980: The Biggest Myth About Passive Income - Episode 980
Investing in Real Estate with Clayton Morris | Investing for Beginners
Clayton Morris
4.1 • 1.1K Ratings
🗓️ 7 September 2023
⏱️ 6 minutes
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Summary
You're going to learn an important distinction between passive and active income, and why passive income requires your time and attention. We'll talk about your critical role as a real estate investor, why investing is like tending to a garden, and so much more!
Transcript
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| 0:00.0 | Hi everyone this is James Harkin and Anna Tashinsky two writers of the TV show |
| 0:05.2 | QI and two-fourths of the hit podcast no such thing as a fish. |
| 0:09.2 | We'd like to let you know that we've written a book it It is called everything to play for. The most |
| 0:14.4 | interesting things there are to know about the world of sports. It's for you |
| 0:18.2 | whether you like sports or not. Did you know that legendary cricketer Gary Sobers scored his final century while drunk? |
| 0:25.7 | Or that games of lacrosse used to involve 100,000 players. |
| 0:31.7 | Learn that and so much more by getting everything to play for, the QI Book of Sports, available |
| 0:36.2 | in all bookshops and online right now. So you want to create passive income. Yes, I did too. I wanted to create lots of passive income that I could quit my day job and I did exactly that but there are quite a few |
| 0:54.7 | misconceptions about passive income that you need to be aware of because passive |
| 0:59.1 | income isn't actually passive. I know I know it's earth-shattering, especially when it comes to real estate investing, |
| 1:06.9 | which I believe is perhaps the number one way to build cash flow without having to work a 9 to 5 job. |
| 1:13.0 | So let's take a look at what passive income actually is and see if it's truly possible |
| 1:18.5 | to sit back and do nothing at all while making money. |
| 1:21.6 | Just sit on a beach and money just flows in. First, we need to define |
| 1:26.7 | passive income and active income. Active income requires you to give something in exchange. |
| 1:33.8 | The best example of active income, of course, is going to work every day. |
| 1:37.6 | Collecting a paycheck, trading hours for dollars, trading your time for money, right? You get in the car at 6 a.m. to beat the traffic, two hours in commuting, |
| 1:49.2 | then you're working for somebody else, making them wealthy, right? Then you go home at the end of the day and |
| 1:54.9 | they give you a paycheck and the government actually rewards you the least. |
| 1:59.4 | I know it's crazy you're in the highest tax bracket because you're not building a business you're not doing |
| 2:04.0 | you're not building real estate you're not doing all of the things that the government |
| 2:06.8 | rewards in the tax code so you actually pay the highest amount in taxes that is |
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