The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

[00:00:00] Yeah, I will say also it’s important not only to have. So it’s so important thing would be for intrapreneurs at least, or anyone actually will be to have multiple sources of income. So some of them would need to be passive because you how just six hours per day to work. You can work eight, 16 hours, whatever you want, but it’s limited. So. So coming in a different source of income could be many jobs. But but again, that will be limited. If it’s labour intensive, you have like a hard ceiling. So. So that’s why it’s important to jag these other sources of passive income. I think he was getting there is the Holy Grail, as you were saying. Yeah, probably. Also, you touched that point. It’s not that easy to get there. So then if it’s not that easy, then it becomes if you start taking out a considerable amount of time, then it becomes your day to day activity. So you need to be careful with that. Yeah. So with with your expectations on where you’re planning on how to create that, I would say the focus probably should be diversify your source of income rather than grade mutual passive income sources. [00:01:17][77.2]

[00:01:19] Yeah. So that the point that goes on to make in his sort of Twitter thread is that the sorts of passive income that he’s talking about is he’s saying things like an Amazon affiliate site. So that would be something where you’re leveraging sort of SEIU to bring people to your site and then getting them to click away to Amazon and purchasing products. And therefore, you get some some sort of commission or like one of courses where you teach something. You know, people come along to you because of some effort you’ve made in marketing or distribution, like you’ve got a podcast. So you’ve done sort of one off Evergreen, kind of like marketing things. And so, you know, inevitably in those cases you will, you know, at the point at which you make them or at the point at which you’re sort of putting the most investment into the distribution of those kind of things. That’s the point at which they’re going to make most money. But if you just leave it at that, by its very nature, it’s just gonna tail off over time. And effectively, what you’re saying is, is that. He’s suggesting that if you do manage to make something like that or if you do invest in something like that and you are making money that rather than you should be doing something more active with the money that it’s actually making. So it is not the case that you should sit there and use it to fund your sort of beachside lifestyle, and that should be buying your mahi toes and whatever else you get up to. But you should be recycling that back into other assets and other projects so that effectively, rather than sitting on your laurels and just, you know, waiting for your money to run out slowly over time, that you’re actually sort of reinvesting that back into other assets, things that are more durable. For example, you know, Amazon affiliate sites far less durable than something like real estate income. Now, on a percentage basis, in terms of the amount of capital that you put in, this is what you get out. They might be a better return in the short term, but you know that the longer term assets, assets that don’t depreciate over time, you know, things like that. I think. [00:03:16][117.0]

[00:03:20] One thing. [00:03:20][0.2]

[00:03:22] I found so. I have had a couple of experiences with sort of like classic passive income products in the past. So many years ago, I my girlfriend at the time, she was applying to join the airforce and as part of the exams and things that you have to do in order to pass, you know, to get into the airforce. They had these mental arithmetic problems where you had to go in and do lots and lots of very quick sort of simple mathematics in your head. And she was finding that a bit of a struggle. So I just put together this simple little BHP script at the time to help her, you know, do these sums real quickly in a head and to sort of time her so she would know that she would be up to do these things and get in under the time barrier. And I put that online and she just sort of mentioned it on a forum for people who were doing very similar things. And from that moment forward, basically for about the next 10 years, that just got consistent, fairly high levels of traffic. I think I pretty much captured the market in terms of people who wanted to join the airforce doing these mental arithmetic questions. And on their after a couple of years, I was like, well, you know, I should try and make some money off this. So I I collated a whole bunch of these questions into, like PBS and then sold them via the site so people could download them, print them off and do the exams if they were doing it sort of real life. And that thing used to make me 200, 250 great every month, like month after month after month. So it is a nice little sort of flow of cash that was was coming in. I, I didn’t reinvest that money very sensibly. I effectively use it as beer money, you know, or fund money. So. [00:05:07][104.6]

[00:05:08] So why what. What. So you said they’d last 10 years. So what happened? [00:05:13][4.4]

[00:05:14] I eventually had an offer to I actually had someone another form of sort of income on the site itself, which was I had to add so on there from a particular company which sold guides to like joining the police, joining the Air Force, joining whatever it might be. And that company basically turn round to me and offered me to buy the site off me just for their own purposes. Basically, they would just repurpose that. So, yeah. So I ended up selling it for like forefingers, which was a pretty decent return on something which didn’t make a huge, huge amount money. It just been very consistent, a very sort of like long term. And the other one which I had some success with, was in my previous Start-Up, we were doing a lot of UI design using a tool called Balsamic, which is kind of like a system for sort of prototype being various or rough UI layouts. And our product at the time use a lot of charts and graphs and things like that because we were trying to sort of show data back to our users. But this balsamic tool didn’t really have any sort of charts, graphs as part of its pre-built templates of things. So we basically got a graphic design to sit down and create a whole bunch of different charts like bar charts, line charts, pie charts, all this kind of stuff. And we were using them in our own UI and then we just stuck a Montgomery out as a pack and just sold them as like a balsamic chart pack. We contacted Balsamic the company itself, and they stuck a link to us straight in on their site, on their sort of useful resources. And we used to get a really regular ticket, people coming through and buying them. I think we we did like six to seven thousand pounds worth of sales of that annually, which was something we had probably spent on today one month or Malazan at most. When that was in, I was in like, you know, graphic design, a time for relatively little money. I mean, that was a great return on investment from a passive perspective. [00:05:14][0.0]


Share This