447-Mythbusting: The Myth of Passive Income

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 3 April 2017

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

I see lots and lots of people talking about the idea of "passive income." Everywhere I look, I hear people talking about passive income and why it's so great!

But, I've heard very few people define the concept and explain what a true passive income opportunity is.

And the vast majority of opportunities I hear of don't qualify as passive income in my book.

So, let's bust this "passive income" myth today!

Joshua

Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
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Transcript

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0:00.0	Good morning radicals. Happy Monday. 5 a.m. here on the East Coast and today let's kick off your
0:06.8	week with a little discussion of passive income, the myth and the reality of Finance Pod. Welcome to the Radical Personal Finance Podcast, the show dedicated to providing you with
0:36.6	the knowledge, skills, insight, and consistent daily encouragement that you need to live
0:41.6	a rich and meaningful life now, to build a plan for
0:44.8	financial freedom in 10 years or less, and to sort through all of the nonsense, the
0:51.4	lies, the misdirections, and the marketing copy that so consistently pervades this
0:57.7	world of financial advice. Today we're going to tackle one of the sacred cows of the early retirement financial
1:09.5	independence, personal finance, wealth building, living a rich life now world.
1:14.4	I need a new name.
1:15.4	That was way too much of a mouthful.
1:16.6	But we're going to tackle one of the sacred cows today of passive income.
1:21.8	This last week I was looking around the personal finance space on iTunes.
1:25.0	Just trying to see what shows were ranking well and I noticed that there are at least three,
1:31.0	I believe three shows right now that are top-ranked money shows all related to passive income
1:37.3	and I started taking a quick look at the titles and things like that and I said all right
1:41.3	these shows are doing awesome it's time to
1:44.3	break you let's tell it's time to tear down some sacred cows in this discussion of
1:49.0	passive income because the way that you hear past people talk about passive income to you so consistently is an absolute myth.
1:58.6	Really is, but it does exist, passive income does exist, and today I'm going to tell you what words we should use instead of
2:07.3	passive income and how you can actually get passive income and no you don't do it by signing up for my passive income program.
2:14.8	But before we do that I will work on my passive income by doing today's ad. Today's ad is for
2:21.9	Palladon Registry, the Financial Advisor referral service that I recommend to you.
	...

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