Here’s What They Don’t Tell You About Passive Income
The nasty truth I’m telling you right now, is this almost never is it completely passive. So this is from my own experience, I’m going to tell you four different businesses that I collect passive income from, and I want to show you that it’s just not always passive. Now at some point, could you grow something big enough for all these different income strategies to be almost completely passive? Yes, but at the very beginning, and most likely several years into it, there’s just not going to be passive.
Access My Entire Training Library (For Free)
https://thescienceofflipping.com/insider
Subscribe
https://www.youtube.com/justincolby
Book A Call
https://www.youtube.com/justincolby
Let’s start with the subject I love to talk about the most because I’m the most knowledgeable real estate, just this year, I started building a rental portfolio with the hope to start collecting passive income, but also really, I wanted to build a whole lot of wealth. And I knew this was my main way to do so. But this is about passive income. So let’s focus on the passive income. Here’s the deal, especially when you are getting started, it sure is not passive, I have to go find the property, I have to go inspect the property, I have to go buy the property after remodel the property, I have to make sure it gets occupied by the right tenant. And then I got to make sure I’m collecting rent and paying any and all bills that are associated with the house. So until you get to scale, and or simply hire someone to do this work for you. buying rental properties, almost by no means is passive.
Now, so you might be thinking, I don’t like math. And it can be passive, it absolutely can. And one of the things that I didn’t mention is property management, I’m actively going to be doing property management until I get 10 properties in every city. So I can hire a property manager and each and every city as I’m buying in multiple cities. But until that point, I’m also doing the property management. Now here’s one way I guess you could say you can make it passive is hiring people to do these things, hiring everyone from someone to analyze the prospective tenants to finding the properties. I don’t know how you’re going to be able to outsource funding and closing and buying the property. I don’t know how you’re going to outsource, you know, finding contractors walking the property doing the remodel. I mean, there’s almost no way that this is completely passive. Now I would argue once you get to scale and you have 200 doors 2000 doors, can you make that a pretty passive income stream? Absolutely. But to get started, I’m telling you now, it’s not going to be passive. Alright, so let’s talk about something else I’m very good at and very passionate about is basically internet marketing, right info marketing. As many of you know, I coach real estate investors how to be able to not just get into the space of real estate, but build out in scale, a very profitable real estate investing business. So part of my business is internet marketing. And there is almost no way to make that 100% passive because you not only have to be able to sell through emails, you have to sell the right products, but you have to lead in and build up a story for why people would want that product. Now you might need to have a platform such as YouTube, or possibly a podcast or a book or something, to be able to gain the credibility to even build up a list to become a marketer in the first place. Building a list is not just an easy thing. It takes the work of YouTube videos, podcasts, writing a book, again, making none of this passive. Well I love being an internet or an affiliate marketer and or marketer and a coach. I’ll tell you there’s a ton of work goes into it between real estate and the coaching business which a big part of that is internet marketing.
But to get going and potentially years to get there, absolutely going to take a lot of work. Now, here’s the business that I own that is pretty passive, it takes a decent amount of work, nonetheless, I actually run a true Amazon business, not an Amazon store or Walmart store where you can essentially pay someone to get it started. And then you essentially don’t do a whole lot. Now that could be a good business, I just don’t know how long that business is going to be running, I actually have an actual Amazon store. So I have to be able to source the product, buy the product, get it shipped over from China, bring it in house, I then the only thing that is absolutely automated is Amazon stores everything and ships it from their storage. But then I have to make sure I’m spending money on marketing to get the product seen. So people can click on the actual ads, or they can buy the product so I can’t can go buy more actual product. Again, this takes a lot of work. Now here’s one thing I can tell you that I’ve chosen to do in terms of my Amazon business, I’ve actually chosen to bring in some partners, so that I don’t have to do much of that work in I can still collect checks each and every month. But at the end of the day, it’s still a decent amount of work that goes into this, not just for me, but for my partners as well as well. And again, it’s just not sitting on a boat collecting checks as if that’s really what happens when you make passive income. And lastly, which might be the closest thing to actual passive income would be the stock market. But even then, unless you were blindly investing your hard earned money into some random stocks that your friend told you about, or little grandma told you about, or grandpa or uncle Fred or whoever might be telling you about some random stocks that they heard somewhere has the chance to be this unbelievable moneymaker unless you are doing that. That will tell you you need to be doing the research on why these stocks are going to be valuable, who is the jockey that is pushing that stock forward, and make sure you’re making an educated decision on why you’re buying it. And if you choose to sell, make sure you’re doing the research of why you’re choosing to sell out of all four of those all the which I have businesses, right? I don’t know if stocks are really a business, but I invest in stocks. All of those are passive to a point. But this video is to make sure you guys really understand nothing comes for free, you are just not going to go make 20 grand, 50 grand, 100 grand a month for doing nothing, it just doesn’t happen. And unless you’re a credit card processing machine that literally sits on a counter, there’s no way you’re going to be able to go just make money for doing nothing. By the way, I actually love that idea of starting a credit card processing company. But guess what, it takes work. But I will tell you, you can absolutely make a ton of money being someone who processes payments, and what I mean a ton. I mean a boatload. So here’s what I want you to do right now, I want you to like this video, I want you to share the video, I want you to subscribe to my channel, because most people have this grand vision of my town about checks, like Grant cardones.
Well, guess what, guys? You like them, you hate him, Grant still works his tails off for the amount of money he makes. And I know that to be true. So do this. While I would love to rah rah you and go start that business to create that passive income and it’s all going to be easy, just not the case. put in the work, put in the effort and do it over time, make incremental progress and I promise you, you will start to see some residual income coming in that you’re not having to work for. I hope you found this enjoyable. I hope you’re starting to like my videos, make sure you’re subscribing subscribe, skip, skip, skip, subscribing, and I’ll see you guys on the next YouTube video.
