2995: [Part 1] Passive Income and Other Money Myths by Leif Dahleen of Physician on Fire on Side Hustles

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 5 January 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2995: Dr. Leif Dahleen challenges the concept of passive income, illustrating how many success stories labeled as "passive" are far from it. From real estate to blogging, he highlights the substantial effort often hidden behind these narratives, debunking myths around dividend investing, side hustles, and more. This eye-opening critique urges readers to rethink popular financial advice and to focus on realistic financial planning. Read along with the original article(s) here: https://www.physicianonfire.com/money-myths/ Quotes to ponder: "There is no shortcut to success. I worked many early mornings and late nights on my side hustles, especially early on." "What she’s earning is active income. Blogging is work. It’s flexible and fun work, but I doubt there were many weeks where I didn’t spend at least 20 hours doing something." "Yes, it can be profitable, and some of the work can be outsourced, but it’s way too much work for the word 'passive' to be anywhere near it." Episode references: NIIT Tax Information: https://www.irs.gov Learn more about your ad choices. Visit megaphone.fm/adchoices

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1:00.3	This is Optimal Finance Daily. Passive income and other money myths. Part 1 by Dr. Leif
1:07.9	Dahlene, a physicianonfire.com.
1:17.6	When's the last time you saw a headline highlighting some young person making five figures of passive income a month? Your news feed may not look like mine, but I see these stories on the regular,
1:24.7	and I've clicked on them often enough to tell the algorithms that they should
1:28.5	feed me more of that same nonsense. Shame on me for being fooled more than once, but each time I
1:35.4	click, albeit with skepticism, my suspicions are confirmed. The person's income is anything but
1:43.1	passive. The definition of passive income is anything but passive.
1:49.4	The definition of passive income is about as loose as Al Roker's old slacks,
1:55.0	and that's just one example of the numerous money myths that are pervasive in society today.
2:03.1	I also plan to dig on dividend investing, question budgeting and side hustling, attack travel hacking,
2:06.9	and more while channeling my inner Andy Rooney.
2:14.8	About passive income. It's not that passive income doesn't exist. Investors earn passive income when their savings accounts and CDs pay them interest. When a real
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