Speaker 1: Welcome to How the Money. I'm Joel and I am
Speaker 1: Matt's and today we're asking the question is passive income
Speaker 1: a myth? Yeah, Joel, I am so excited for us
Speaker 1: to tackle this concept of passive income. It's something that
Speaker 1: you and I that we are striving towards, and we
Speaker 1: have to a certain extent ourselves personally. But it's something
Speaker 1: too that I feel like is that we hear more often,
Speaker 1: like when in social media you hear it being talked about.
Speaker 1: It's something that you can easily attain some passive income
Speaker 1: in your life. Kind of sounds like a maybe a
Speaker 1: Pyramids game, and this is like, how can I automate money?
Speaker 1: I want money coming towards me with very little effort.
Speaker 1: And so don't we all? Yeah, And I'm glad that
Speaker 1: we're gonna We've dedicated an entire episode to talking about
Speaker 1: how passive income is a legit, a true, honest thing. Uh.
Speaker 1: And and in the ways where maybe it's it's a
Speaker 1: little more shady or that it's just not true exactly
Speaker 1: to the way it's being marketed or sold to folks. Yeah,
Speaker 1: I think sometimes when we talk about passive income people,
Speaker 1: at least I think of like the leprechron and the
Speaker 1: pot of gold at the end of the rainbow. And
Speaker 1: that's kind of how the passive income conversation feels to
Speaker 1: me At times. I'm like, Okay, uh, this video or
Speaker 1: this this article is gonna teach me how to make
Speaker 1: passive income in just a few minutes. It's gonna be
Speaker 1: it's gonna be so simple. And yet at the end
Speaker 1: of the day, there is no pot of goal to
Speaker 1: the end of the rainbow, and you're you're sold a
Speaker 1: Billy Goods that isn't actually true. So we're gonna try
Speaker 1: to kind of actually talk about what is true about
Speaker 1: passive income and what's not true, separate the myth from
Speaker 1: the reality here. That's right. Yeah, But first, dude, I
Speaker 1: wanted to talk about coffee. Uh. You know, and I've
Speaker 1: everybody who listens to the show knows that I like
Speaker 1: Aldi did. We save so much money by getting our
Speaker 1: groceries there at Aldi Uh, And in particularly we've been
Speaker 1: fans of the whole being coffee that you can get there, uh,
Speaker 1: specifically the Peruvian blend. And of course, you know you
Speaker 1: and me are opposites. I get my coffee at Costco.
Speaker 1: That's right, Yeah, which is totally fine. But dude, lately,
Speaker 1: I feel like the Audi coffee hasn't been cutting it
Speaker 1: for me. Recently, Kate brought home a pound of some
Speaker 1: local coffee. Well it's sold locally, but it's like a
Speaker 1: it's an ethiopium blend. Dude. It is so good, so
Speaker 1: much better than the cheaper stuff that I get at
Speaker 1: Aldi that I'm not sure that we're gonna be able
Speaker 1: to go back and continue buying the cheap oh Aldi beans.
Speaker 1: But the problem is is it cost more, and I
Speaker 1: don't know how. I don't know if our budget can
Speaker 1: absorb that increasing cost. Right, So Aldi, it's like four
Speaker 1: or five bucks for a pound? Uh, this new coffee
Speaker 1: cost ten bucks a pound them, I'm looking to double
Speaker 1: the amount of money I'm spending on my coffee. How much?
Speaker 1: So the stuff you buy at costco, how much do
Speaker 1: you spend? I think, yeah, usually it's about a little
Speaker 1: over five bucks a pound. I think it's eleven dollars
Speaker 1: for a two pound back And you like it, right,
Speaker 1: I mean it's it works well for y'all. Yeah, it's good.
Speaker 1: I don't have like high falutant taste when it comes
Speaker 1: to coffee. I like my coffee to be running the
Speaker 1: mill average, Like, I feel like that's what I've enjoyed
Speaker 1: up until now, but until I've had a taste of
Speaker 1: the good stuff. Once you taste it, yes, And now
Speaker 1: now that we've kind of gone back to our our
Speaker 1: standard all these stuff, I'm trying to decide whether or
Speaker 1: not it's worth it to me. And you know, this
Speaker 1: is one of those areas where I feel like, if
Speaker 1: I continue buying the cheap stuff, it's gonna feel cheap
Speaker 1: to me. And I can literally taste a huge difference
Speaker 1: between the Audi stuff versus this nicer Ethiopian blend. Uh.
Speaker 1: And so I guess I'm mentioning it because I think
Speaker 1: we are going to just budget for it. We're gonna
Speaker 1: plan for it because this is something that Kate and
Speaker 1: I are both appreciating. It's something that we can tell
Speaker 1: the difference. We appreciate the nicer stuff, and honestly, in
Speaker 1: the end, you know, we're looking at increasing our coffee
Speaker 1: budget by you know, five dollars a pound roughly. On
Speaker 1: one hand, it feels extravagant, but on the other hand,
Speaker 1: I'm like, Okay, come on, this is not a big deal.
Speaker 1: Leave it to money nerds like us right to to
Speaker 1: obsess over something so small. But I guess my question
Speaker 1: for you is is would you judge me for uh,
Speaker 1: for effectively doubling my coffee budget? Not at all? Actually, yeah, no,
Speaker 1: I think you're you should totally go for me. You
Speaker 1: should spend a little bit more on this thing. And
Speaker 1: I think the coffee is one of those things that
Speaker 1: in your life literally every day of the year, and
Speaker 1: if you can thoroughly enjoy your cup of coffee versus
Speaker 1: just kind of mildly enjoying a cup of coffee in
Speaker 1: the morning, I think that extra what ten bucks a
Speaker 1: month in your budget. I'm sure you can find a
Speaker 1: way to cut back ten bucks in some other in
Speaker 1: some other part of your budget in order to be
Speaker 1: able to pay for a nicer coffee, or find a
Speaker 1: way to earn ten extra dollars, you know, like giving
Speaker 1: a lift, ride or something to somebody. Yeah. I guess
Speaker 1: I wanted to share that because I want folks to know,
Speaker 1: in a sense, I want to give individuals out their
Speaker 1: permission to spend money towards the things that truly like
Speaker 1: bring you joy or or you know, bring you value.
Speaker 1: But just know that you can't spend money on every
Speaker 1: single thing out there, Like you can't upgrade everything in
Speaker 1: your life. But in this case, I think we are
Speaker 1: going to spend a little bit more every month, all
Speaker 1: on coffee. Yeah. Sometimes ignorance is bliss when it comes
Speaker 1: to second Like if I wish I would have never
Speaker 1: had it, because I think I would have been totally
Speaker 1: fine with the Audi coffee. That's the way I feel
Speaker 1: about the nicer new pizza joint. We've been, you know,
Speaker 1: hitting up sometimes these days, and I truly love it,
Speaker 1: Like it's delicious pizza. It's it's really expensive. And now
Speaker 1: when I go back to the other neighborhood joint, I'm like,
Speaker 1: it's it's good. It's it's fine. The inferior pizza. Yeah,
Speaker 1: but I would have thought that before it until I
Speaker 1: tasted the super good stuff. It's kind of one of
Speaker 1: those things that happens every once in a while and
Speaker 1: you have to put blinders on in order to stay
Speaker 1: the course, exactly like a horse in a race. But
Speaker 1: but I hope you enjoy your new coffee, my friend.
Speaker 1: Thanks man. But let's move on mention the beer that
Speaker 1: we're having on this episode. The reason we have a
Speaker 1: beer every episode is because that is a place we
Speaker 1: choose to put our money on purpose. We like craft
Speaker 1: beer a whole lot. The beer that we're drinking on
Speaker 1: today's episode is called Radix. It's by Halfway Crooks, which
Speaker 1: is a brewery in our neighborhood that we absolutely love.
Speaker 1: So looking forward to us to drinking this pilsner with you, man. Yeah,
Speaker 1: all right, well let's move on to the subject at hand.
Speaker 1: We are asking the question is passive income a myth
Speaker 1: on today's episode, and Matt, when we were kind of
Speaker 1: deciding how to tackle this topic, it made me think
Speaker 1: about relationships and I feel like, I don't know why
Speaker 1: passive incoming relationships. They don't necessarily go hand in hand. Yeah,
Speaker 1: I was thinking more about like a love relationship. I
Speaker 1: feel like the messaging that we often get is that
Speaker 1: finding the right one is the hard part. Right once
Speaker 1: you find the right one and settle down, you're good
Speaker 1: to go and life is easy from there on out.
Speaker 1: Now that you've got that perfect partner, things are smooth
Speaker 1: for you in life. And when you find the person
Speaker 1: that you can truly be yourself with, it is a gift.
Speaker 1: Like I'm not trying to diminish true love I think.
Speaker 1: I think it's really good, and I am in love
Speaker 1: with my wife and I'm thankful for our relationship. But still,
Speaker 1: even when you make a lifelong commitment to someone else
Speaker 1: that fits you like a glove, it really does still
Speaker 1: take a work to keep that leve alive and to
Speaker 1: stay deeply connected to one another. You know this, Matt,
Speaker 1: You've been married for what ye dude, it'll be fourteen
Speaker 1: this year. Nice, okay, And I feel like this is
Speaker 1: a great analogy for passive income because passive income sounds
Speaker 1: so easy and similar to, you know, a great relationship.
Speaker 1: It's not that passive income isn't a great thing. It is,
Speaker 1: but passive income also takes work. So yeah, in this episode,
Speaker 1: we're going to try and give an accurate definition of
Speaker 1: what passive income looks like and then the best avenues
Speaker 1: for pursuing it, and maybe, just maybe along the way, Matt,
Speaker 1: you're gonna sprinkle in some relationship advice. I feel like
Speaker 1: you've probably got a lot to offer on that front. Well, yeah,
Speaker 1: I mean, relationships like passive income requires a little tender,
Speaker 1: loving care, right, But I don't know. Yeah, I don't
Speaker 1: have any tips, I will say, Kate, and I started
Speaker 1: dating when I was a senior and she was a
Speaker 1: freshman in college. And so all I'm saying is like,
Speaker 1: use the strengths that you have going for you. So
Speaker 1: obviously like the older guys. So it worked out for me,
Speaker 1: and you know, when you know you found the right person, uh,
Speaker 1: stick with it like you did. Yeah, absolutely, man, I'm
Speaker 1: looking forward to I've already mentioned the ship before fifteen years.
Speaker 1: Next year. I feel like that's gonna be a huge moustone.
Speaker 1: Not to discount fourteen, but yeah, you know, like in
Speaker 1: the same way that relationships, you know, continue to require
Speaker 1: that that input and that that attention. Almost all of
Speaker 1: the quote unquote passive income opportunities that we hear about
Speaker 1: these are maybe the ones you know, getting all the
Speaker 1: views on social media. They also require a meaningful degree
Speaker 1: of work. And so a better term I think to
Speaker 1: use instead of passive income is probably leveraged income. You know,
Speaker 1: there are very few purely passive sources of income, and
Speaker 1: so that's why we are, you know, dispelling the myth
Speaker 1: that there's a source of passive income around every corner, right, Like,
Speaker 1: you aren't missing out on the passive income that everyone
Speaker 1: else is enjoying. Because it doesn't exist. There is that
Speaker 1: where you can go and sign up for for free money.
Speaker 1: Most of these opportunities could probably be considered a side
Speaker 1: gig or even a part time job, or even though
Speaker 1: a full time job. We'll get to some of those
Speaker 1: scenarios later on in the episode. Yeah, I think sometimes
Speaker 1: when we're talking about passive income, there is that FOMO.
Speaker 1: People are like, I feel like everybody's like making this
Speaker 1: passive income, right, I see it out there online, where's
Speaker 1: my passive income? And like the Golden ticket exactly. But
Speaker 1: a lot of what's considered passive income isn't necessarily passive.
Speaker 1: And I like what you said, Matt about leverage income.
Speaker 1: I think it's a better way to think about it.
Speaker 1: You know, we'll continue to use the phrase passive income
Speaker 1: in this episode, but leverage is really an important part
Speaker 1: of this equation. To gain passive in come, you're often
Speaker 1: putting in more time and effort now to reap greater
Speaker 1: rewards later on in your financial life. But the reason
Speaker 1: people are so desirous of generating passive income streams is
Speaker 1: that it's better to have your money working for you
Speaker 1: than to have to work for your money decade after
Speaker 1: decade after decade, right, sometimes five decades of work, and
Speaker 1: at some point you want passive income to kind of
Speaker 1: help carry some of that load. Making money while you're
Speaker 1: asleep sounds pretty phenomenal, But generating regular income that doesn't
Speaker 1: come via a paycheck from your employer takes intentionality, take sacrifice,
Speaker 1: and takes the ability to delay gratification. Yeah, it takes work, essentially,
Speaker 1: is what you're saying. And sometimes the understanding that it
Speaker 1: takes effort to generate passive income that gets lost in
Speaker 1: the discussion about how to get there, to be able
Speaker 1: to make money without lifting a fingers and something that
Speaker 1: I've ever experienced, but often that is the passive income
Speaker 1: pitch that we hear. Even to make money, you know,
Speaker 1: based on what you know like that takes a lot
Speaker 1: of dedication and getting that knowledge just in the in
Speaker 1: the first place. You know, it takes quite a bit
Speaker 1: of time to see any meaningful passive income. You're not
Speaker 1: gonna build three passive income streams, you know, just in
Speaker 1: the course of a few days. Even just amassing the
Speaker 1: knowledge to know which route to take like that alone
Speaker 1: can require a ton of reading, a ton of information gathering,
Speaker 1: and implementation of that knowledge doesn't happen quickly either. Yeah.
Speaker 1: So you mentioned that it takes time to see meaningful
Speaker 1: passive income. It's not something that's done quickly, which is
Speaker 1: true and also to it takes trial and error on
Speaker 1: that front to see which passive income routes work well
Speaker 1: for you. You You might think that one route is gonna
Speaker 1: make sense, and you might decide that's actually not in
Speaker 1: my wheelhouse. I need to check something else out. It
Speaker 1: also takes money to build up any sort of passive
Speaker 1: income stream. All of the different passive income streams that
Speaker 1: we're going to discuss today take varying amounts of money
Speaker 1: to get into. So, like the down payment on your
Speaker 1: first rental property, well that requires quite a bit of cash.
Speaker 1: Starting a blog though, isn't gonna take nearly as much
Speaker 1: money to get going, of course, But to start earning
Speaker 1: income that flows while you sleep, it often takes money
Speaker 1: in addition to hard work. Uh. It takes a little
Speaker 1: bit of both, sometimes a lot of both, right, yeah, yeah,
Speaker 1: And different sources of passive income are going to have
Speaker 1: varying degrees of time and work involved. Right. At a
Speaker 1: very elementary level, passive income can literally, you know, be
Speaker 1: as simple as having money and a savings account and
Speaker 1: earning interest, although that's not gonna earn you much, especially
Speaker 1: these days. Yeah exactly, But that method could you know,
Speaker 1: just take a few bucks and virtually none of your time.
Speaker 1: It's super simple, super easy. Uh. Or on the other hand,
Speaker 1: passive income could be as complex as building this massive
Speaker 1: business with you know, hundreds of employees that you eventually
Speaker 1: are able to step away from. This is an example
Speaker 1: of form of passive income that's going to take a
Speaker 1: lot of time and a lot of money. And of course,
Speaker 1: you know, there are different approaches to passive income all
Speaker 1: along the way in between those two extremes. And so
Speaker 1: we're gonna cover some different methods of passive income, uh
Speaker 1: that that are going to kind of run the gamut
Speaker 1: between those two extremes. Yeah, so let's start kind of
Speaker 1: maybe on the easy end of the spectrum, and let's
Speaker 1: sit the easy button. Sorry about one of the simplest
Speaker 1: ways to make passive income. And I'm gonna this one.
Speaker 1: I'm gonna met this first one that we're gonna throw
Speaker 1: out there. It's a little bit random. It's it's not
Speaker 1: one that you're gonna see touted in most of the
Speaker 1: YouTube videos. But yeah, one way that you could make money,
Speaker 1: it's just using an asset that you already have, and
Speaker 1: you can generate passive income by doing the actions that
Speaker 1: you're already doing, but doing them in a different way.
Speaker 1: And wrapping your car in an advertisement is actually the
Speaker 1: easiest way, I would say to do that. It's actually
Speaker 1: something matth that I have done before personally done this, right,
Speaker 1: It's the easiest way I've ever made money doing the
Speaker 1: thing I was already doing. Right, so I had to
Speaker 1: have the car. It's just slightly embarrassing to your wife,
Speaker 1: So yeah, to my wife, not to me. I didn't care,
Speaker 1: but some people would be more embarrassed than others about it.
Speaker 1: I have no sense of shame. Um, But yeah, I
Speaker 1: already had the car and I was driving it already
Speaker 1: to work on some days and around town on other days,
Speaker 1: and so making money without having to really change up
Speaker 1: anything in my daily routine was pretty nice. Um. It's
Speaker 1: a chill way to make some extra dough. And the
Speaker 1: company I went through was called Rapifi and they're still
Speaker 1: around And and I will say too, there are lots
Speaker 1: of scams when it comes to car wrapping, so you
Speaker 1: want to be careful which company you go with, but
Speaker 1: Rapi Fi will link to it in the show notes
Speaker 1: is a legit one could be a good way for
Speaker 1: a lot of people to make hundreds of extra dollars
Speaker 1: every month um literally by driving the miles they were
Speaker 1: already driving. So that's a cool way of making passive
Speaker 1: income without having to put in too much effort. Also
Speaker 1: to running out that car that you aren't using is
Speaker 1: another way to score a bit of passive income in
Speaker 1: your life. Cars are idle, Matt somewhere close to of
Speaker 1: the time, especially these days if we're working from home,
Speaker 1: A lot of us have been using our cars way
Speaker 1: less than we used to, and so why not turn
Speaker 1: that car that sending their idol into some passive income.
Speaker 1: And you can do that out of sight like Toro,
Speaker 1: where you can rent out your own car for other
Speaker 1: people to use um and you can make some decent
Speaker 1: money doing that. That's right, Yeah, that's super easy. Although
Speaker 1: I guess there's a difference between Rapifi and Turro. Right
Speaker 1: with Touro, it does take a little more managing, you
Speaker 1: know of your vehicle and making sure it's maintained, make
Speaker 1: sure it's in the right place at the right time right,
Speaker 1: responding to people who are trying to pook Yeah, exactly,
Speaker 1: whereas like truly rapidfy, I mean, you didn't change anything
Speaker 1: about about what you're doing except for having to go
Speaker 1: and get it wrapped and then taking it back there
Speaker 1: once the campaign was over, exactly. But yeah, similar to
Speaker 1: touro or you're renting out your vehicle that you already owned.
Speaker 1: Baby equip is another example of this. Uh and you
Speaker 1: know that we've mentioned this on the show before, but
Speaker 1: you can make money by renting out baby equipment that
Speaker 1: you already own that you aren't using. So if you've
Speaker 1: got like that extra uh pack and play sitting there
Speaker 1: in the closet, why not put it to use? So
Speaker 1: using assets that you already own more efficiently, that can
Speaker 1: be a really easy way to kind of generate some
Speaker 1: passive income. But we're gonna talk about the pros and
Speaker 1: cons of other passive income methods, ones that have the
Speaker 1: potential to generate way more money, and we'll get to
Speaker 1: those right after this break. All right, we'll back. We're
Speaker 1: gonna keep talking to you about passive income, and it's
Speaker 1: our goal to point you in the right direction for
Speaker 1: how you can make money on your money, or on
Speaker 1: the items you already have, or with the skills that
Speaker 1: you already have, without selling you a bill of goods
Speaker 1: that isn't actually real. Um. And so, Matt, let's talk
Speaker 1: about probably our favorite method of passive income. Investing in
Speaker 1: the market is is one of the best ways for
Speaker 1: anyone to get started building up an eventual source of
Speaker 1: passive income in their lives. That's what saving for retirement's
Speaker 1: all about, right, saving in your four oh one gay,
Speaker 1: your four oh three B or your I ra A.
Speaker 1: You know, some folks attempt to take a more active
Speaker 1: role when it comes to investing, picking individual stacks, making
Speaker 1: frequent trades, But that's really the opposite of passive income.
Speaker 1: That sounds like work. That sounds like you're having to
Speaker 1: figure out which company you think is going to perform
Speaker 1: well over the next six months, year, two years and
Speaker 1: allocate your investments accordingly. But you know, you and I
Speaker 1: we actually pursue the truly passive dollar cost averaging ironhold
Speaker 1: strategy that truly takes almost zero mental bandwidth, Like the
Speaker 1: time that it takes for us to invest is almost nothing.
Speaker 1: And I do appreciate that about investing in the market.
Speaker 1: But even if you're all about finding multiple ways to
Speaker 1: pursue passive income, like you want to get involved in
Speaker 1: some of the other things we're gonna talk about on
Speaker 1: this episode today, investing in the market is one route
Speaker 1: that we believe that basically everyone should be participating in.
Speaker 1: It's one of the simplest methods to building a passive
Speaker 1: income stream that will fund decades of your future expenses
Speaker 1: later in life. Even if you start with just a
Speaker 1: really small portion of your income going in that direction. Um,
Speaker 1: it doesn't take a whole lot of cash, but those
Speaker 1: little amounts of cash over a large number of years
Speaker 1: are going to have just this incredible impact and your
Speaker 1: ability to have passive income in your later years in life. Yeah,
Speaker 1: that's true. Yeah, investing your money in the market, it's
Speaker 1: it's really the only way to have a truly passive
Speaker 1: source of income. But you know, it does require a
Speaker 1: lot of money in order to eventually and rate enough
Speaker 1: money uh in interest to live on. Right. So, for example,
Speaker 1: if you have the typical expenses of an average American,
Speaker 1: that means you have around sixty in expenses, right, and
Speaker 1: using some quick math, we know that by multiplying that
Speaker 1: amount by twenty five you'll have a good idea of
Speaker 1: how much you'll need to have invested in order to
Speaker 1: live off that nest egg. And so in this example,
Speaker 1: if you multiply twenty five by sixty thousand, that leads
Speaker 1: to one point five million dollars. That is a lot
Speaker 1: of money. So that sounds daunting, it is, dude, Yeah,
Speaker 1: But and that's why it often takes an entire working
Speaker 1: career in order to have enough saved to become financially independent.
Speaker 1: But it is easy and that it doesn't take much research,
Speaker 1: index fence, that's all you need to know. But it
Speaker 1: does take a long time to get there. But because
Speaker 1: it doesn't require much money upfront, and it's something that
Speaker 1: you can easily get into and it doesn't require that
Speaker 1: specialized knowledge or time, it's something that everybody can take
Speaker 1: part in. Yeah, So investing in the market is almost
Speaker 1: like rapid Fi level, almost car wrapping level. Simple. Uh.
Speaker 1: It just takes the mone and the dedication to continue
Speaker 1: putting that money in consistently. All right, let's talk about
Speaker 1: some other ways math that people can make passive income
Speaker 1: in their lives. One of the ways that's often touted
Speaker 1: is affiliate marketing. It's supposed to be a fairly easy method,
Speaker 1: pretty huge online. You hear people talking about it. Yeah,
Speaker 1: they're they're like, hey, start a blog and pop in
Speaker 1: some affiliate links and you're you're start developing passive income
Speaker 1: in no time like overnight, right and um, and so yeah,
Speaker 1: I think this is one of the things maybe that's
Speaker 1: overpromised and anybody that's actually tried doing this realizes that
Speaker 1: it's much harder than it seems. Right. The way this
Speaker 1: works is is that businesses will pay you a commission
Speaker 1: for sending customers their way. A lot of different sites
Speaker 1: rely on affiliate marketing, like they're getting sales when bloggers
Speaker 1: linked to them, and then you know, readers click through
Speaker 1: to make a purchase. And while this is a legit
Speaker 1: way to make money starting a blog finding your tribe
Speaker 1: of readers, you you can't have enough readers to actually
Speaker 1: make it make it worthwhile to actually get click throughs
Speaker 1: and and they see sales. Yeah, if it's just your
Speaker 1: mom click through, that's not going to generate a nothing.
Speaker 1: That passive income might be like a dollar, you know,
Speaker 1: and that's not gonna that's not gonna do it for you. Say, hey, honey,
Speaker 1: let me just take you out to lunch, Like, I'm
Speaker 1: not gonna click the link. That's not even cover the
Speaker 1: hosting fees, right, So yeah, not not worthwhile. But yeah,
Speaker 1: it's it's just not as easy as it sounds and
Speaker 1: as easy as some of the folks on YouTube make
Speaker 1: it sound. So yeah, generating income online is much more
Speaker 1: complex and competition for page views is stiff online. You
Speaker 1: really have to learn a lot, develop a good niche online,
Speaker 1: and then be able to actually attract the readers that
Speaker 1: are going to be able to support your endeavor. You
Speaker 1: say niche, I say niche. I don't know which one.
Speaker 1: I think, I go back and forth. Well, let's talk
Speaker 1: about writing a book, right, because self publishing a book
Speaker 1: is often another way to pursue passive income. And many
Speaker 1: times that blog and we just talked about that is
Speaker 1: used as a way to market that book. But just
Speaker 1: remember that getting the knowledge actively writing the book, marketing,
Speaker 1: touring interviews associated with promoting your book. I don't know
Speaker 1: about you, but this all sounds like a lot of
Speaker 1: work to This does not sound like massive income. Does
Speaker 1: not sound like you're just kicking back in a hammock
Speaker 1: after having like come up with a good idea. And
Speaker 1: so you know, while it may not require a lot
Speaker 1: of money in order to publish a book or to
Speaker 1: get your blog going, it does take a fair amount
Speaker 1: of time on the front end in order to start
Speaker 1: realizing some of that income. Yeah, ask anybody who's ever
Speaker 1: self published a book. I've never heard anyone say that
Speaker 1: was simple, that was easy. And I crushed it. Like,
Speaker 1: it's not that you can't make money publishing a book. Um,
Speaker 1: it's just that it's not really a former passive income
Speaker 1: in our minds. Is it really truly is a form
Speaker 1: of work, And it's a form of like what we
Speaker 1: talked about earlier, leveraged work. Sometimes you can write a
Speaker 1: book and it can sell for years to come. You
Speaker 1: can make money for a long time on that book
Speaker 1: in all likelihood, though for most people, it's just not
Speaker 1: a lot of money that they're gonna be making. Um.
Speaker 1: And and Matt, let's talk about podcast here for a second.
Speaker 1: Let's get a little metal with it. That's another thing
Speaker 1: that people point to these days as a way to
Speaker 1: make passive income. Yeah, they're like, Joel, Matt do it.
Speaker 1: Why can't I It's so simple? And they just keep
Speaker 1: back in their hammocks and so yeah, they're just sitting
Speaker 1: there rinking beer. I will be honest, if we can
Speaker 1: do it, then other people definitely can do it, because
Speaker 1: we're not the smartest guys in the world, or maybe
Speaker 1: even in this room. There's not other people in this room,
Speaker 1: so I know there's nobody watching us. But it takes work,
Speaker 1: and that's what we're that's what we're talking about here, right.
Speaker 1: But obviously podcast super popular these days, and a lot
Speaker 1: of people are churning out new shows like There's No Tomorrow.
Speaker 1: The amount of new podcasts on the scene has skyrocketed
Speaker 1: over the past few years. But just because you get
Speaker 1: an idea for a show doesn't mean that you'll be
Speaker 1: able to generate any income from it. Right. We just
Speaker 1: saw a recent stat Matt of the two million podcasts
Speaker 1: that are available to listen to m via Apple Podcasts.
Speaker 1: And then you know, through all the other podcastchers, accordingly
Speaker 1: they only have a single episode, so one episode, one episode,
Speaker 1: and then there's a huge percentage that have fewer than
Speaker 1: ten episodes. So there's a lot of people that give
Speaker 1: it a shot, that put out a few episodes and
Speaker 1: try to see what sticks, but they don't find much
Speaker 1: traction in the beginning, and so they quit pretty quickly.
Speaker 1: So that's a really high number of folks who don't
Speaker 1: keep it up after they get started. And it's obviously
Speaker 1: a relatively cheap medium to get into. It's not that
Speaker 1: expensive to start a podcast, and I think we've talked
Speaker 1: about on the show. We literally have four dollars worth
Speaker 1: of equipment. The hosting when we initially started out was
Speaker 1: like ten dollars a month. I think it was free
Speaker 1: for the first three free, yeah, because we didn't have
Speaker 1: enough we didn't have enough content yeah, or listeners and
Speaker 1: so um. Yeah, and we still use the same equipment
Speaker 1: that we use back then exactly. Granted the room is
Speaker 1: different than we you know, we have soundproofing and you know,
Speaker 1: ways to acoustically treat the space, but literally we are
Speaker 1: using the same microphones and the same little zoom recorder
Speaker 1: right here. That's true. It's kind of ridiculous. So yeah, obviously, yeah,
Speaker 1: people might hear that and be like, Okay, cool, it's
Speaker 1: a few hundred bucks. I can get into it and
Speaker 1: start making money to overhead. But podcasts similar to you know,
Speaker 1: affiliate marketing with a blog or writing a book, It
Speaker 1: takes a lot of work to create something that people
Speaker 1: actually want to listen to and to reach the audience
Speaker 1: that you're trying to reach. Yeah, and of course, you know,
Speaker 1: the way that we generate income from the from the
Speaker 1: podcast are from the ads that you hear. But even
Speaker 1: with a super small listener base, it's it's not possible
Speaker 1: to make money. Uh. And you can do that via
Speaker 1: platforms like Anchor, like literally on their website and with
Speaker 1: this down it says that you can quote unquote create, distribute,
Speaker 1: and monetize your podcast all for free. Uh. Like it's
Speaker 1: crazy like it they almost make it sound like like
Speaker 1: because it says all for free. I think the trick
Speaker 1: is that they make you think that, oh, that first
Speaker 1: part even creating it, like that's gonna be free. Like
Speaker 1: it's almost like it's automatic. But no, like it does
Speaker 1: take hard work. Uh. And in addition to that, you know,
Speaker 1: some shows have gone the route of getting like support
Speaker 1: directly from listeners via sites like you know, Patreon. But
Speaker 1: again it's important to note that, you know, putting out
Speaker 1: great content consistently it's not easy, and it's hard to
Speaker 1: consider this business model as passive income. You know, it's
Speaker 1: it's it's literally our job. It's what we do. It's
Speaker 1: not something that we're uh, you know, doing without hardly
Speaker 1: even thinking about it. True, podcasting for us takes a
Speaker 1: lot of thought, uh and a lot of time. But
Speaker 1: let's talk about another another way that you could potentially
Speaker 1: make some passive income online and and maybe let's see
Speaker 1: if this one is a little bit better. Similar to
Speaker 1: running aside or a blog or self publishing a book
Speaker 1: or a podcast, there are plenty of other platforms out
Speaker 1: there that allow for you to create a course online
Speaker 1: that you can sell, and platforms like you to Me
Speaker 1: and Coursera are specifically there for you to be able
Speaker 1: to upload some of those courses and make some side money.
Speaker 1: You upload that course once and hopefully those residual passive
Speaker 1: income dollars just keep flowing your way. Right. Let me
Speaker 1: see those royalties. Yeah, royalties sounds so nice because it's royalty.
Speaker 1: It's like it makes you think that like, oh no,
Speaker 1: that's just money, that's that's that's not that's nothing beyond
Speaker 1: just money. But because it's called royalties, it has this appeal.
Speaker 1: It makes me feel like I'm a king or something. Yeah, exactly,
Speaker 1: at least the prints. Yeah, it makes me want to
Speaker 1: write some sort of like hit pops on or something
Speaker 1: like that for Taylor Swift and then you know, collect
Speaker 1: some of those royal royalties. But you should, Okay, I
Speaker 1: can see her performing a something that you wrote. I've
Speaker 1: never written a song before, but maybe I'll give it
Speaker 1: a go. See if I can get that passive income
Speaker 1: from royalties. But let's get back to online courses and
Speaker 1: and it is fascinating to see people who are able
Speaker 1: to monetize their unique wisdom, insight, their personality, or or
Speaker 1: even their basic but practical knowledge. We all have access
Speaker 1: to so much incredible knowledge these days that we previously
Speaker 1: couldn't access without paying money to go to college or
Speaker 1: spending years getting advanced degrees. And online courses have made
Speaker 1: that more of a reality. Like what we can learn
Speaker 1: now for free is just incredible. But people are getting
Speaker 1: paid in order to disseminate that information. And so yeah,
Speaker 1: it's cool to see that some people are making passive
Speaker 1: age in that way. And I mean, it's no wonder
Speaker 1: that folks are willing to pay for that because you
Speaker 1: get to learn about something completely niche, like I like
Speaker 1: to say niche for very little money. Who wouldn't spend
Speaker 1: five or twenty bucks to learn how to do something
Speaker 1: completely unique. I still want to take that Aaron Franklin
Speaker 1: barbecue masterclass that's gonna happen. One of these masterclass that's
Speaker 1: a bit more. That does cost a little more. We
Speaker 1: have to go in and split that one, buddy. Uh Yeah.
Speaker 1: And you know, when it comes online courses, the argument
Speaker 1: goes something like that of writing your own book. Right,
Speaker 1: Just figure out what you want to teach or what
Speaker 1: it is that you want to menicates others once and
Speaker 1: then you can kick back while the profits start showing up,
Speaker 1: the royalties, the royalties. It feels that easy. Then everybody
Speaker 1: would be doing it. And so you realize that it
Speaker 1: could take years of work, years of research and planning
Speaker 1: before you're able to have a product that the folks
Speaker 1: are going to be willing to pay for. Uh. And
Speaker 1: so you know, while these knowledge based methods of passive
Speaker 1: income don't require much money to to get things off
Speaker 1: the ground, they're gonna take a lot more time and
Speaker 1: energy before they can be considered passive income. It's making
Speaker 1: me realize to Jil, like, I mean, all of these
Speaker 1: things that we've that we're talking about here are different
Speaker 1: platforms that are that have very low bars of entry,
Speaker 1: right that they make it really convenient for you to
Speaker 1: get plugged in and you're trying the thing out, but
Speaker 1: they don't do the work for you. They make getting
Speaker 1: started easy, but they don't necessarily make being successful easy,
Speaker 1: like you still have to put in the hard work.
Speaker 1: They get their foot in the door, and then the
Speaker 1: rest it's still up to you. And I think that's why,
Speaker 1: for instance, with podcast low barrier to entry, you're gonna
Speaker 1: see a lot of podcasts that have only one episode.
Speaker 1: They're gonna be a lot to people who are who
Speaker 1: have an account on Uber because they tried out being
Speaker 1: a driver once. It's very easy to try it out once,
Speaker 1: but beyond that, it's up to you to follow through
Speaker 1: and to put in that hard work. Yeah. Man, I
Speaker 1: love what you said to about how it might take
Speaker 1: years to become viable and to to make one of
Speaker 1: these products sticky to where you can actually make money
Speaker 1: from it, And I think that's true. I think there's
Speaker 1: a big learning curve to a lot of these platforms,
Speaker 1: even though they are uh super simple to get started,
Speaker 1: Like what you put together, what you package, what you
Speaker 1: offer to the world, that's the thing that takes time
Speaker 1: to craft um and to grow your knowledge base to
Speaker 1: where people actually want to tune in and check out
Speaker 1: what you're putting out there into the world. So, of
Speaker 1: all the ones we've covered so far, investing in the
Speaker 1: stock market is the easiest route passive income, although it
Speaker 1: takes a while. But there are other ways, including we've
Speaker 1: got to talk about real estate, Matt, because that is
Speaker 1: one of the most effective routes to building up passive income.
Speaker 1: We'll get to that and more right after this break.
Speaker 1: All right, we are back from the break in Joel
Speaker 1: up until now. You know, the examples that we've covered
Speaker 1: are are pretty easy to get started. They mostly require
Speaker 1: a little bit of money, uh and a good amount
Speaker 1: of work, you know, and luckily a lot of those
Speaker 1: platforms make it easier to get kind of get plugged
Speaker 1: in and to get started. But let's cran things up
Speaker 1: a little bit. If you're really looking to increase your
Speaker 1: your income, specifically your passive income, getting into rental real
Speaker 1: estate is an example that will take quite a bit
Speaker 1: of upfront work. A right, like every real estate investor
Speaker 1: I know makes a good rookie mistake here there or
Speaker 1: even twenty or so. We've all anybody who's gotten into
Speaker 1: real estate has made some mistakes, and they cost you
Speaker 1: money and time and a lot of like some headache
Speaker 1: care polling. Yeah, but eventually, right, over time, rental properties
Speaker 1: can become one of the best ways to earn residual,
Speaker 1: mostly passive income. Uh. I know, I'm happy with my
Speaker 1: I really rates as a real estate investor in particular. Though,
Speaker 1: to make real estate truly passive over time involves acquiring
Speaker 1: a handful of properties and getting to the point where
Speaker 1: you can turn them over to a property management company.
Speaker 1: That at that point is when it becomes purely passive. Yeah, you,
Speaker 1: you and I were uh, mom and populand lords, and
Speaker 1: we still manage our own properties and so there is
Speaker 1: work involved when it comes to that. Um, But I
Speaker 1: will say it is more passive if we're talking about
Speaker 1: a scale of passivity, which which you kind of mentioned
Speaker 1: at the beginning of the episode. It is more passive
Speaker 1: than almost any other way that I make money at
Speaker 1: this as some time, besides the stock market. And so
Speaker 1: I think real estate is a good way to make
Speaker 1: passive income over time. But like you said, yeah, the
Speaker 1: way to make it the most passive is to have
Speaker 1: somebody else manage that property for you that eats into
Speaker 1: the profits. Though that's right well, and like you said,
Speaker 1: though you say anytime you say mom and populand lords
Speaker 1: or real estate investors, it makes me think of like
Speaker 1: an old farmer, like pulling up to the house with
Speaker 1: like a straw hat, and like old be a pickup truck.
Speaker 1: I like to I don't know, I don't know why
Speaker 1: it makes me think that, but I like to have
Speaker 1: my corn cob pipe in my mouth when I, you know,
Speaker 1: run by my my property to check it out. Neither
Speaker 1: you or I have pickup trucks. I'll say that true.
Speaker 1: I thought it love to have, like it's just an old,
Speaker 1: small like little Toyota pickup truck just to be able
Speaker 1: to throw stuff in the back. Dude, I would love that.
Speaker 1: They're very sweet, dude. I kind of still want a
Speaker 1: Ribbian electric pickup truck one of these days, like the
Speaker 1: opposite a small telling the pickup truck you want, like
Speaker 1: like literally the fanciest most expensive one they make that
Speaker 1: are also the sweetest looking trucks cyber truck and eat it. Yeah,
Speaker 1: so maybe maybe, like maybe ten years from now, I'll
Speaker 1: be able to afford one of those. Uh yeah, so
Speaker 1: so getting into real estate is also difficult though, because
Speaker 1: it typically requires a pretty large sum of cash. That
Speaker 1: you need is a down payment, right, So there's more
Speaker 1: of a barrier to entry for that because it can
Speaker 1: take years to save up that down payment in order
Speaker 1: to buy your first rental property. There are other ways
Speaker 1: to go about it, you know, Matt, We've talked about
Speaker 1: this before. Living in a property and then buying another
Speaker 1: property to living and then running out that first house
Speaker 1: makes it a little bit easier at least. Um, but yeah,
Speaker 1: that's something that you need to consider. It takes sacrifice,
Speaker 1: right as you cut back and work to save up
Speaker 1: enough money to buy that first house though. Um. That's
Speaker 1: part of the reason I think why a lot of
Speaker 1: people look to Airbnb is an easier method to trying
Speaker 1: out rental properties, and it definitely can be a great
Speaker 1: way to get a taste. But when you decide to
Speaker 1: rent out a room in your home or even buy
Speaker 1: another place to list on Airbnb, it's it's more of
Speaker 1: a hospitality play than just a purely real estate investing play.
Speaker 1: Your part real estate investor and part hotel manager. When
Speaker 1: you start hosting on Airbnb. Uh. That being said, there
Speaker 1: are systems that you can put in place that can
Speaker 1: make your Airbnb listings function more like passive income. And
Speaker 1: we talked about that more on episode to fifty three
Speaker 1: with Ziona McIntyre who has literally made her living owning
Speaker 1: properties and running them out on Airbnb, helping other people
Speaker 1: do the same thing. It's amazing it's what she does now. Yeah,
Speaker 1: she she's turned it into a career. But I will say, yeah,
Speaker 1: a lot of that income is passive, but some of
Speaker 1: that income is very active on her part. But Airbnb
Speaker 1: is definitely something that's worthwhile to consider, um, if you're
Speaker 1: looking to generate more passive income in your life and
Speaker 1: to use again, like we talked about earlier, some of
Speaker 1: the asset so you already have on hand. If you
Speaker 1: have a house and you have a room that you
Speaker 1: could run out, or you have a basement that you
Speaker 1: could outfit, make it a little bit nice and rent
Speaker 1: that out on a nightly basis, you can make some
Speaker 1: real returns doing that. That's right man. Yeah. And so
Speaker 1: as we kind of graduate to two higher levels of
Speaker 1: difficulty and let's talk about, uh, starting your own business.
Speaker 1: That's the starting your own business is probably gonna be
Speaker 1: the most difficult way to generate passive income. You know,
Speaker 1: it's often going to be the most risky, as creating
Speaker 1: your own thing from scratch will will require the most
Speaker 1: time and the most money, but it also has the
Speaker 1: upside to potentially generating the most income. And you know,
Speaker 1: I think that's also a fair trade. You know, like
Speaker 1: there's actually no risk involved, say with earning interest from
Speaker 1: your money, uh in the savings account, but there's also
Speaker 1: virtually no reward. It's appropriate that those who are committing
Speaker 1: the most time and the most money towards something that
Speaker 1: isn't necessarily proven, that they have the potential to realize
Speaker 1: that the biggest profits the biggest rewards. Yeah, we have
Speaker 1: talked about that. There are ways to start your own
Speaker 1: business with even money. But still you're gonna require a
Speaker 1: ton of time to start any business that you're looking
Speaker 1: to launch. But for a lot of businesses, we're talking
Speaker 1: about both. And like, while we don't see owning your
Speaker 1: own business as a way to earn passive income because
Speaker 1: like we said, it's going to take a lot of
Speaker 1: energy on your part, it is a method to generate
Speaker 1: income by trading time for money, which is what a
Speaker 1: lot of us have to do for a lot of
Speaker 1: our lives. But if we do it well with good planning,
Speaker 1: you can eventually step back from the day to day
Speaker 1: operations of that business and you can turn it into
Speaker 1: an avenue that produces income without you having to commit
Speaker 1: to working on that business every day. Right, and maybe
Speaker 1: even depending on what kind of business you you you start,
Speaker 1: you can potentially even sell that business someday in the future,
Speaker 1: or sell part of the ownership, or hire someone to
Speaker 1: do the day to day managing while you take more
Speaker 1: of a backseat role. I mean, they're they're all these
Speaker 1: ways when you start a business that you can use
Speaker 1: it to generate income for a whole lot of years
Speaker 1: and then find ways to kind of pull back in
Speaker 1: order to make that business income a little more passive
Speaker 1: than active man. It makes me think of a friend
Speaker 1: I have much older friend, and he had his own
Speaker 1: business that he ran four years. He and his wife
Speaker 1: and they cleaned houses and they did great work. They
Speaker 1: built up a large list of clients in the town
Speaker 1: where that they served. But eventually he wanted to retire.
Speaker 1: And it's not that that business had to fold, just
Speaker 1: go away completely. He not only made money for all
Speaker 1: of those years running that business, but that business was
Speaker 1: worth a lot at the end of the day, and
Speaker 1: so he was able to sell that business to someone else.
Speaker 1: And that points a finger to the fact that you
Speaker 1: can eventually, uh score passive income based on the business
Speaker 1: you built, and at the same time doesn't have to
Speaker 1: be a super sexy tech startup. You can something you know,
Speaker 1: where you're just offering a service to folks. Uh did
Speaker 1: one other thing? You know. One of the myths about
Speaker 1: passive income I think is that if you get your
Speaker 1: fingers in enough money making ventures that you'll essentially be
Speaker 1: getting paid in enough different ways that if one of
Speaker 1: your businesses maybe isn't doing so hot, you're still gonna
Speaker 1: do okay financially, right, But often times I think you
Speaker 1: might be spreading yourself too thin and you won't make
Speaker 1: enough money if you're kind of going this, you know,
Speaker 1: jack of all trades route to generating multiple streams of income.
Speaker 1: Not being said, there's nothing wrong with trying out some
Speaker 1: different approaches and seeing what works for you, but you know,
Speaker 1: just don't forego diving deep. Uh when when times get
Speaker 1: a little rough, You know, when you don't immediately start
Speaker 1: making money, don't immediately try to hit the easy button
Speaker 1: and kind of switch over to the next opportunity where
Speaker 1: you think it's going to be easier. Uh, it does
Speaker 1: require work. And again, this is one of the reasons
Speaker 1: that I feel like the platforms, the different apps, the
Speaker 1: different you know sites where you can log on, create
Speaker 1: an account, offer a course, or start publishing a podcast.
Speaker 1: I feel like that they almost do a disservice to
Speaker 1: people digging in deep to whatever it is that they're
Speaker 1: are are pursuing, almost as if they're making it too
Speaker 1: easy for folks to try things out and they kind
Speaker 1: of give up maybe a little too easily. I like
Speaker 1: it because it gives a lot of folks a taste
Speaker 1: of it. But at the same time, it's sort of
Speaker 1: I almost see it as a negative because it's kind
Speaker 1: of like, well that didn't work out, Well, this didn't
Speaker 1: work out, and it's sort of I don't know. It
Speaker 1: creates this perpetual like hopping from one thing to the
Speaker 1: other and in search of a golden goose, something that's
Speaker 1: going to be able to significantly provide them with some income. Yeah,
Speaker 1: if you just create one podcast episode, throw it up
Speaker 1: there and you hope to see that the passive income
Speaker 1: rolling in. That's just not how it works, right, that
Speaker 1: that that is truly the myth behind passive income. It
Speaker 1: really does take a lot of work. So so you
Speaker 1: really have to go into your pursuit of passive income
Speaker 1: with eyes wide open, knowing that it will take real
Speaker 1: effort to establish something that you can benefit from for
Speaker 1: years to come. It's the opposite of striking it rich quick. Ultimately,
Speaker 1: the truth about passive income is that it's never passive
Speaker 1: except for investing in the markets regularly vi your paycheck
Speaker 1: or a h from your bank account to an I
Speaker 1: ra A. But it is possible to work harder now
Speaker 1: in order to gain and share your knowledge with others
Speaker 1: by creating content that they're willing to pay for, or
Speaker 1: to study your local real estate market and save up
Speaker 1: enough to purchase that first rental property, or even to
Speaker 1: identify a need in the market where you can step
Speaker 1: in and fill the gap with your service or product.
Speaker 1: With the business that you create, money will always flow
Speaker 1: to creative problem solvers, So leverage your hard work now
Speaker 1: and it will pay dividends as steady income for years
Speaker 1: to come. And that we would say is worth pursuing.
Speaker 1: That's where the reality of passive income can actually be
Speaker 1: realized in all of our lives. Right, I think we
Speaker 1: need to maybe avoid some of the clickbait headlines and
Speaker 1: videos that we see and realize the passive income. It's
Speaker 1: not a myth, um, but it is much harder to
Speaker 1: achieve than a lot of people out there want you
Speaker 1: to think that it is. Century dude, all right, let's
Speaker 1: shift gears. Let's get back to our beer. On this episode,
Speaker 1: you and I we enjoyed. We each enjoyed a Radix,
Speaker 1: which is a German style pilsner from the folks over
Speaker 1: at Halfway Crooks here in Atlanta. Uh, dude, what were
Speaker 1: your thoughts on this? Speer? So, I always thought that
Speaker 1: I didn't really like pilsners very much. I think it
Speaker 1: was because the only pilsners I've ever had in my
Speaker 1: life were the giant Macrobe right, Like, had my fair
Speaker 1: share of high LIFs and PBRs back in the day.
Speaker 1: Um and and yeah they were fine, Like I didn't
Speaker 1: mind drinking them at a at a show, you know,
Speaker 1: at a concert. They were fine for the times. Yeah,
Speaker 1: but I didn't realize that I actually like Pilsner's a
Speaker 1: craft pilsner can actually be really tasty and halfway Crooks
Speaker 1: did an awesome job on this one. It's super clean,
Speaker 1: super delicious. This is actually the exact kind of beer
Speaker 1: I want. Well, I'm sitting on my porch on a
Speaker 1: fine summer sank. Oh yeah, dude. Yeah. As we poured it,
Speaker 1: it's a It's got a nice golden color to it
Speaker 1: with a nice fluffy head, which kind of gets me
Speaker 1: to the flavor. I feel like it almost drinks like
Speaker 1: a like a kind of fluff like biscuity, kind of
Speaker 1: like flavor profile going on, really delicious, while at the
Speaker 1: same time, though, because it is kind of a local
Speaker 1: craft brewery who's making this, it doesn't have that metallicky,
Speaker 1: just old stinky pilsner flavor that we associate with. Is
Speaker 1: the exact best way to put it. Yeah, with with
Speaker 1: like the macro beers, like you can expect that at
Speaker 1: this one doesn't have that, and this one, like it's
Speaker 1: to those biscuity flavors going on, but at the same
Speaker 1: time it's still really fresh and kind of kind of
Speaker 1: green tasting. I'm glad you and I got to enjoy
Speaker 1: one of these today and dude, that's gonna be it
Speaker 1: for this episode. Listeners can find our show notes up
Speaker 1: on our website at how to money dot com. Will
Speaker 1: make sure to link to any of the previous episodes
Speaker 1: we've referenced or any of the resources as well. Again,
Speaker 1: if you're new around these parts, don't forget to hit
Speaker 1: the subscribe button so you get notified of each episode
Speaker 1: that we release. We release Monday, Wednesdays and Friday's and
Speaker 1: we'd love to have you on board as a part
Speaker 1: of the how to Money community. So all right, Matt,
Speaker 1: that's gonna do it for this episode. Until next time,
Speaker 1: best Friends Out, Best Friends Out.