WEBVTT - Is Passive Income a Myth? #353 0:00:00.120 --> 0:00:02.680 Welcome to How the Money. I'm Joel and I am 0:00:02.720 --> 0:00:05.560 Matt's and today we're asking the question is passive income 0:00:05.760 --> 0:00:26.840 a myth? Yeah, Joel, I am so excited for us 0:00:26.840 --> 0:00:30.280 to tackle this concept of passive income. It's something that 0:00:30.720 --> 0:00:32.960 you and I that we are striving towards, and we 0:00:33.040 --> 0:00:36.160 have to a certain extent ourselves personally. But it's something 0:00:36.200 --> 0:00:39.040 too that I feel like is that we hear more often, 0:00:39.280 --> 0:00:41.880 like when in social media you hear it being talked about. 0:00:41.960 --> 0:00:44.280 It's something that you can easily attain some passive income 0:00:44.320 --> 0:00:46.280 in your life. Kind of sounds like a maybe a 0:00:46.320 --> 0:00:48.800 Pyramids game, and this is like, how can I automate money? 0:00:48.840 --> 0:00:51.760 I want money coming towards me with very little effort. 0:00:52.080 --> 0:00:54.600 And so don't we all? Yeah, And I'm glad that 0:00:54.640 --> 0:00:58.000 we're gonna We've dedicated an entire episode to talking about 0:00:58.320 --> 0:01:02.480 how passive income is a legit, a true, honest thing. Uh. 0:01:02.520 --> 0:01:04.560 And and in the ways where maybe it's it's a 0:01:04.600 --> 0:01:07.320 little more shady or that it's just not true exactly 0:01:07.360 --> 0:01:09.840 to the way it's being marketed or sold to folks. Yeah, 0:01:09.840 --> 0:01:12.440 I think sometimes when we talk about passive income people, 0:01:12.560 --> 0:01:14.880 at least I think of like the leprechron and the 0:01:14.920 --> 0:01:16.520 pot of gold at the end of the rainbow. And 0:01:16.640 --> 0:01:19.720 that's kind of how the passive income conversation feels to 0:01:19.720 --> 0:01:23.000 me At times. I'm like, Okay, uh, this video or 0:01:23.280 --> 0:01:25.960 this this article is gonna teach me how to make 0:01:26.000 --> 0:01:28.920 passive income in just a few minutes. It's gonna be 0:01:28.959 --> 0:01:31.319 it's gonna be so simple. And yet at the end 0:01:31.360 --> 0:01:32.600 of the day, there is no pot of goal to 0:01:32.640 --> 0:01:34.160 the end of the rainbow, and you're you're sold a 0:01:34.200 --> 0:01:36.280 Billy Goods that isn't actually true. So we're gonna try 0:01:36.319 --> 0:01:38.360 to kind of actually talk about what is true about 0:01:38.360 --> 0:01:41.280 passive income and what's not true, separate the myth from 0:01:41.319 --> 0:01:43.600 the reality here. That's right. Yeah, But first, dude, I 0:01:43.600 --> 0:01:46.560 wanted to talk about coffee. Uh. You know, and I've 0:01:46.640 --> 0:01:49.400 everybody who listens to the show knows that I like 0:01:49.520 --> 0:01:51.880 Aldi did. We save so much money by getting our 0:01:51.880 --> 0:01:54.280 groceries there at Aldi Uh, And in particularly we've been 0:01:54.320 --> 0:01:56.600 fans of the whole being coffee that you can get there, uh, 0:01:56.640 --> 0:01:59.560 specifically the Peruvian blend. And of course, you know you 0:01:59.600 --> 0:02:01.520 and me are opposites. I get my coffee at Costco. 0:02:01.640 --> 0:02:04.240 That's right, Yeah, which is totally fine. But dude, lately, 0:02:04.280 --> 0:02:06.640 I feel like the Audi coffee hasn't been cutting it 0:02:06.720 --> 0:02:09.840 for me. Recently, Kate brought home a pound of some 0:02:09.919 --> 0:02:12.200 local coffee. Well it's sold locally, but it's like a 0:02:12.280 --> 0:02:16.240 it's an ethiopium blend. Dude. It is so good, so 0:02:16.320 --> 0:02:18.480 much better than the cheaper stuff that I get at 0:02:18.520 --> 0:02:20.720 Aldi that I'm not sure that we're gonna be able 0:02:20.720 --> 0:02:24.440 to go back and continue buying the cheap oh Aldi beans. 0:02:24.960 --> 0:02:27.120 But the problem is is it cost more, and I 0:02:27.200 --> 0:02:29.080 don't know how. I don't know if our budget can 0:02:29.120 --> 0:02:31.720 absorb that increasing cost. Right, So Aldi, it's like four 0:02:31.800 --> 0:02:34.440 or five bucks for a pound? Uh, this new coffee 0:02:34.560 --> 0:02:36.639 cost ten bucks a pound them, I'm looking to double 0:02:37.040 --> 0:02:39.400 the amount of money I'm spending on my coffee. How much? 0:02:39.480 --> 0:02:41.200 So the stuff you buy at costco, how much do 0:02:41.240 --> 0:02:44.680 you spend? I think, yeah, usually it's about a little 0:02:44.720 --> 0:02:46.680 over five bucks a pound. I think it's eleven dollars 0:02:46.680 --> 0:02:48.280 for a two pound back And you like it, right, 0:02:48.360 --> 0:02:50.359 I mean it's it works well for y'all. Yeah, it's good. 0:02:50.360 --> 0:02:52.400 I don't have like high falutant taste when it comes 0:02:52.440 --> 0:02:54.519 to coffee. I like my coffee to be running the 0:02:54.560 --> 0:02:57.240 mill average, Like, I feel like that's what I've enjoyed 0:02:57.320 --> 0:02:58.840 up until now, but until I've had a taste of 0:02:58.840 --> 0:03:00.960 the good stuff. Once you taste it, yes, And now 0:03:01.160 --> 0:03:02.960 now that we've kind of gone back to our our 0:03:03.000 --> 0:03:05.959 standard all these stuff, I'm trying to decide whether or 0:03:06.000 --> 0:03:08.000 not it's worth it to me. And you know, this 0:03:08.040 --> 0:03:10.040 is one of those areas where I feel like, if 0:03:10.080 --> 0:03:12.720 I continue buying the cheap stuff, it's gonna feel cheap 0:03:12.760 --> 0:03:15.400 to me. And I can literally taste a huge difference 0:03:15.400 --> 0:03:19.639 between the Audi stuff versus this nicer Ethiopian blend. Uh. 0:03:19.639 --> 0:03:21.640 And so I guess I'm mentioning it because I think 0:03:21.720 --> 0:03:23.680 we are going to just budget for it. We're gonna 0:03:23.680 --> 0:03:25.320 plan for it because this is something that Kate and 0:03:25.400 --> 0:03:27.839 I are both appreciating. It's something that we can tell 0:03:27.840 --> 0:03:31.480 the difference. We appreciate the nicer stuff, and honestly, in 0:03:31.520 --> 0:03:33.320 the end, you know, we're looking at increasing our coffee 0:03:33.320 --> 0:03:36.040 budget by you know, five dollars a pound roughly. On 0:03:36.040 --> 0:03:37.960 one hand, it feels extravagant, but on the other hand, 0:03:37.960 --> 0:03:39.880 I'm like, Okay, come on, this is not a big deal. 0:03:40.200 --> 0:03:42.520 Leave it to money nerds like us right to to 0:03:42.560 --> 0:03:45.040 obsess over something so small. But I guess my question 0:03:45.040 --> 0:03:47.559 for you is is would you judge me for uh, 0:03:47.680 --> 0:03:50.880 for effectively doubling my coffee budget? Not at all? Actually, yeah, no, 0:03:51.160 --> 0:03:53.280 I think you're you should totally go for me. You 0:03:53.320 --> 0:03:54.840 should spend a little bit more on this thing. And 0:03:54.880 --> 0:03:57.560 I think the coffee is one of those things that 0:03:57.960 --> 0:04:01.480 in your life literally every day of the year, and 0:04:01.720 --> 0:04:04.800 if you can thoroughly enjoy your cup of coffee versus 0:04:04.800 --> 0:04:07.840 just kind of mildly enjoying a cup of coffee in 0:04:07.880 --> 0:04:09.840 the morning, I think that extra what ten bucks a 0:04:09.840 --> 0:04:11.600 month in your budget. I'm sure you can find a 0:04:11.640 --> 0:04:14.320 way to cut back ten bucks in some other in 0:04:14.400 --> 0:04:15.880 some other part of your budget in order to be 0:04:15.920 --> 0:04:18.720 able to pay for a nicer coffee, or find a 0:04:18.720 --> 0:04:21.360 way to earn ten extra dollars, you know, like giving 0:04:21.360 --> 0:04:24.120 a lift, ride or something to somebody. Yeah. I guess 0:04:24.120 --> 0:04:25.840 I wanted to share that because I want folks to know, 0:04:26.320 --> 0:04:28.160 in a sense, I want to give individuals out their 0:04:28.200 --> 0:04:31.080 permission to spend money towards the things that truly like 0:04:31.120 --> 0:04:33.520 bring you joy or or you know, bring you value. 0:04:33.880 --> 0:04:35.880 But just know that you can't spend money on every 0:04:35.920 --> 0:04:38.440 single thing out there, Like you can't upgrade everything in 0:04:38.480 --> 0:04:40.040 your life. But in this case, I think we are 0:04:40.080 --> 0:04:41.760 going to spend a little bit more every month, all 0:04:41.839 --> 0:04:44.280 on coffee. Yeah. Sometimes ignorance is bliss when it comes 0:04:44.320 --> 0:04:47.080 to second Like if I wish I would have never 0:04:47.120 --> 0:04:48.919 had it, because I think I would have been totally 0:04:48.920 --> 0:04:51.560 fine with the Audi coffee. That's the way I feel 0:04:51.600 --> 0:04:55.360 about the nicer new pizza joint. We've been, you know, 0:04:55.440 --> 0:04:58.960 hitting up sometimes these days, and I truly love it, 0:04:58.960 --> 0:05:02.640 Like it's delicious pizza. It's it's really expensive. And now 0:05:02.640 --> 0:05:05.360 when I go back to the other neighborhood joint, I'm like, 0:05:05.920 --> 0:05:10.159 it's it's good. It's it's fine. The inferior pizza. Yeah, 0:05:10.200 --> 0:05:11.800 but I would have thought that before it until I 0:05:11.839 --> 0:05:14.480 tasted the super good stuff. It's kind of one of 0:05:14.520 --> 0:05:15.840 those things that happens every once in a while and 0:05:15.839 --> 0:05:17.920 you have to put blinders on in order to stay 0:05:17.960 --> 0:05:21.080 the course, exactly like a horse in a race. But 0:05:21.080 --> 0:05:23.000 but I hope you enjoy your new coffee, my friend. 0:05:23.000 --> 0:05:24.839 Thanks man. But let's move on mention the beer that 0:05:24.880 --> 0:05:26.760 we're having on this episode. The reason we have a 0:05:26.800 --> 0:05:29.599 beer every episode is because that is a place we 0:05:29.680 --> 0:05:32.400 choose to put our money on purpose. We like craft 0:05:32.400 --> 0:05:34.280 beer a whole lot. The beer that we're drinking on 0:05:34.320 --> 0:05:36.920 today's episode is called Radix. It's by Halfway Crooks, which 0:05:36.960 --> 0:05:39.520 is a brewery in our neighborhood that we absolutely love. 0:05:39.560 --> 0:05:42.279 So looking forward to us to drinking this pilsner with you, man. Yeah, 0:05:42.600 --> 0:05:44.760 all right, well let's move on to the subject at hand. 0:05:45.000 --> 0:05:47.479 We are asking the question is passive income a myth 0:05:47.520 --> 0:05:51.039 on today's episode, and Matt, when we were kind of 0:05:51.200 --> 0:05:54.320 deciding how to tackle this topic, it made me think 0:05:54.360 --> 0:05:57.400 about relationships and I feel like, I don't know why 0:05:57.440 --> 0:06:02.080 passive incoming relationships. They don't necessarily go hand in hand. Yeah, 0:06:02.200 --> 0:06:05.280 I was thinking more about like a love relationship. I 0:06:05.320 --> 0:06:08.599 feel like the messaging that we often get is that 0:06:09.040 --> 0:06:12.880 finding the right one is the hard part. Right once 0:06:12.920 --> 0:06:15.240 you find the right one and settle down, you're good 0:06:15.279 --> 0:06:17.720 to go and life is easy from there on out. 0:06:18.040 --> 0:06:20.240 Now that you've got that perfect partner, things are smooth 0:06:20.680 --> 0:06:23.039 for you in life. And when you find the person 0:06:23.080 --> 0:06:25.440 that you can truly be yourself with, it is a gift. 0:06:25.480 --> 0:06:27.560 Like I'm not trying to diminish true love I think. 0:06:27.600 --> 0:06:29.960 I think it's really good, and I am in love 0:06:30.040 --> 0:06:33.280 with my wife and I'm thankful for our relationship. But still, 0:06:33.560 --> 0:06:35.880 even when you make a lifelong commitment to someone else 0:06:36.000 --> 0:06:38.839 that fits you like a glove, it really does still 0:06:39.000 --> 0:06:41.160 take a work to keep that leve alive and to 0:06:41.279 --> 0:06:44.120 stay deeply connected to one another. You know this, Matt, 0:06:44.160 --> 0:06:45.960 You've been married for what ye dude, it'll be fourteen 0:06:46.200 --> 0:06:48.560 this year. Nice, okay, And I feel like this is 0:06:48.600 --> 0:06:51.919 a great analogy for passive income because passive income sounds 0:06:51.960 --> 0:06:54.360 so easy and similar to, you know, a great relationship. 0:06:54.400 --> 0:06:57.400 It's not that passive income isn't a great thing. It is, 0:06:57.680 --> 0:07:01.160 but passive income also takes work. So yeah, in this episode, 0:07:01.200 --> 0:07:03.359 we're going to try and give an accurate definition of 0:07:03.440 --> 0:07:06.680 what passive income looks like and then the best avenues 0:07:06.720 --> 0:07:10.000 for pursuing it, and maybe, just maybe along the way, Matt, 0:07:10.080 --> 0:07:12.480 you're gonna sprinkle in some relationship advice. I feel like 0:07:12.680 --> 0:07:14.880 you've probably got a lot to offer on that front. Well, yeah, 0:07:14.880 --> 0:07:18.360 I mean, relationships like passive income requires a little tender, 0:07:18.400 --> 0:07:20.240 loving care, right, But I don't know. Yeah, I don't 0:07:20.240 --> 0:07:22.200 have any tips, I will say, Kate, and I started 0:07:22.240 --> 0:07:23.800 dating when I was a senior and she was a 0:07:23.800 --> 0:07:26.360 freshman in college. And so all I'm saying is like, 0:07:26.560 --> 0:07:29.320 use the strengths that you have going for you. So 0:07:29.560 --> 0:07:32.560 obviously like the older guys. So it worked out for me, 0:07:32.760 --> 0:07:35.480 and you know, when you know you found the right person, uh, 0:07:35.720 --> 0:07:38.080 stick with it like you did. Yeah, absolutely, man, I'm 0:07:38.120 --> 0:07:40.840 looking forward to I've already mentioned the ship before fifteen years. 0:07:40.920 --> 0:07:42.960 Next year. I feel like that's gonna be a huge moustone. 0:07:43.000 --> 0:07:46.520 Not to discount fourteen, but yeah, you know, like in 0:07:46.560 --> 0:07:49.400 the same way that relationships, you know, continue to require 0:07:49.440 --> 0:07:52.080 that that input and that that attention. Almost all of 0:07:52.120 --> 0:07:54.800 the quote unquote passive income opportunities that we hear about 0:07:55.040 --> 0:07:56.440 these are maybe the ones you know, getting all the 0:07:56.480 --> 0:08:00.960 views on social media. They also require a meaningful degree 0:08:01.080 --> 0:08:02.960 of work. And so a better term I think to 0:08:03.080 --> 0:08:06.920 use instead of passive income is probably leveraged income. You know, 0:08:07.040 --> 0:08:11.080 there are very few purely passive sources of income, and 0:08:11.080 --> 0:08:13.120 so that's why we are, you know, dispelling the myth 0:08:13.200 --> 0:08:16.840 that there's a source of passive income around every corner, right, Like, 0:08:16.880 --> 0:08:20.040 you aren't missing out on the passive income that everyone 0:08:20.080 --> 0:08:22.240 else is enjoying. Because it doesn't exist. There is that 0:08:22.280 --> 0:08:24.080 where you can go and sign up for for free money. 0:08:24.320 --> 0:08:27.520 Most of these opportunities could probably be considered a side 0:08:27.520 --> 0:08:29.600 gig or even a part time job, or even though 0:08:29.640 --> 0:08:30.920 a full time job. We'll get to some of those 0:08:30.920 --> 0:08:33.160 scenarios later on in the episode. Yeah, I think sometimes 0:08:33.160 --> 0:08:35.240 when we're talking about passive income, there is that FOMO. 0:08:35.320 --> 0:08:37.760 People are like, I feel like everybody's like making this 0:08:37.800 --> 0:08:40.480 passive income, right, I see it out there online, where's 0:08:40.480 --> 0:08:44.080 my passive income? And like the Golden ticket exactly. But 0:08:44.440 --> 0:08:47.800 a lot of what's considered passive income isn't necessarily passive. 0:08:48.320 --> 0:08:50.720 And I like what you said, Matt about leverage income. 0:08:50.840 --> 0:08:52.360 I think it's a better way to think about it. 0:08:52.440 --> 0:08:54.960 You know, we'll continue to use the phrase passive income 0:08:55.000 --> 0:08:57.960 in this episode, but leverage is really an important part 0:08:58.000 --> 0:09:00.880 of this equation. To gain passive in come, you're often 0:09:01.040 --> 0:09:03.920 putting in more time and effort now to reap greater 0:09:04.000 --> 0:09:07.520 rewards later on in your financial life. But the reason 0:09:07.679 --> 0:09:11.160 people are so desirous of generating passive income streams is 0:09:11.160 --> 0:09:13.600 that it's better to have your money working for you 0:09:13.800 --> 0:09:16.320 than to have to work for your money decade after 0:09:16.400 --> 0:09:20.720 decade after decade, right, sometimes five decades of work, and 0:09:20.720 --> 0:09:22.839 at some point you want passive income to kind of 0:09:22.880 --> 0:09:25.520 help carry some of that load. Making money while you're 0:09:25.559 --> 0:09:29.640 asleep sounds pretty phenomenal, But generating regular income that doesn't 0:09:29.640 --> 0:09:33.600 come via a paycheck from your employer takes intentionality, take sacrifice, 0:09:33.840 --> 0:09:37.920 and takes the ability to delay gratification. Yeah, it takes work, essentially, 0:09:37.960 --> 0:09:40.160 is what you're saying. And sometimes the understanding that it 0:09:40.160 --> 0:09:43.160 takes effort to generate passive income that gets lost in 0:09:43.280 --> 0:09:46.040 the discussion about how to get there, to be able 0:09:46.080 --> 0:09:48.520 to make money without lifting a fingers and something that 0:09:48.640 --> 0:09:51.640 I've ever experienced, but often that is the passive income 0:09:51.679 --> 0:09:54.720 pitch that we hear. Even to make money, you know, 0:09:54.720 --> 0:09:56.520 based on what you know like that takes a lot 0:09:56.559 --> 0:09:59.000 of dedication and getting that knowledge just in the in 0:09:59.000 --> 0:10:01.800 the first place. You know, it takes quite a bit 0:10:01.840 --> 0:10:05.760 of time to see any meaningful passive income. You're not 0:10:05.800 --> 0:10:08.360 gonna build three passive income streams, you know, just in 0:10:08.360 --> 0:10:10.960 the course of a few days. Even just amassing the 0:10:11.040 --> 0:10:13.640 knowledge to know which route to take like that alone 0:10:13.679 --> 0:10:16.960 can require a ton of reading, a ton of information gathering, 0:10:17.400 --> 0:10:20.959 and implementation of that knowledge doesn't happen quickly either. Yeah. 0:10:21.040 --> 0:10:24.000 So you mentioned that it takes time to see meaningful 0:10:24.000 --> 0:10:26.800 passive income. It's not something that's done quickly, which is 0:10:26.800 --> 0:10:29.200 true and also to it takes trial and error on 0:10:29.240 --> 0:10:31.679 that front to see which passive income routes work well 0:10:31.720 --> 0:10:34.720 for you. You You might think that one route is gonna 0:10:34.760 --> 0:10:37.480 make sense, and you might decide that's actually not in 0:10:37.520 --> 0:10:39.880 my wheelhouse. I need to check something else out. It 0:10:39.920 --> 0:10:42.480 also takes money to build up any sort of passive 0:10:42.480 --> 0:10:45.000 income stream. All of the different passive income streams that 0:10:45.000 --> 0:10:47.679 we're going to discuss today take varying amounts of money 0:10:47.760 --> 0:10:50.560 to get into. So, like the down payment on your 0:10:50.600 --> 0:10:54.120 first rental property, well that requires quite a bit of cash. 0:10:54.559 --> 0:10:57.040 Starting a blog though, isn't gonna take nearly as much 0:10:57.080 --> 0:10:59.880 money to get going, of course, But to start earning 0:10:59.880 --> 0:11:03.040 income that flows while you sleep, it often takes money 0:11:03.120 --> 0:11:05.840 in addition to hard work. Uh. It takes a little 0:11:05.840 --> 0:11:08.360 bit of both, sometimes a lot of both, right, yeah, yeah, 0:11:08.400 --> 0:11:10.920 And different sources of passive income are going to have 0:11:11.000 --> 0:11:14.680 varying degrees of time and work involved. Right. At a 0:11:14.840 --> 0:11:17.800 very elementary level, passive income can literally, you know, be 0:11:17.840 --> 0:11:20.120 as simple as having money and a savings account and 0:11:20.160 --> 0:11:23.400 earning interest, although that's not gonna earn you much, especially 0:11:23.440 --> 0:11:26.160 these days. Yeah exactly, But that method could you know, 0:11:26.240 --> 0:11:28.520 just take a few bucks and virtually none of your time. 0:11:28.559 --> 0:11:31.640 It's super simple, super easy. Uh. Or on the other hand, 0:11:31.960 --> 0:11:35.240 passive income could be as complex as building this massive 0:11:35.240 --> 0:11:38.520 business with you know, hundreds of employees that you eventually 0:11:38.559 --> 0:11:40.800 are able to step away from. This is an example 0:11:41.040 --> 0:11:43.880 of form of passive income that's going to take a 0:11:43.920 --> 0:11:46.280 lot of time and a lot of money. And of course, 0:11:46.280 --> 0:11:48.760 you know, there are different approaches to passive income all 0:11:48.800 --> 0:11:51.320 along the way in between those two extremes. And so 0:11:51.320 --> 0:11:55.439 we're gonna cover some different methods of passive income, uh 0:11:55.480 --> 0:11:56.960 that that are going to kind of run the gamut 0:11:56.960 --> 0:11:59.560 between those two extremes. Yeah, so let's start kind of 0:11:59.559 --> 0:12:01.640 maybe on the easy end of the spectrum, and let's 0:12:01.640 --> 0:12:03.920 sit the easy button. Sorry about one of the simplest 0:12:03.960 --> 0:12:07.000 ways to make passive income. And I'm gonna this one. 0:12:07.040 --> 0:12:08.600 I'm gonna met this first one that we're gonna throw 0:12:08.600 --> 0:12:11.160 out there. It's a little bit random. It's it's not 0:12:11.240 --> 0:12:12.920 one that you're gonna see touted in most of the 0:12:12.960 --> 0:12:16.800 YouTube videos. But yeah, one way that you could make money, 0:12:17.160 --> 0:12:19.319 it's just using an asset that you already have, and 0:12:19.400 --> 0:12:22.240 you can generate passive income by doing the actions that 0:12:22.240 --> 0:12:24.199 you're already doing, but doing them in a different way. 0:12:24.360 --> 0:12:27.560 And wrapping your car in an advertisement is actually the 0:12:27.559 --> 0:12:29.640 easiest way, I would say to do that. It's actually 0:12:29.640 --> 0:12:32.760 something matth that I have done before personally done this, right, 0:12:33.160 --> 0:12:35.880 It's the easiest way I've ever made money doing the 0:12:35.880 --> 0:12:37.920 thing I was already doing. Right, so I had to 0:12:37.960 --> 0:12:40.880 have the car. It's just slightly embarrassing to your wife, 0:12:40.960 --> 0:12:43.000 So yeah, to my wife, not to me. I didn't care, 0:12:43.040 --> 0:12:45.880 but some people would be more embarrassed than others about it. 0:12:45.920 --> 0:12:47.880 I have no sense of shame. Um, But yeah, I 0:12:47.880 --> 0:12:51.120 already had the car and I was driving it already 0:12:51.240 --> 0:12:54.520 to work on some days and around town on other days, 0:12:54.840 --> 0:12:57.800 and so making money without having to really change up 0:12:57.840 --> 0:13:00.920 anything in my daily routine was pretty nice. Um. It's 0:13:00.920 --> 0:13:02.720 a chill way to make some extra dough. And the 0:13:02.720 --> 0:13:05.440 company I went through was called Rapifi and they're still 0:13:05.480 --> 0:13:07.760 around And and I will say too, there are lots 0:13:07.760 --> 0:13:09.720 of scams when it comes to car wrapping, so you 0:13:09.720 --> 0:13:11.800 want to be careful which company you go with, but 0:13:11.960 --> 0:13:13.800 Rapi Fi will link to it in the show notes 0:13:13.920 --> 0:13:15.880 is a legit one could be a good way for 0:13:15.880 --> 0:13:18.319 a lot of people to make hundreds of extra dollars 0:13:18.679 --> 0:13:21.840 every month um literally by driving the miles they were 0:13:21.840 --> 0:13:24.400 already driving. So that's a cool way of making passive 0:13:24.440 --> 0:13:27.800 income without having to put in too much effort. Also 0:13:27.840 --> 0:13:30.559 to running out that car that you aren't using is 0:13:30.600 --> 0:13:32.840 another way to score a bit of passive income in 0:13:32.840 --> 0:13:36.440 your life. Cars are idle, Matt somewhere close to of 0:13:36.480 --> 0:13:39.760 the time, especially these days if we're working from home, 0:13:40.040 --> 0:13:42.400 A lot of us have been using our cars way 0:13:42.480 --> 0:13:45.160 less than we used to, and so why not turn 0:13:45.400 --> 0:13:48.480 that car that sending their idol into some passive income. 0:13:48.600 --> 0:13:50.600 And you can do that out of sight like Toro, 0:13:50.800 --> 0:13:53.320 where you can rent out your own car for other 0:13:53.320 --> 0:13:55.760 people to use um and you can make some decent 0:13:55.800 --> 0:13:58.320 money doing that. That's right, Yeah, that's super easy. Although 0:13:58.360 --> 0:14:00.480 I guess there's a difference between Rapifi and Turro. Right 0:14:00.480 --> 0:14:02.600 with Touro, it does take a little more managing, you 0:14:02.600 --> 0:14:05.080 know of your vehicle and making sure it's maintained, make 0:14:05.120 --> 0:14:06.679 sure it's in the right place at the right time right, 0:14:06.800 --> 0:14:09.480 responding to people who are trying to pook Yeah, exactly, 0:14:09.520 --> 0:14:12.360 whereas like truly rapidfy, I mean, you didn't change anything 0:14:12.400 --> 0:14:15.040 about about what you're doing except for having to go 0:14:15.360 --> 0:14:17.040 and get it wrapped and then taking it back there 0:14:17.080 --> 0:14:20.680 once the campaign was over, exactly. But yeah, similar to 0:14:20.680 --> 0:14:23.640 touro or you're renting out your vehicle that you already owned. 0:14:23.800 --> 0:14:26.320 Baby equip is another example of this. Uh and you 0:14:26.320 --> 0:14:27.960 know that we've mentioned this on the show before, but 0:14:28.000 --> 0:14:29.960 you can make money by renting out baby equipment that 0:14:30.000 --> 0:14:32.280 you already own that you aren't using. So if you've 0:14:32.320 --> 0:14:35.480 got like that extra uh pack and play sitting there 0:14:35.480 --> 0:14:37.720 in the closet, why not put it to use? So 0:14:37.800 --> 0:14:40.640 using assets that you already own more efficiently, that can 0:14:40.680 --> 0:14:43.320 be a really easy way to kind of generate some 0:14:43.360 --> 0:14:46.200 passive income. But we're gonna talk about the pros and 0:14:46.240 --> 0:14:49.240 cons of other passive income methods, ones that have the 0:14:49.240 --> 0:14:51.800 potential to generate way more money, and we'll get to 0:14:51.840 --> 0:15:02.600 those right after this break. All right, we'll back. We're 0:15:02.640 --> 0:15:05.320 gonna keep talking to you about passive income, and it's 0:15:05.320 --> 0:15:07.640 our goal to point you in the right direction for 0:15:07.720 --> 0:15:10.400 how you can make money on your money, or on 0:15:10.440 --> 0:15:12.400 the items you already have, or with the skills that 0:15:12.440 --> 0:15:14.840 you already have, without selling you a bill of goods 0:15:15.080 --> 0:15:17.880 that isn't actually real. Um. And so, Matt, let's talk 0:15:17.920 --> 0:15:22.400 about probably our favorite method of passive income. Investing in 0:15:22.400 --> 0:15:25.040 the market is is one of the best ways for 0:15:25.080 --> 0:15:28.640 anyone to get started building up an eventual source of 0:15:28.680 --> 0:15:31.680 passive income in their lives. That's what saving for retirement's 0:15:31.720 --> 0:15:33.680 all about, right, saving in your four oh one gay, 0:15:33.680 --> 0:15:35.840 your four oh three B or your I ra A. 0:15:36.200 --> 0:15:38.200 You know, some folks attempt to take a more active 0:15:38.280 --> 0:15:41.080 role when it comes to investing, picking individual stacks, making 0:15:41.120 --> 0:15:44.160 frequent trades, But that's really the opposite of passive income. 0:15:44.200 --> 0:15:46.520 That sounds like work. That sounds like you're having to 0:15:46.880 --> 0:15:50.520 figure out which company you think is going to perform 0:15:50.520 --> 0:15:53.360 well over the next six months, year, two years and 0:15:53.760 --> 0:15:56.560 allocate your investments accordingly. But you know, you and I 0:15:56.600 --> 0:16:00.440 we actually pursue the truly passive dollar cost averaging ironhold 0:16:00.440 --> 0:16:04.320 strategy that truly takes almost zero mental bandwidth, Like the 0:16:04.360 --> 0:16:07.200 time that it takes for us to invest is almost nothing. 0:16:07.520 --> 0:16:10.160 And I do appreciate that about investing in the market. 0:16:10.600 --> 0:16:13.320 But even if you're all about finding multiple ways to 0:16:13.360 --> 0:16:16.280 pursue passive income, like you want to get involved in 0:16:16.320 --> 0:16:18.480 some of the other things we're gonna talk about on 0:16:18.480 --> 0:16:22.080 this episode today, investing in the market is one route 0:16:22.280 --> 0:16:25.320 that we believe that basically everyone should be participating in. 0:16:25.320 --> 0:16:28.320 It's one of the simplest methods to building a passive 0:16:28.320 --> 0:16:31.840 income stream that will fund decades of your future expenses 0:16:31.960 --> 0:16:34.960 later in life. Even if you start with just a 0:16:35.000 --> 0:16:38.560 really small portion of your income going in that direction. Um, 0:16:38.600 --> 0:16:40.880 it doesn't take a whole lot of cash, but those 0:16:40.920 --> 0:16:44.600 little amounts of cash over a large number of years 0:16:44.760 --> 0:16:47.080 are going to have just this incredible impact and your 0:16:47.080 --> 0:16:50.640 ability to have passive income in your later years in life. Yeah, 0:16:50.720 --> 0:16:53.480 that's true. Yeah, investing your money in the market, it's 0:16:53.520 --> 0:16:55.960 it's really the only way to have a truly passive 0:16:55.960 --> 0:16:58.520 source of income. But you know, it does require a 0:16:58.560 --> 0:17:00.560 lot of money in order to eventually and rate enough 0:17:00.600 --> 0:17:03.880 money uh in interest to live on. Right. So, for example, 0:17:03.920 --> 0:17:07.040 if you have the typical expenses of an average American, 0:17:07.480 --> 0:17:10.879 that means you have around sixty in expenses, right, and 0:17:10.960 --> 0:17:13.680 using some quick math, we know that by multiplying that 0:17:13.760 --> 0:17:16.720 amount by twenty five you'll have a good idea of 0:17:16.760 --> 0:17:18.840 how much you'll need to have invested in order to 0:17:18.960 --> 0:17:21.560 live off that nest egg. And so in this example, 0:17:21.600 --> 0:17:24.240 if you multiply twenty five by sixty thousand, that leads 0:17:24.280 --> 0:17:27.400 to one point five million dollars. That is a lot 0:17:27.520 --> 0:17:30.200 of money. So that sounds daunting, it is, dude, Yeah, 0:17:30.240 --> 0:17:32.399 But and that's why it often takes an entire working 0:17:32.400 --> 0:17:36.200 career in order to have enough saved to become financially independent. 0:17:36.520 --> 0:17:38.880 But it is easy and that it doesn't take much research, 0:17:39.119 --> 0:17:41.119 index fence, that's all you need to know. But it 0:17:41.160 --> 0:17:43.359 does take a long time to get there. But because 0:17:43.760 --> 0:17:46.439 it doesn't require much money upfront, and it's something that 0:17:46.480 --> 0:17:48.240 you can easily get into and it doesn't require that 0:17:48.240 --> 0:17:52.000 specialized knowledge or time, it's something that everybody can take 0:17:52.000 --> 0:17:55.800 part in. Yeah, So investing in the market is almost 0:17:55.840 --> 0:17:58.840 like rapid Fi level, almost car wrapping level. Simple. Uh. 0:17:59.080 --> 0:18:01.920 It just takes the mone and the dedication to continue 0:18:01.920 --> 0:18:04.879 putting that money in consistently. All right, let's talk about 0:18:04.880 --> 0:18:08.320 some other ways math that people can make passive income 0:18:08.359 --> 0:18:10.400 in their lives. One of the ways that's often touted 0:18:10.600 --> 0:18:14.280 is affiliate marketing. It's supposed to be a fairly easy method, 0:18:14.560 --> 0:18:17.480 pretty huge online. You hear people talking about it. Yeah, 0:18:17.480 --> 0:18:20.200 they're they're like, hey, start a blog and pop in 0:18:20.240 --> 0:18:24.080 some affiliate links and you're you're start developing passive income 0:18:24.160 --> 0:18:26.960 in no time like overnight, right and um, and so yeah, 0:18:26.960 --> 0:18:28.480 I think this is one of the things maybe that's 0:18:28.760 --> 0:18:33.200 overpromised and anybody that's actually tried doing this realizes that 0:18:33.320 --> 0:18:35.639 it's much harder than it seems. Right. The way this 0:18:35.720 --> 0:18:37.920 works is is that businesses will pay you a commission 0:18:37.960 --> 0:18:40.800 for sending customers their way. A lot of different sites 0:18:40.920 --> 0:18:44.360 rely on affiliate marketing, like they're getting sales when bloggers 0:18:44.359 --> 0:18:46.440 linked to them, and then you know, readers click through 0:18:46.480 --> 0:18:49.320 to make a purchase. And while this is a legit 0:18:49.359 --> 0:18:52.320 way to make money starting a blog finding your tribe 0:18:52.320 --> 0:18:54.359 of readers, you you can't have enough readers to actually 0:18:54.359 --> 0:18:57.439 make it make it worthwhile to actually get click throughs 0:18:57.440 --> 0:18:59.560 and and they see sales. Yeah, if it's just your 0:18:59.600 --> 0:19:01.680 mom click through, that's not going to generate a nothing. 0:19:02.840 --> 0:19:05.080 That passive income might be like a dollar, you know, 0:19:05.160 --> 0:19:07.120 and that's not gonna that's not gonna do it for you. Say, hey, honey, 0:19:07.200 --> 0:19:08.320 let me just take you out to lunch, Like, I'm 0:19:08.320 --> 0:19:10.800 not gonna click the link. That's not even cover the 0:19:10.800 --> 0:19:14.640 hosting fees, right, So yeah, not not worthwhile. But yeah, 0:19:14.640 --> 0:19:16.960 it's it's just not as easy as it sounds and 0:19:17.080 --> 0:19:19.080 as easy as some of the folks on YouTube make 0:19:19.119 --> 0:19:22.600 it sound. So yeah, generating income online is much more 0:19:22.640 --> 0:19:26.320 complex and competition for page views is stiff online. You 0:19:26.359 --> 0:19:29.200 really have to learn a lot, develop a good niche online, 0:19:29.240 --> 0:19:31.879 and then be able to actually attract the readers that 0:19:31.920 --> 0:19:33.960 are going to be able to support your endeavor. You 0:19:34.000 --> 0:19:36.919 say niche, I say niche. I don't know which one. 0:19:37.000 --> 0:19:38.719 I think, I go back and forth. Well, let's talk 0:19:38.720 --> 0:19:41.320 about writing a book, right, because self publishing a book 0:19:41.359 --> 0:19:44.400 is often another way to pursue passive income. And many 0:19:44.400 --> 0:19:46.320 times that blog and we just talked about that is 0:19:46.400 --> 0:19:48.520 used as a way to market that book. But just 0:19:48.560 --> 0:19:52.480 remember that getting the knowledge actively writing the book, marketing, 0:19:52.960 --> 0:19:56.119 touring interviews associated with promoting your book. I don't know 0:19:56.119 --> 0:19:58.639 about you, but this all sounds like a lot of 0:19:58.640 --> 0:20:00.720 work to This does not sound like massive income. Does 0:20:00.760 --> 0:20:02.520 not sound like you're just kicking back in a hammock 0:20:02.640 --> 0:20:04.960 after having like come up with a good idea. And 0:20:05.080 --> 0:20:07.320 so you know, while it may not require a lot 0:20:07.359 --> 0:20:09.560 of money in order to publish a book or to 0:20:09.560 --> 0:20:11.639 get your blog going, it does take a fair amount 0:20:11.640 --> 0:20:13.680 of time on the front end in order to start 0:20:13.720 --> 0:20:16.400 realizing some of that income. Yeah, ask anybody who's ever 0:20:16.560 --> 0:20:19.560 self published a book. I've never heard anyone say that 0:20:19.640 --> 0:20:22.359 was simple, that was easy. And I crushed it. Like, 0:20:23.240 --> 0:20:26.080 it's not that you can't make money publishing a book. Um, 0:20:26.119 --> 0:20:29.280 it's just that it's not really a former passive income 0:20:29.320 --> 0:20:31.480 in our minds. Is it really truly is a form 0:20:31.520 --> 0:20:33.320 of work, And it's a form of like what we 0:20:33.320 --> 0:20:35.840 talked about earlier, leveraged work. Sometimes you can write a 0:20:35.840 --> 0:20:37.960 book and it can sell for years to come. You 0:20:37.960 --> 0:20:40.480 can make money for a long time on that book 0:20:40.920 --> 0:20:43.479 in all likelihood, though for most people, it's just not 0:20:43.640 --> 0:20:46.000 a lot of money that they're gonna be making. Um. 0:20:46.040 --> 0:20:48.880 And and Matt, let's talk about podcast here for a second. 0:20:48.920 --> 0:20:51.240 Let's get a little metal with it. That's another thing 0:20:51.280 --> 0:20:53.399 that people point to these days as a way to 0:20:53.440 --> 0:20:55.399 make passive income. Yeah, they're like, Joel, Matt do it. 0:20:55.440 --> 0:20:57.280 Why can't I It's so simple? And they just keep 0:20:57.320 --> 0:20:59.800 back in their hammocks and so yeah, they're just sitting 0:20:59.840 --> 0:21:02.520 there rinking beer. I will be honest, if we can 0:21:02.520 --> 0:21:04.960 do it, then other people definitely can do it, because 0:21:05.000 --> 0:21:07.480 we're not the smartest guys in the world, or maybe 0:21:07.480 --> 0:21:09.400 even in this room. There's not other people in this room, 0:21:09.480 --> 0:21:13.400 so I know there's nobody watching us. But it takes work, 0:21:13.440 --> 0:21:15.280 and that's what we're that's what we're talking about here, right. 0:21:15.359 --> 0:21:19.159 But obviously podcast super popular these days, and a lot 0:21:19.240 --> 0:21:22.120 of people are churning out new shows like There's No Tomorrow. 0:21:22.280 --> 0:21:25.000 The amount of new podcasts on the scene has skyrocketed 0:21:25.040 --> 0:21:27.800 over the past few years. But just because you get 0:21:27.840 --> 0:21:30.399 an idea for a show doesn't mean that you'll be 0:21:30.440 --> 0:21:33.399 able to generate any income from it. Right. We just 0:21:33.400 --> 0:21:37.480 saw a recent stat Matt of the two million podcasts 0:21:37.520 --> 0:21:40.480 that are available to listen to m via Apple Podcasts. 0:21:40.480 --> 0:21:43.439 And then you know, through all the other podcastchers, accordingly 0:21:43.760 --> 0:21:48.280 they only have a single episode, so one episode, one episode, 0:21:48.640 --> 0:21:50.680 and then there's a huge percentage that have fewer than 0:21:50.760 --> 0:21:52.800 ten episodes. So there's a lot of people that give 0:21:52.840 --> 0:21:54.960 it a shot, that put out a few episodes and 0:21:54.960 --> 0:21:57.480 try to see what sticks, but they don't find much 0:21:57.480 --> 0:22:00.560 traction in the beginning, and so they quit pretty quickly. 0:22:00.720 --> 0:22:02.280 So that's a really high number of folks who don't 0:22:02.320 --> 0:22:04.960 keep it up after they get started. And it's obviously 0:22:05.000 --> 0:22:08.000 a relatively cheap medium to get into. It's not that 0:22:08.080 --> 0:22:10.040 expensive to start a podcast, and I think we've talked 0:22:10.080 --> 0:22:12.639 about on the show. We literally have four dollars worth 0:22:12.680 --> 0:22:15.240 of equipment. The hosting when we initially started out was 0:22:15.280 --> 0:22:17.600 like ten dollars a month. I think it was free 0:22:17.640 --> 0:22:19.480 for the first three free, yeah, because we didn't have 0:22:19.600 --> 0:22:22.359 enough we didn't have enough content yeah, or listeners and 0:22:22.400 --> 0:22:25.120 so um. Yeah, and we still use the same equipment 0:22:25.160 --> 0:22:27.520 that we use back then exactly. Granted the room is 0:22:27.560 --> 0:22:29.479 different than we you know, we have soundproofing and you know, 0:22:29.520 --> 0:22:32.119 ways to acoustically treat the space, but literally we are 0:22:32.200 --> 0:22:35.639 using the same microphones and the same little zoom recorder 0:22:35.720 --> 0:22:38.480 right here. That's true. It's kind of ridiculous. So yeah, obviously, yeah, 0:22:38.640 --> 0:22:40.080 people might hear that and be like, Okay, cool, it's 0:22:40.080 --> 0:22:41.960 a few hundred bucks. I can get into it and 0:22:42.119 --> 0:22:45.960 start making money to overhead. But podcasts similar to you know, 0:22:46.000 --> 0:22:48.399 affiliate marketing with a blog or writing a book, It 0:22:48.400 --> 0:22:50.440 takes a lot of work to create something that people 0:22:50.520 --> 0:22:53.640 actually want to listen to and to reach the audience 0:22:53.640 --> 0:22:55.280 that you're trying to reach. Yeah, and of course, you know, 0:22:55.280 --> 0:22:57.000 the way that we generate income from the from the 0:22:57.000 --> 0:22:59.920 podcast are from the ads that you hear. But even 0:23:00.080 --> 0:23:02.720 with a super small listener base, it's it's not possible 0:23:02.760 --> 0:23:04.640 to make money. Uh. And you can do that via 0:23:04.640 --> 0:23:07.760 platforms like Anchor, like literally on their website and with 0:23:07.880 --> 0:23:10.960 this down it says that you can quote unquote create, distribute, 0:23:10.960 --> 0:23:14.840 and monetize your podcast all for free. Uh. Like it's 0:23:14.840 --> 0:23:16.800 crazy like it they almost make it sound like like 0:23:16.840 --> 0:23:19.720 because it says all for free. I think the trick 0:23:19.800 --> 0:23:21.800 is that they make you think that, oh, that first 0:23:21.840 --> 0:23:24.080 part even creating it, like that's gonna be free. Like 0:23:24.119 --> 0:23:26.560 it's almost like it's automatic. But no, like it does 0:23:26.760 --> 0:23:29.679 take hard work. Uh. And in addition to that, you know, 0:23:29.720 --> 0:23:32.159 some shows have gone the route of getting like support 0:23:32.200 --> 0:23:35.240 directly from listeners via sites like you know, Patreon. But 0:23:35.320 --> 0:23:37.480 again it's important to note that, you know, putting out 0:23:37.480 --> 0:23:40.600 great content consistently it's not easy, and it's hard to 0:23:40.640 --> 0:23:43.720 consider this business model as passive income. You know, it's 0:23:43.720 --> 0:23:45.840 it's it's literally our job. It's what we do. It's 0:23:45.840 --> 0:23:48.760 not something that we're uh, you know, doing without hardly 0:23:48.840 --> 0:23:51.720 even thinking about it. True, podcasting for us takes a 0:23:51.720 --> 0:23:54.200 lot of thought, uh and a lot of time. But 0:23:54.520 --> 0:23:56.840 let's talk about another another way that you could potentially 0:23:56.920 --> 0:24:00.000 make some passive income online and and maybe let's see 0:24:00.040 --> 0:24:02.960 if this one is a little bit better. Similar to 0:24:03.000 --> 0:24:05.080 running aside or a blog or self publishing a book 0:24:05.119 --> 0:24:07.600 or a podcast, there are plenty of other platforms out 0:24:07.640 --> 0:24:10.000 there that allow for you to create a course online 0:24:10.040 --> 0:24:12.639 that you can sell, and platforms like you to Me 0:24:12.880 --> 0:24:16.640 and Coursera are specifically there for you to be able 0:24:16.680 --> 0:24:19.120 to upload some of those courses and make some side money. 0:24:19.160 --> 0:24:22.480 You upload that course once and hopefully those residual passive 0:24:22.520 --> 0:24:24.920 income dollars just keep flowing your way. Right. Let me 0:24:24.920 --> 0:24:30.400 see those royalties. Yeah, royalties sounds so nice because it's royalty. 0:24:30.480 --> 0:24:32.880 It's like it makes you think that like, oh no, 0:24:32.880 --> 0:24:35.280 that's just money, that's that's that's not that's nothing beyond 0:24:35.400 --> 0:24:38.359 just money. But because it's called royalties, it has this appeal. 0:24:38.400 --> 0:24:41.639 It makes me feel like I'm a king or something. Yeah, exactly, 0:24:41.760 --> 0:24:43.679 at least the prints. Yeah, it makes me want to 0:24:43.680 --> 0:24:45.400 write some sort of like hit pops on or something 0:24:45.440 --> 0:24:46.960 like that for Taylor Swift and then you know, collect 0:24:46.960 --> 0:24:49.800 some of those royal royalties. But you should, Okay, I 0:24:49.800 --> 0:24:52.120 can see her performing a something that you wrote. I've 0:24:52.160 --> 0:24:53.680 never written a song before, but maybe I'll give it 0:24:53.680 --> 0:24:55.240 a go. See if I can get that passive income 0:24:55.480 --> 0:24:58.240 from royalties. But let's get back to online courses and 0:24:58.240 --> 0:25:01.040 and it is fascinating to see people who are able 0:25:01.040 --> 0:25:05.040 to monetize their unique wisdom, insight, their personality, or or 0:25:05.080 --> 0:25:09.040 even their basic but practical knowledge. We all have access 0:25:09.080 --> 0:25:12.119 to so much incredible knowledge these days that we previously 0:25:12.119 --> 0:25:14.879 couldn't access without paying money to go to college or 0:25:15.000 --> 0:25:18.360 spending years getting advanced degrees. And online courses have made 0:25:18.400 --> 0:25:20.960 that more of a reality. Like what we can learn 0:25:21.000 --> 0:25:24.320 now for free is just incredible. But people are getting 0:25:24.320 --> 0:25:27.600 paid in order to disseminate that information. And so yeah, 0:25:27.640 --> 0:25:29.359 it's cool to see that some people are making passive 0:25:29.359 --> 0:25:31.080 age in that way. And I mean, it's no wonder 0:25:31.119 --> 0:25:32.680 that folks are willing to pay for that because you 0:25:32.720 --> 0:25:35.679 get to learn about something completely niche, like I like 0:25:35.760 --> 0:25:39.080 to say niche for very little money. Who wouldn't spend 0:25:39.119 --> 0:25:41.320 five or twenty bucks to learn how to do something 0:25:41.359 --> 0:25:43.680 completely unique. I still want to take that Aaron Franklin 0:25:44.000 --> 0:25:47.200 barbecue masterclass that's gonna happen. One of these masterclass that's 0:25:47.320 --> 0:25:49.399 a bit more. That does cost a little more. We 0:25:49.520 --> 0:25:52.520 have to go in and split that one, buddy. Uh Yeah. 0:25:52.560 --> 0:25:54.439 And you know, when it comes online courses, the argument 0:25:54.720 --> 0:25:57.360 goes something like that of writing your own book. Right, 0:25:57.400 --> 0:25:59.359 Just figure out what you want to teach or what 0:25:59.400 --> 0:26:01.720 it is that you want to menicates others once and 0:26:01.760 --> 0:26:03.959 then you can kick back while the profits start showing up, 0:26:04.000 --> 0:26:07.760 the royalties, the royalties. It feels that easy. Then everybody 0:26:07.840 --> 0:26:10.199 would be doing it. And so you realize that it 0:26:10.200 --> 0:26:12.639 could take years of work, years of research and planning 0:26:13.119 --> 0:26:15.480 before you're able to have a product that the folks 0:26:15.520 --> 0:26:17.800 are going to be willing to pay for. Uh. And 0:26:17.840 --> 0:26:21.399 so you know, while these knowledge based methods of passive 0:26:21.440 --> 0:26:24.159 income don't require much money to to get things off 0:26:24.160 --> 0:26:26.359 the ground, they're gonna take a lot more time and 0:26:26.480 --> 0:26:30.440 energy before they can be considered passive income. It's making 0:26:30.440 --> 0:26:32.080 me realize to Jil, like, I mean, all of these 0:26:32.080 --> 0:26:34.160 things that we've that we're talking about here are different 0:26:34.160 --> 0:26:38.080 platforms that are that have very low bars of entry, 0:26:38.320 --> 0:26:40.480 right that they make it really convenient for you to 0:26:40.600 --> 0:26:43.199 get plugged in and you're trying the thing out, but 0:26:43.480 --> 0:26:45.200 they don't do the work for you. They make getting 0:26:45.200 --> 0:26:49.040 started easy, but they don't necessarily make being successful easy, 0:26:49.200 --> 0:26:50.720 like you still have to put in the hard work. 0:26:50.800 --> 0:26:52.280 They get their foot in the door, and then the 0:26:52.280 --> 0:26:54.000 rest it's still up to you. And I think that's why, 0:26:54.040 --> 0:26:56.800 for instance, with podcast low barrier to entry, you're gonna 0:26:56.800 --> 0:26:59.280 see a lot of podcasts that have only one episode. 0:26:59.320 --> 0:27:01.480 They're gonna be a lot to people who are who 0:27:01.520 --> 0:27:03.439 have an account on Uber because they tried out being 0:27:03.440 --> 0:27:05.960 a driver once. It's very easy to try it out once, 0:27:06.200 --> 0:27:08.640 but beyond that, it's up to you to follow through 0:27:08.680 --> 0:27:10.760 and to put in that hard work. Yeah. Man, I 0:27:10.800 --> 0:27:13.120 love what you said to about how it might take 0:27:13.200 --> 0:27:16.040 years to become viable and to to make one of 0:27:16.080 --> 0:27:18.880 these products sticky to where you can actually make money 0:27:18.880 --> 0:27:21.200 from it, And I think that's true. I think there's 0:27:21.200 --> 0:27:24.080 a big learning curve to a lot of these platforms, 0:27:24.119 --> 0:27:27.359 even though they are uh super simple to get started, 0:27:27.600 --> 0:27:30.240 Like what you put together, what you package, what you 0:27:30.320 --> 0:27:33.480 offer to the world, that's the thing that takes time 0:27:33.480 --> 0:27:36.320 to craft um and to grow your knowledge base to 0:27:36.320 --> 0:27:38.840 where people actually want to tune in and check out 0:27:38.960 --> 0:27:41.280 what you're putting out there into the world. So, of 0:27:41.359 --> 0:27:43.119 all the ones we've covered so far, investing in the 0:27:43.119 --> 0:27:46.280 stock market is the easiest route passive income, although it 0:27:46.280 --> 0:27:48.680 takes a while. But there are other ways, including we've 0:27:48.680 --> 0:27:50.439 got to talk about real estate, Matt, because that is 0:27:50.440 --> 0:27:53.399 one of the most effective routes to building up passive income. 0:27:53.440 --> 0:27:55.399 We'll get to that and more right after this break. 0:28:04.240 --> 0:28:06.399 All right, we are back from the break in Joel 0:28:06.480 --> 0:28:09.080 up until now. You know, the examples that we've covered 0:28:09.080 --> 0:28:11.919 are are pretty easy to get started. They mostly require 0:28:11.960 --> 0:28:14.000 a little bit of money, uh and a good amount 0:28:14.000 --> 0:28:15.360 of work, you know, and luckily a lot of those 0:28:15.400 --> 0:28:18.240 platforms make it easier to get kind of get plugged 0:28:18.240 --> 0:28:20.359 in and to get started. But let's cran things up 0:28:20.400 --> 0:28:22.880 a little bit. If you're really looking to increase your 0:28:22.880 --> 0:28:26.840 your income, specifically your passive income, getting into rental real 0:28:26.960 --> 0:28:29.600 estate is an example that will take quite a bit 0:28:29.680 --> 0:28:32.639 of upfront work. A right, like every real estate investor 0:28:32.680 --> 0:28:36.280 I know makes a good rookie mistake here there or 0:28:36.320 --> 0:28:39.520 even twenty or so. We've all anybody who's gotten into 0:28:39.520 --> 0:28:41.920 real estate has made some mistakes, and they cost you 0:28:42.000 --> 0:28:44.400 money and time and a lot of like some headache 0:28:44.440 --> 0:28:48.360 care polling. Yeah, but eventually, right, over time, rental properties 0:28:48.360 --> 0:28:50.680 can become one of the best ways to earn residual, 0:28:51.080 --> 0:28:53.960 mostly passive income. Uh. I know, I'm happy with my 0:28:54.040 --> 0:28:57.080 I really rates as a real estate investor in particular. Though, 0:28:57.120 --> 0:29:01.000 to make real estate truly passive over time involves acquiring 0:29:01.400 --> 0:29:03.680 a handful of properties and getting to the point where 0:29:03.680 --> 0:29:06.600 you can turn them over to a property management company. 0:29:07.040 --> 0:29:10.320 That at that point is when it becomes purely passive. Yeah, you, 0:29:10.320 --> 0:29:13.120 you and I were uh, mom and populand lords, and 0:29:13.320 --> 0:29:15.840 we still manage our own properties and so there is 0:29:15.920 --> 0:29:18.360 work involved when it comes to that. Um, But I 0:29:18.400 --> 0:29:20.960 will say it is more passive if we're talking about 0:29:20.960 --> 0:29:23.040 a scale of passivity, which which you kind of mentioned 0:29:23.040 --> 0:29:25.400 at the beginning of the episode. It is more passive 0:29:25.840 --> 0:29:27.680 than almost any other way that I make money at 0:29:27.680 --> 0:29:30.120 this as some time, besides the stock market. And so 0:29:30.160 --> 0:29:32.520 I think real estate is a good way to make 0:29:32.520 --> 0:29:34.440 passive income over time. But like you said, yeah, the 0:29:34.440 --> 0:29:36.520 way to make it the most passive is to have 0:29:36.560 --> 0:29:39.120 somebody else manage that property for you that eats into 0:29:39.120 --> 0:29:41.000 the profits. Though that's right well, and like you said, 0:29:41.000 --> 0:29:43.120 though you say anytime you say mom and populand lords 0:29:43.440 --> 0:29:45.080 or real estate investors, it makes me think of like 0:29:45.120 --> 0:29:46.880 an old farmer, like pulling up to the house with 0:29:46.880 --> 0:29:48.880 like a straw hat, and like old be a pickup truck. 0:29:49.760 --> 0:29:51.200 I like to I don't know, I don't know why 0:29:51.240 --> 0:29:52.600 it makes me think that, but I like to have 0:29:52.640 --> 0:29:54.400 my corn cob pipe in my mouth when I, you know, 0:29:54.480 --> 0:29:56.440 run by my my property to check it out. Neither 0:29:56.560 --> 0:29:59.520 you or I have pickup trucks. I'll say that true. 0:29:59.520 --> 0:30:01.360 I thought it love to have, like it's just an old, 0:30:01.480 --> 0:30:03.840 small like little Toyota pickup truck just to be able 0:30:03.840 --> 0:30:05.720 to throw stuff in the back. Dude, I would love that. 0:30:05.760 --> 0:30:07.880 They're very sweet, dude. I kind of still want a 0:30:07.960 --> 0:30:10.240 Ribbian electric pickup truck one of these days, like the 0:30:10.280 --> 0:30:13.920 opposite a small telling the pickup truck you want, like 0:30:13.920 --> 0:30:16.960 like literally the fanciest most expensive one they make that 0:30:17.000 --> 0:30:20.280 are also the sweetest looking trucks cyber truck and eat it. Yeah, 0:30:20.320 --> 0:30:22.480 so maybe maybe, like maybe ten years from now, I'll 0:30:22.480 --> 0:30:24.640 be able to afford one of those. Uh yeah, so 0:30:24.640 --> 0:30:27.760 so getting into real estate is also difficult though, because 0:30:27.800 --> 0:30:30.560 it typically requires a pretty large sum of cash. That 0:30:30.640 --> 0:30:33.440 you need is a down payment, right, So there's more 0:30:33.520 --> 0:30:35.000 of a barrier to entry for that because it can 0:30:35.000 --> 0:30:38.200 take years to save up that down payment in order 0:30:38.240 --> 0:30:40.960 to buy your first rental property. There are other ways 0:30:40.960 --> 0:30:42.960 to go about it, you know, Matt, We've talked about 0:30:42.960 --> 0:30:45.440 this before. Living in a property and then buying another 0:30:45.440 --> 0:30:47.160 property to living and then running out that first house 0:30:47.200 --> 0:30:49.760 makes it a little bit easier at least. Um, but yeah, 0:30:49.800 --> 0:30:52.440 that's something that you need to consider. It takes sacrifice, 0:30:52.520 --> 0:30:54.640 right as you cut back and work to save up 0:30:54.720 --> 0:30:57.120 enough money to buy that first house though. Um. That's 0:30:57.160 --> 0:30:58.640 part of the reason I think why a lot of 0:30:58.640 --> 0:31:01.800 people look to Airbnb is an easier method to trying 0:31:01.840 --> 0:31:04.560 out rental properties, and it definitely can be a great 0:31:04.560 --> 0:31:07.480 way to get a taste. But when you decide to 0:31:07.560 --> 0:31:10.080 rent out a room in your home or even buy 0:31:10.120 --> 0:31:12.680 another place to list on Airbnb, it's it's more of 0:31:12.720 --> 0:31:17.080 a hospitality play than just a purely real estate investing play. 0:31:17.680 --> 0:31:20.400 Your part real estate investor and part hotel manager. When 0:31:20.440 --> 0:31:23.640 you start hosting on Airbnb. Uh. That being said, there 0:31:23.680 --> 0:31:26.040 are systems that you can put in place that can 0:31:26.080 --> 0:31:30.240 make your Airbnb listings function more like passive income. And 0:31:30.320 --> 0:31:32.760 we talked about that more on episode to fifty three 0:31:32.880 --> 0:31:37.600 with Ziona McIntyre who has literally made her living owning 0:31:37.760 --> 0:31:40.960 properties and running them out on Airbnb, helping other people 0:31:41.080 --> 0:31:43.640 do the same thing. It's amazing it's what she does now. Yeah, 0:31:43.640 --> 0:31:46.240 she she's turned it into a career. But I will say, yeah, 0:31:46.280 --> 0:31:48.120 a lot of that income is passive, but some of 0:31:48.120 --> 0:31:51.040 that income is very active on her part. But Airbnb 0:31:51.160 --> 0:31:54.360 is definitely something that's worthwhile to consider, um, if you're 0:31:54.400 --> 0:31:57.280 looking to generate more passive income in your life and 0:31:57.280 --> 0:31:59.600 to use again, like we talked about earlier, some of 0:31:59.600 --> 0:32:01.440 the asset so you already have on hand. If you 0:32:01.520 --> 0:32:04.040 have a house and you have a room that you 0:32:04.040 --> 0:32:06.240 could run out, or you have a basement that you 0:32:06.240 --> 0:32:08.480 could outfit, make it a little bit nice and rent 0:32:08.520 --> 0:32:10.760 that out on a nightly basis, you can make some 0:32:10.840 --> 0:32:13.440 real returns doing that. That's right man. Yeah. And so 0:32:13.480 --> 0:32:15.640 as we kind of graduate to two higher levels of 0:32:15.680 --> 0:32:18.880 difficulty and let's talk about, uh, starting your own business. 0:32:19.360 --> 0:32:21.640 That's the starting your own business is probably gonna be 0:32:21.680 --> 0:32:24.400 the most difficult way to generate passive income. You know, 0:32:24.720 --> 0:32:27.080 it's often going to be the most risky, as creating 0:32:27.080 --> 0:32:29.400 your own thing from scratch will will require the most 0:32:29.480 --> 0:32:33.040 time and the most money, but it also has the 0:32:33.160 --> 0:32:36.760 upside to potentially generating the most income. And you know, 0:32:36.880 --> 0:32:39.040 I think that's also a fair trade. You know, like 0:32:39.080 --> 0:32:42.560 there's actually no risk involved, say with earning interest from 0:32:42.560 --> 0:32:44.840 your money, uh in the savings account, but there's also 0:32:44.920 --> 0:32:48.680 virtually no reward. It's appropriate that those who are committing 0:32:48.800 --> 0:32:51.200 the most time and the most money towards something that 0:32:51.240 --> 0:32:54.440 isn't necessarily proven, that they have the potential to realize 0:32:54.440 --> 0:32:56.840 that the biggest profits the biggest rewards. Yeah, we have 0:32:56.920 --> 0:32:58.640 talked about that. There are ways to start your own 0:32:58.640 --> 0:33:02.960 business with even money. But still you're gonna require a 0:33:03.000 --> 0:33:05.560 ton of time to start any business that you're looking 0:33:05.600 --> 0:33:07.960 to launch. But for a lot of businesses, we're talking 0:33:07.960 --> 0:33:10.840 about both. And like, while we don't see owning your 0:33:10.880 --> 0:33:15.040 own business as a way to earn passive income because 0:33:15.080 --> 0:33:16.840 like we said, it's going to take a lot of 0:33:16.960 --> 0:33:19.440 energy on your part, it is a method to generate 0:33:19.480 --> 0:33:22.320 income by trading time for money, which is what a 0:33:22.320 --> 0:33:24.040 lot of us have to do for a lot of 0:33:24.040 --> 0:33:26.840 our lives. But if we do it well with good planning, 0:33:26.920 --> 0:33:29.560 you can eventually step back from the day to day 0:33:29.600 --> 0:33:32.560 operations of that business and you can turn it into 0:33:32.640 --> 0:33:35.760 an avenue that produces income without you having to commit 0:33:35.800 --> 0:33:39.640 to working on that business every day. Right, and maybe 0:33:39.720 --> 0:33:42.440 even depending on what kind of business you you you start, 0:33:42.800 --> 0:33:45.560 you can potentially even sell that business someday in the future, 0:33:46.040 --> 0:33:48.480 or sell part of the ownership, or hire someone to 0:33:48.600 --> 0:33:51.320 do the day to day managing while you take more 0:33:51.400 --> 0:33:53.440 of a backseat role. I mean, they're they're all these 0:33:53.480 --> 0:33:55.920 ways when you start a business that you can use 0:33:55.920 --> 0:33:57.920 it to generate income for a whole lot of years 0:33:58.040 --> 0:34:00.440 and then find ways to kind of pull back in 0:34:00.520 --> 0:34:03.200 order to make that business income a little more passive 0:34:03.200 --> 0:34:05.720 than active man. It makes me think of a friend 0:34:05.760 --> 0:34:09.080 I have much older friend, and he had his own 0:34:09.120 --> 0:34:11.320 business that he ran four years. He and his wife 0:34:11.680 --> 0:34:14.480 and they cleaned houses and they did great work. They 0:34:14.520 --> 0:34:18.240 built up a large list of clients in the town 0:34:18.320 --> 0:34:21.680 where that they served. But eventually he wanted to retire. 0:34:21.800 --> 0:34:24.319 And it's not that that business had to fold, just 0:34:24.360 --> 0:34:26.719 go away completely. He not only made money for all 0:34:26.760 --> 0:34:29.360 of those years running that business, but that business was 0:34:29.400 --> 0:34:31.400 worth a lot at the end of the day, and 0:34:31.480 --> 0:34:34.040 so he was able to sell that business to someone else. 0:34:34.239 --> 0:34:36.560 And that points a finger to the fact that you 0:34:36.640 --> 0:34:40.080 can eventually, uh score passive income based on the business 0:34:40.080 --> 0:34:41.759 you built, and at the same time doesn't have to 0:34:41.760 --> 0:34:45.080 be a super sexy tech startup. You can something you know, 0:34:45.120 --> 0:34:48.239 where you're just offering a service to folks. Uh did 0:34:48.280 --> 0:34:49.879 one other thing? You know. One of the myths about 0:34:49.960 --> 0:34:51.719 passive income I think is that if you get your 0:34:51.760 --> 0:34:54.799 fingers in enough money making ventures that you'll essentially be 0:34:54.840 --> 0:34:58.000 getting paid in enough different ways that if one of 0:34:58.040 --> 0:35:00.479 your businesses maybe isn't doing so hot, you're still gonna 0:35:00.480 --> 0:35:03.640 do okay financially, right, But often times I think you 0:35:03.719 --> 0:35:06.239 might be spreading yourself too thin and you won't make 0:35:06.360 --> 0:35:08.320 enough money if you're kind of going this, you know, 0:35:08.400 --> 0:35:11.960 jack of all trades route to generating multiple streams of income. 0:35:12.360 --> 0:35:14.400 Not being said, there's nothing wrong with trying out some 0:35:14.400 --> 0:35:17.319 different approaches and seeing what works for you, but you know, 0:35:17.440 --> 0:35:21.359 just don't forego diving deep. Uh when when times get 0:35:21.360 --> 0:35:23.600 a little rough, You know, when you don't immediately start 0:35:23.640 --> 0:35:26.000 making money, don't immediately try to hit the easy button 0:35:26.320 --> 0:35:29.120 and kind of switch over to the next opportunity where 0:35:29.160 --> 0:35:31.480 you think it's going to be easier. Uh, it does 0:35:31.680 --> 0:35:34.360 require work. And again, this is one of the reasons 0:35:34.360 --> 0:35:36.759 that I feel like the platforms, the different apps, the 0:35:36.800 --> 0:35:39.520 different you know sites where you can log on, create 0:35:39.560 --> 0:35:44.080 an account, offer a course, or start publishing a podcast. 0:35:44.280 --> 0:35:46.960 I feel like that they almost do a disservice to 0:35:47.200 --> 0:35:50.000 people digging in deep to whatever it is that they're 0:35:50.160 --> 0:35:52.839 are are pursuing, almost as if they're making it too 0:35:52.840 --> 0:35:55.560 easy for folks to try things out and they kind 0:35:55.560 --> 0:35:57.560 of give up maybe a little too easily. I like 0:35:57.640 --> 0:35:59.240 it because it gives a lot of folks a taste 0:35:59.280 --> 0:36:00.680 of it. But at the same time, it's sort of 0:36:00.760 --> 0:36:02.359 I almost see it as a negative because it's kind 0:36:02.360 --> 0:36:03.759 of like, well that didn't work out, Well, this didn't 0:36:03.800 --> 0:36:06.200 work out, and it's sort of I don't know. It 0:36:06.239 --> 0:36:09.160 creates this perpetual like hopping from one thing to the 0:36:09.200 --> 0:36:12.080 other and in search of a golden goose, something that's 0:36:12.080 --> 0:36:15.520 going to be able to significantly provide them with some income. Yeah, 0:36:15.520 --> 0:36:17.759 if you just create one podcast episode, throw it up 0:36:17.760 --> 0:36:20.720 there and you hope to see that the passive income 0:36:21.080 --> 0:36:23.440 rolling in. That's just not how it works, right, that 0:36:23.440 --> 0:36:26.239 that that is truly the myth behind passive income. It 0:36:26.280 --> 0:36:27.960 really does take a lot of work. So so you 0:36:28.000 --> 0:36:30.720 really have to go into your pursuit of passive income 0:36:30.760 --> 0:36:33.399 with eyes wide open, knowing that it will take real 0:36:33.440 --> 0:36:36.480 effort to establish something that you can benefit from for 0:36:36.600 --> 0:36:40.280 years to come. It's the opposite of striking it rich quick. Ultimately, 0:36:40.280 --> 0:36:43.760 the truth about passive income is that it's never passive 0:36:44.120 --> 0:36:47.200 except for investing in the markets regularly vi your paycheck 0:36:47.400 --> 0:36:49.600 or a h from your bank account to an I 0:36:49.760 --> 0:36:53.040 ra A. But it is possible to work harder now 0:36:53.160 --> 0:36:55.680 in order to gain and share your knowledge with others 0:36:55.680 --> 0:36:58.279 by creating content that they're willing to pay for, or 0:36:58.400 --> 0:37:00.520 to study your local real estate market and save up 0:37:00.600 --> 0:37:03.080 enough to purchase that first rental property, or even to 0:37:03.160 --> 0:37:05.120 identify a need in the market where you can step 0:37:05.160 --> 0:37:07.760 in and fill the gap with your service or product. 0:37:08.200 --> 0:37:11.040 With the business that you create, money will always flow 0:37:11.280 --> 0:37:14.440 to creative problem solvers, So leverage your hard work now 0:37:14.480 --> 0:37:17.000 and it will pay dividends as steady income for years 0:37:17.040 --> 0:37:19.600 to come. And that we would say is worth pursuing. 0:37:19.920 --> 0:37:22.319 That's where the reality of passive income can actually be 0:37:22.360 --> 0:37:25.319 realized in all of our lives. Right, I think we 0:37:25.360 --> 0:37:27.799 need to maybe avoid some of the clickbait headlines and 0:37:27.920 --> 0:37:30.719 videos that we see and realize the passive income. It's 0:37:30.760 --> 0:37:33.160 not a myth, um, but it is much harder to 0:37:33.200 --> 0:37:35.239 achieve than a lot of people out there want you 0:37:35.320 --> 0:37:39.319 to think that it is. Century dude, all right, let's 0:37:39.320 --> 0:37:41.560 shift gears. Let's get back to our beer. On this episode, 0:37:41.719 --> 0:37:44.400 you and I we enjoyed. We each enjoyed a Radix, 0:37:44.480 --> 0:37:47.799 which is a German style pilsner from the folks over 0:37:47.920 --> 0:37:51.040 at Halfway Crooks here in Atlanta. Uh, dude, what were 0:37:51.080 --> 0:37:53.200 your thoughts on this? Speer? So, I always thought that 0:37:53.280 --> 0:37:55.600 I didn't really like pilsners very much. I think it 0:37:55.680 --> 0:37:57.520 was because the only pilsners I've ever had in my 0:37:57.560 --> 0:38:02.520 life were the giant Macrobe right, Like, had my fair 0:38:02.520 --> 0:38:04.759 share of high LIFs and PBRs back in the day. 0:38:05.280 --> 0:38:07.759 Um and and yeah they were fine, Like I didn't 0:38:07.760 --> 0:38:09.680 mind drinking them at a at a show, you know, 0:38:09.719 --> 0:38:11.960 at a concert. They were fine for the times. Yeah, 0:38:12.040 --> 0:38:14.800 but I didn't realize that I actually like Pilsner's a 0:38:14.840 --> 0:38:18.000 craft pilsner can actually be really tasty and halfway Crooks 0:38:18.440 --> 0:38:20.880 did an awesome job on this one. It's super clean, 0:38:21.000 --> 0:38:23.879 super delicious. This is actually the exact kind of beer 0:38:23.920 --> 0:38:26.000 I want. Well, I'm sitting on my porch on a 0:38:26.000 --> 0:38:28.440 fine summer sank. Oh yeah, dude. Yeah. As we poured it, 0:38:28.440 --> 0:38:30.920 it's a It's got a nice golden color to it 0:38:31.239 --> 0:38:34.000 with a nice fluffy head, which kind of gets me 0:38:34.040 --> 0:38:35.799 to the flavor. I feel like it almost drinks like 0:38:35.840 --> 0:38:39.239 a like a kind of fluff like biscuity, kind of 0:38:39.280 --> 0:38:41.920 like flavor profile going on, really delicious, while at the 0:38:41.920 --> 0:38:44.000 same time, though, because it is kind of a local 0:38:44.080 --> 0:38:47.560 craft brewery who's making this, it doesn't have that metallicky, 0:38:47.840 --> 0:38:53.000 just old stinky pilsner flavor that we associate with. Is 0:38:53.000 --> 0:38:54.799 the exact best way to put it. Yeah, with with 0:38:54.840 --> 0:38:57.480 like the macro beers, like you can expect that at 0:38:57.560 --> 0:38:59.839 this one doesn't have that, and this one, like it's 0:39:00.000 --> 0:39:01.719 to those biscuity flavors going on, but at the same 0:39:01.760 --> 0:39:03.920 time it's still really fresh and kind of kind of 0:39:03.960 --> 0:39:06.319 green tasting. I'm glad you and I got to enjoy 0:39:06.360 --> 0:39:08.400 one of these today and dude, that's gonna be it 0:39:08.440 --> 0:39:10.640 for this episode. Listeners can find our show notes up 0:39:10.640 --> 0:39:12.279 on our website at how to money dot com. Will 0:39:12.320 --> 0:39:15.320 make sure to link to any of the previous episodes 0:39:15.360 --> 0:39:18.000 we've referenced or any of the resources as well. Again, 0:39:18.040 --> 0:39:20.160 if you're new around these parts, don't forget to hit 0:39:20.160 --> 0:39:23.400 the subscribe button so you get notified of each episode 0:39:23.440 --> 0:39:26.680 that we release. We release Monday, Wednesdays and Friday's and 0:39:26.719 --> 0:39:28.680 we'd love to have you on board as a part 0:39:28.680 --> 0:39:30.799 of the how to Money community. So all right, Matt, 0:39:30.840 --> 0:39:33.120 that's gonna do it for this episode. Until next time, 0:39:33.520 --> 0:39:35.439 best Friends Out, Best Friends Out.