it also has the

798
00:34:54,600 --> 00:34:58,239
Speaker 2: upside to potentially generating the most income. And you know,

799
00:34:58,320 --> 00:35:00,520
Speaker 2: I think that's also a fair trade. You know, like

800
00:35:00,520 --> 00:35:03,960
Speaker 2: there's actually no risk involved, say with earning interest from

801
00:35:04,000 --> 00:35:06,200
Speaker 2: your money in a savings account.

802
00:35:05,800 --> 00:35:09,359
Speaker 1: But there's also virtually no reward. It's appropriate that those

803
00:35:09,360 --> 00:35:11,680
Speaker 1: who are committing the most time and the most money

804
00:35:11,920 --> 00:35:14,680
Speaker 1: towards something that isn't necessarily proven, that they have the

805
00:35:14,680 --> 00:35:18,040
Speaker 1: potential to realize that the biggest profits the biggest rewards. Yeah,

806
00:35:18,080 --> 00:35:19,799
Speaker 1: we have talked about that. There are ways to start

807
00:35:19,800 --> 00:35:23,359
Speaker 1: your own business with even less money, but still you're

808
00:35:23,400 --> 00:35:26,120
Speaker 1: going to require a ton of time to start any

809
00:35:26,160 --> 00:35:28,480
Speaker 1: business that you're looking to launch. But for a lot

810
00:35:28,520 --> 00:35:31,440
Speaker 1: of businesses, we're talking about both. And yeah, while we

811
00:35:31,440 --> 00:35:34,200
Speaker 1: don't see owning your own business as a way to

812
00:35:34,280 --> 00:35:37,520
Speaker 1: earn passive income, because like we said, it's going to

813
00:35:37,600 --> 00:35:39,800
Speaker 1: take a lot of energy on your part, it is

814
00:35:39,840 --> 00:35:42,720
Speaker 1: a method to generate income by trading time for money,

815
00:35:42,960 --> 00:35:44,719
Speaker 1: which is what a lot of us have to do

816
00:35:44,960 --> 00:35:46,680
Speaker 1: for a lot of our lives. But if we do

817
00:35:46,719 --> 00:35:49,920
Speaker 1: it well with good planning, you can eventually step back

818
00:35:50,200 --> 00:35:52,880
Speaker 1: from the day to day operations of that business and

819
00:35:52,960 --> 00:35:55,560
Speaker 1: you can turn it into an avenue that produces income

820
00:35:55,800 --> 00:35:58,600
Speaker 1: without you having to commit to working on that business

821
00:35:58,960 --> 00:36:02,200
Speaker 1: every day, right, and maybe even depending on what kind

822
00:36:02,200 --> 00:36:05,560
Speaker 1: of business you start, you can potentially even sell that

823
00:36:05,600 --> 00:36:08,800
Speaker 1: business someday in the future, or sell part of the ownership,

824
00:36:08,880 --> 00:36:11,680
Speaker 1: or hire someone to do the day to day managing

825
00:36:12,000 --> 00:36:14,080
Speaker 1: while you take more of a back seat role. I mean,

826
00:36:14,280 --> 00:36:16,560
Speaker 1: there are all these ways when you start a business

827
00:36:16,719 --> 00:36:18,600
Speaker 1: that you can use it to generate income for a

828
00:36:18,640 --> 00:36:20,839
Speaker 1: whole lot of years and then find ways to kind

829
00:36:20,880 --> 00:36:23,600
Speaker 1: of pull back in order to make that business income

830
00:36:23,640 --> 00:36:25,960
Speaker 1: a little more passive than active. Matt. It makes me

831
00:36:26,000 --> 00:36:29,399
Speaker 1: think of a friend I have much older friend, and

832
00:36:29,440 --> 00:36:32,040
Speaker 1: he had his own business that he ran four years.

833
00:36:32,080 --> 00:36:35,040
Speaker 1: He and his wife, and they cleaned houses and they

834
00:36:35,080 --> 00:36:38,000
Speaker 1: did great work. They built up a large list of

835
00:36:38,120 --> 00:36:41,720
Speaker 1: clients in the town where that they served. But eventually

836
00:36:41,719 --> 00:36:44,400
Speaker 1: he wanted to retire. And it's not that that business

837
00:36:44,400 --> 00:36:47,439
Speaker 1: had to fold just go away completely. He not only

838
00:36:47,480 --> 00:36:49,720
Speaker 1: made money for all of those years running that business,

839
00:36:50,000 --> 00:36:52,120
Speaker 1: but that business was worth a lot at the end

840
00:36:52,120 --> 00:36:54,080
Speaker 1: of the day, so he was able to sell that

841
00:36:54,120 --> 00:36:57,000
Speaker 1: business to someone else. And that points a finger to

842
00:36:57,040 --> 00:37:00,960
Speaker 1: the fact that you can eventually score pass income based

843
00:37:01,000 --> 00:37:02,160
Speaker 1: on the business you built, and.

844
00:37:02,120 --> 00:37:03,680
Speaker 2: At the same time doesn't have to be a super

845
00:37:03,680 --> 00:37:06,719
Speaker 2: sexy tech startup you know exactly something you know where

846
00:37:06,760 --> 00:37:10,200
Speaker 2: you're just offering a service to folks, did one other thing,

847
00:37:10,280 --> 00:37:12,160
Speaker 2: you know. One of the myths about passive income I

848
00:37:12,160 --> 00:37:13,959
Speaker 2: think is that if you get your fingers in enough

849
00:37:14,000 --> 00:37:17,719
Speaker 2: money making ventures that you'll essentially be getting paid in

850
00:37:17,840 --> 00:37:20,479
Speaker 2: enough different ways that if one of your businesses maybe

851
00:37:20,520 --> 00:37:23,680
Speaker 2: isn't doing so hot, you're still going to do okay financially, right,

852
00:37:24,000 --> 00:37:26,160
Speaker 2: But oftentimes I think you might be spreading yourself too

853
00:37:26,239 --> 00:37:28,920
Speaker 2: thin and you won't make enough money if you're kind

854
00:37:28,920 --> 00:37:31,320
Speaker 2: of going this, you know, jack of all trades route

855
00:37:31,520 --> 00:37:34,560
Speaker 2: to generating multiple streams of income. Now being said, there's

856
00:37:34,600 --> 00:37:37,000
Speaker 2: nothing wrong with trying out some different approaches and seeing

857
00:37:37,000 --> 00:37:39,520
Speaker 2: what works for you, but you know, just don't forego

858
00:37:39,680 --> 00:37:43,719
Speaker 2: diving deep when when times get a little rough, you know,

859
00:37:43,880 --> 00:37:46,600
Speaker 2: when you don't immediately start making money, don't immediately try

860
00:37:46,600 --> 00:37:48,600
Speaker 2: to hit the easy button and kind of switch over

861
00:37:48,680 --> 00:37:51,239
Speaker 2: to the next opportunity where you think it's going to

862
00:37:51,280 --> 00:37:51,920
Speaker 2: be easier.

863
00:37:52,480 --> 00:37:54,080
Speaker 1: It does require work.

864
00:37:53,880 --> 00:37:55,960
Speaker 2: And again, this is one of the reasons that I

865
00:37:55,960 --> 00:37:58,719
Speaker 2: feel like the platforms, the different apps, the different you

866
00:37:58,760 --> 00:38:01,520
Speaker 2: know sites where you can log on, create an account,

867
00:38:01,560 --> 00:38:06,080
Speaker 2: offer a course, or start publishing a podcast. I feel

868
00:38:06,080 --> 00:38:09,440
Speaker 2: like that they almost do a disservice to people digging

869
00:38:09,520 --> 00:38:12,520
Speaker 2: in deep to whatever it is that they are pursuing,

870
00:38:12,960 --> 00:38:15,000
Speaker 2: almost as if they're making it too easy for folks

871
00:38:15,080 --> 00:38:17,120
Speaker 2: to try things out and they kind of.

872
00:38:17,080 --> 00:38:18,400
Speaker 1: Give up maybe a little too easily.

873
00:38:18,760 --> 00:38:20,280
Speaker 2: I like it because it gives a lot of folks

874
00:38:20,280 --> 00:38:21,799
Speaker 2: a taste of it, but at the same time, it's

875
00:38:21,840 --> 00:38:23,520
Speaker 2: sort of I almost see it as a negative because

876
00:38:23,520 --> 00:38:24,839
Speaker 2: it's kind of like, well, that didn't work out, well,

877
00:38:24,840 --> 00:38:27,520
Speaker 2: this didn't work out, and it sort of, I don't know,

878
00:38:27,560 --> 00:38:30,480
Speaker 2: it creates this perpetual like hopping from one thing to

879
00:38:30,520 --> 00:38:33,359
Speaker 2: the other and in search of a golden goose, something

880
00:38:33,360 --> 00:38:35,960
Speaker 2: that's going to be able to significantly provide them with

881
00:38:36,040 --> 00:38:36,520
Speaker 2: some income.

882
00:38:36,760 --> 00:38:39,040
Speaker 1: Yeah, if you just create one podcast episode, throw it

883
00:38:39,120 --> 00:38:41,800
Speaker 1: up there and you hope to see that the passive

884
00:38:41,800 --> 00:38:44,640
Speaker 1: income rolling in, that's just not how it works, right.

885
00:38:44,719 --> 00:38:47,919
Speaker 1: That is truly the myth behind passive income. It really

886
00:38:47,920 --> 00:38:49,759
Speaker 1: does take a lot of work. So you really have

887
00:38:49,840 --> 00:38:52,520
Speaker 1: to go into your pursuit of passive income with eyes

888
00:38:52,520 --> 00:38:56,040
Speaker 1: wide open, knowing that it'll take real effort to establish

889
00:38:56,120 --> 00:38:58,640
Speaker 1: something that you can benefit from for years to come.

890
00:38:58,840 --> 00:39:01,759
Speaker 1: It's the opposite of strike it rich quick. Ultimately, the

891
00:39:01,800 --> 00:39:04,560
Speaker 1: truth about passive income is that it's never one hundred

892
00:39:04,560 --> 00:39:08,000
Speaker 1: percent passive except for investing in the markets regularly via

893
00:39:08,040 --> 00:39:11,280
Speaker 1: your paycheck or ach from your bank account to an IRA.

894
00:39:11,760 --> 00:39:15,000
Speaker 1: But it is possible to work harder now in order

895
00:39:15,040 --> 00:39:17,640
Speaker 1: to gain and share your knowledge with others by creating

896
00:39:17,680 --> 00:39:20,280
Speaker 1: content that they're willing to pay for, or to study

897
00:39:20,280 --> 00:39:22,279
Speaker 1: your local real estate market and save up enough to

898
00:39:22,320 --> 00:39:25,239
Speaker 1: purchase that first rental property, or even to identify a

899
00:39:25,239 --> 00:39:27,000
Speaker 1: need in the market where you can step in and

900
00:39:27,040 --> 00:39:29,840
Speaker 1: fill the gap with your service or product with the

901
00:39:29,840 --> 00:39:33,440
Speaker 1: business that you create, money will always flow to creative

902
00:39:33,440 --> 00:39:36,239
Speaker 1: problem solvers. So leverage your hard work now and it'll

903
00:39:36,239 --> 00:39:39,239
Speaker 1: pay dividends as steady income for years to come, and

904
00:39:39,280 --> 00:39:41,799
Speaker 1: that we would say is worth pursuing. That's where the

905
00:39:41,800 --> 00:39:44,960
Speaker 1: reality of passive income can actually be realized in all

906
00:39:44,960 --> 00:39:47,319
Speaker 1: of our lives. Right. I think we need to maybe

907
00:39:47,320 --> 00:39:49,920
Speaker 1: avoid some of the clickbait headlines and videos that we

908
00:39:49,960 --> 00:39:52,680
Speaker 1: see and realize that passive income, it's not a myth,

909
00:39:53,239 --> 00:39:55,480
Speaker 1: but it is much harder to achieve than a lot

910
00:39:55,480 --> 00:39:57,239
Speaker 1: of people out there want you to think that.

911
00:39:57,200 --> 00:40:00,719
Speaker 2: It is one hundred percent true. Dude, All right, let's

912
00:40:00,760 --> 00:40:02,960
Speaker 2: shift gears. Let's get back to our beer. On this episode,

913
00:40:03,160 --> 00:40:05,880
Speaker 2: you and I we enjoyed. We each enjoyed a Ratix,

914
00:40:05,920 --> 00:40:09,239
Speaker 2: which is a German style pilsner from the folks over

915
00:40:09,320 --> 00:40:12,560
Speaker 2: at Halfway Crooks here in Atlanta. Dude, what were your

916
00:40:12,600 --> 00:40:13,279
Speaker 2: thoughts on this beer?

917
00:40:13,520 --> 00:40:16,120
Speaker 1: So I always thought that I didn't really like pilsners

918
00:40:16,239 --> 00:40:18,320
Speaker 1: very much. I think it was because the only pilsners

919
00:40:18,320 --> 00:40:22,239
Speaker 1: I'd ever had in my life were the giant macro brewers. Yep, right,

920
00:40:22,320 --> 00:40:25,600
Speaker 1: Like had my fair share of high lives and PBRs

921
00:40:25,640 --> 00:40:28,880
Speaker 1: back in the day, and yeah, they were fine, Like

922
00:40:28,880 --> 00:40:31,080
Speaker 1: I didn't mind drinking them at a show, you know,

923
00:40:31,160 --> 00:40:33,439
Speaker 1: at a concert. They were fine for the times. Yeah,

924
00:40:33,440 --> 00:40:36,239
Speaker 1: but I didn't realize that I actually like pilsners. A

925
00:40:36,280 --> 00:40:39,040
Speaker 1: Kraft pilsner can actually be really tasty. Yes, and Halfway

926
00:40:39,080 --> 00:40:42,319
Speaker 1: Crooks did an awesome job on this one. It's super clean,

927
00:40:42,480 --> 00:40:45,319
Speaker 1: super delicious. This is actually the exact kind of beer

928
00:40:45,360 --> 00:40:47,440
Speaker 1: I want while I'm sitting on my porch on a

929
00:40:47,480 --> 00:40:49,919
Speaker 1: fine summer say, oh yeah, dude. Yeah, as we poured it.

930
00:40:50,200 --> 00:40:52,960
Speaker 2: It's got a nice golden color to it with a

931
00:40:53,040 --> 00:40:55,960
Speaker 2: nice fluffy head, which kind of gets me to the flavor.

932
00:40:56,000 --> 00:40:57,719
Speaker 2: I feel like it almost drinks like a like a

933
00:40:57,800 --> 00:40:59,800
Speaker 2: kind of fluff light biscuity.

934
00:40:59,760 --> 00:41:00,840
Speaker 1: Ye, kind of like.

935
00:41:00,840 --> 00:41:03,920
Speaker 2: Flavor profile going on really delicious. While at the same time, though,

936
00:41:03,960 --> 00:41:06,759
Speaker 2: because it is kind of a local craft brewery who's

937
00:41:06,760 --> 00:41:11,160
Speaker 2: making this, it doesn't have that metallicky just old stanky

938
00:41:11,360 --> 00:41:13,920
Speaker 2: pilsner flavor that we associate.

939
00:41:13,480 --> 00:41:16,000
Speaker 1: With Metallo is the exact best way to put it. Yeah,

940
00:41:16,040 --> 00:41:17,000
Speaker 1: with like the Macro.

941
00:41:16,840 --> 00:41:19,239
Speaker 2: Beers, yes, like you can expect that at this one

942
00:41:19,320 --> 00:41:21,440
Speaker 2: as we have that and this one like it's got

943
00:41:21,480 --> 00:41:23,319
Speaker 2: all those biscuity flavors going on, but at the same time,

944
00:41:23,360 --> 00:41:26,120
Speaker 2: it's still really fresh and kind of kind of green tasting.

945
00:41:26,400 --> 00:41:28,000
Speaker 2: I'm glad you and I got to enjoy one of

946
00:41:28,040 --> 00:41:30,400
Speaker 2: these today, and dude, that's gonna be it for this episode.

947
00:41:30,600 --> 00:41:32,640
Speaker 2: Listeners can find our show notes up on our website

948
00:41:32,640 --> 00:41:35,080
Speaker 2: at howdomoney dot com. Will make sure to link to

949
00:41:35,160 --> 00:41:37,880
Speaker 2: any of the previous episodes we've referenced or any of

950
00:41:37,880 --> 00:41:39,040
Speaker 2: the resources as well.

951
00:41:39,239 --> 00:41:41,400
Speaker 1: Yeah, if you're new around these parts, don't forget to

952
00:41:41,440 --> 00:41:44,000
Speaker 1: hit the subscribe button so that you get notified of

953
00:41:44,200 --> 00:41:47,920
Speaker 1: each episode that we release. We release Monday, Wednesdays, and Fridays,

954
00:41:48,040 --> 00:41:49,920
Speaker 1: and we'd love to have you on board as a

955
00:41:49,960 --> 00:41:52,239
Speaker 1: part of the how to Money community. So all right, Matt,

956
00:41:52,239 --> 00:41:54,560
Speaker 1: that's going to do it for this episode. Until next time,

957
00:41:54,960 --> 00:42:01,680
Speaker 1: best Friends Out, Best Friends Out.

958
00:42:00,239 --> 00:42:00,279
Speaker 2: The