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- เผยแพร่เมื่อ 21 ก.ย. 2024
- Freelancing Masterclass: www.freelancing...
Passive income is a phrase that I see thrown about all over the place and whilst there isn't anything wrong with passive income.
The question I'm asking is should it be what you focus all of your efforts on?
I believe that the pursuit of passive income has its place. But for those of you who are in the early stages of your journey, those who want to become digital nomads and at a bare minimum achieve location independence.
You may be setting yourself up for failure if that is ALL you are focused on.
In this video, I talk about something I like to call guaranteed income.
Guaranteed income means never being out of work and more importantly, never being out of work that you can do online; from anywhere.
It may not sound as appealing as some of the other content that the so-called "gurus" put out online but the advice is solid and it comes from my own years of experience observation.
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Always love Brett's reality checks. Keep them coming!
Aiming for the 50k / month income is overkill. I do whatever I want and I come in way under £2k a month. I would actually have to go out of my way to spend more.
Your advice is totally right, work on your real skills and then build up the moonshot projects alongside the jobs that enable you to continue your lifestyle. Treat yourself as a client and book out time to work on properly on your side-projects, but be sensible and make sure you have your bills paid first.
I never want to go back to being an employee either. And I will never have to because I've done it right.
Matthew Harris $50k isn’t overkill that’s actually a good goal. Don’t aim too low because you’re brain is trying to tell you it’s not logically possible. Don’t cheat yourself. However to get to that it’ll take ENORMUS upfront effort to gain that monthly recurring revenue of that level. Nothing in this world is truly passive. Just leveraged
@@toneiv6560 Fair point mate and I agree with you. I was writing from the point of view of doing the best thing to not crash out in the first year of being a nomad. Definitely aiming big in the long term is a great goal.
I think the points that Brett was making (if I remember correctly, I watched this a few days ago now) was that people come with some dream of doing a huge project, generating sizable passive incomes, and that is a massive gamble.
It is a stretch of their skills and requires long term funding. I think what we were discussing here was ways to guarantee that you didn't have to go home in 6 months because you hadn't taken care of the minimum requirements of sustaining your lifestyle. :)
I'm all about the passive income, as you can tell from the theme of my channel. But I think you are spot on here - building a skill is much much more valuable than trying to do one of these dropshipping FBA projects
For myself, I want to build up passive income sources but I will still work for active income. I just started my youtube channel on personal finance to build up my investments for security if nothing else. Hopefully it's as successful as yours someday!! Liked and subscribed!
Ranking new websites with affiliate SaaS sales has been my favorite over the years by far. Truly passive. Sites that have already lost their page 1 position several years ago pay a % of the monthly / annual subscriptions today still from old signups. Def agree with your message tho, don't bother trying to build passive revenue until your bottom line (and then some) is covered.
Keep the vids coming Brett!
I like your chilled approach and demeanor. really solid advice here, thanks
Cheers for the upload Brett, really refreshing to hear your honest views. You Sir have a new subscriber 👍😎👍
Dev on the money, stocks , shares and crypto can be passive income if managed correctly. Pensions are the best for income , but dependent on exchanges rates. Skills are always the key to a good life.
Another great video Brett, thank you. Previously watched your video on Wordpress developer which was very informative. Thanks for your honesty and plain speaking ! Breath of fresh air!
Good advice Brett, loving my 3500 baht Thai apartment in a Thai neighborhood less the a 5 minute walk from my 8500 baht condo. Found a sweet spot in a great building with only 18 apartments. Thanks foe your vlog I’ve learned a lot and will continue to watch. 🙏🏼😆👍🏼🙌🏼
Thanks for the comments mate. Appreciate it.
I'm lucky (I guess) since I'm old (50's) I've had time to payoff my house and accumulate a certain amount of wealth. Once I sell this place, if I divide it up between the 11 years I have until I'm 65 (when two pensions and social security should start paying something) that works out to about 2196 a month. Not enough to retire in the states (not if I also want to buy medical insurance) but it's enough to retire in Mexico or SE Asia.
Why sell? Can you rent and live on rent?
@@gilc98
*>Why sell? Can you rent and live on rent?*
Contractors are expensive and the house is old and will require a lot of maintenance to keep the tenant satisfied. I wouldn't rent this place out unless I was close enough to do the repairs myself. Otherwise the repair costs would eat me alive.
And a second reason as that we appear to be tipping into the next big 2008 style recession. If it goes the way it went in 2008 through 2011, my house will lose 100 to 150 thousand dollars in value. That would wipe out any income I would be able to harvest from the deal.
@@gilc98 that's correct I would do that ,,, rent it and that will pay for your life in Mexico or SE Asia
@@Vention1MGTOW I understand , you need to do what you feel comfortable with
why not sell it and put it in a fund?
I worked as a contractor in Afghanistan for the past 13 years processing cargo in their military logistics system also built airforce pallets for transport on military aircraft. I also worked as a merchant seaman. I don't have any skills. I'm now retired in Thailand and want to earn extra money.
Thank you for being soo Honest!!!
Love you Brett , I wanted to only work 15 min a day and watch my bank account grow. :)
It's a good warning for starters. I quit my job once I was earning more passive income than my 9-5. And I still have savings for 2-3 years.
Passive income is great. I get $3000 or so a month in net income from my rental properties. In another couple years that will increase about $1500 as the short term loans are paid off.
Wise advice Brett!
More people needs to hear this
Great advice mate. Nice change of locale, very good way to avoid the pollution anyways..
Well said Brett. It's interesting that you should make this video right now when I came to the same conclusion because I'm so burnt out on "guru" advice, mlm, crypto business, anything to do with "getting people to join". I can say I've developed skills through out my search for "passive" income so it was still worthwhile to go through it. Freelancing is my new pursuit. Thanks and see you in Chiang Mai soon.
Had the full course. Its magnificent and its really free. You are a star Brett Mate!. Cheers.
Brett , your vlogs are always so interesting and informative
Good word bro. When I watch successful people I can see what you say applies to them. They do 'skill-stacking', mastering skills which then gives them ability to charge for their knowledge and at the same time they use it on their own business for free. No-one can take knowledge from your head.
True wisdom Brett! Sharing your VIdeos in DN groups....
Right on, man! The only passive income source that is tried and proven is to save the money you make from your main hustle and invest it in securities like bonds or stocks that pay dividends. Owning real estate isn't a passive source of income because tenants are a pain in the arse. Owning a share in a small business isn't passive income because you need to constantly keep an eye on the guys running it. So many of these things that people think are going to be passive take a lot of work to maintain over the long run. Most of this internet marketing has been done to death and, like you say, there are people doing it who will wipe the floor with newbies.
To summarize - it's called looking for easy answers or the free lunch. Much like the dawn of the internet where there was saturation among isp's we now have the fang stocks. Facebook, Google ( Utube, Alphabet). These are advertising companies and are at this moment proving to be cyclical. Facebook has guided lower earnings. The pioneers made money. The game is ending . Outside of certain areas in Asia demand and economic growth is going to be down for decades. Ergo- advertising demand and pricing power.
I love passive income, but I do not believe in any get rich quick scheme. Personally I invest in real estate for my « passive » income.
Do active and passive income together … that’s Guaranteed income 😉
EXACTLY!! Very smart analysis, Brett. Guaranteed Income vs. Passive Income!! A skill is the best life insurance for those with a "goal"in life than some BS "passive income," a modern fancy word these days by some lazy bums! LOL
In my experience I think "semi-passive income" is much better and more realistic, income that requires maybe 1-2 hours of work per day to maintain. Thanks for the vids Brett, nice to have something other than overoptimism on TH-cam.
Nothing wrong with optimism provided it's based in reality.
There's no such thing as a free lunch. I run into folks all of the time who come to me and talk about how they're going to get rich of drop shipping or crypto or whatever. Look, there just is no free lunch. So sorry. If you want to make a good living, learn a skill and put it to use. That's how you do it. I manage my own portfolio which I guess you could call "passive income", but it's actually my life's work. If I wanted, I could just go rent an apartment in Thailand and live my days out there just managing my investments. I'm not quite ready to go though, because I'd have to live even cheaper than I like. I figure in another 10 years or so, my interest should be paying for a very nice lifestyle down there. My advice (if anyone were to ask) would be really simple. Live thrifty, and just save your money! Forget about all of the flashy stuff. You simply don't need it. Eventually, you'll have that golden "passive income" in the bag, and you'll be able to enjoy.
Well said this is exactly what I thought. Thanks Brett for the affirmation.
well said. I'm earning 3000USD a month working about 17 hours a week and loving life.
@Sam I started a translation website back in 2012.
Passive income sounds like something out of a MLM handbook haha.
It sounds like it because it is.
What do you think about a nice dividend portfolio. That’s my goal/plan.
born free I kinda feel bad for you for thinking like this
Are you planning on doing one of your walking vlogs while you're in Koh phangan? You know, to show us around a bit like you've done in Chiang Mai.
Great video! It´s nice to see someone advocating hard work and cutting through all the bullshit hypes
Once you decide to make the switch from business to investing, you're set. I have no boss, no products, no inventory, no employees, no time schedule, no customers or clients. I get tax advantages, uncapped unlimited income, and I can take a break for months and come back without any problems. It takes a lot of effort to learn and become profitable. Most people lose a ton of money, usually in the 6-figure range, getting started. But once you figure it out, you have a skill that will grant you freedom forever. Worth looking into. No I don't offer any advice, training or courses (that would be work! 😝). Investing can be learned, but cannot be taught. I'm on Koh Samui. Maybe I'll come visit you! Cheers!
Lol..the ironic thing about this vid is the content attracts all the advertisers pushing the exact opposite of what you are saying!
Hi l'm retired, in udon thani living off Australian pension l'd b happy with an extra $1.500 a month, would passive online work help me??
Excellent video, the 4hrs workweek passive income digital nomad dream is a pyramidal Ponzi scheme at that point
Totally agree with your point of view
Sounds like pretty sound advice.
What skills do you think are the hottests nowadays in the digital market
What a great video lol. Thanks, man.
Nice one Brett 💪
hows thailand brett? you gonna stay there forever or come back home?
Is this still a trend
Like your realism
Words of wisdom!!!
No more 9 to 5 for me 47 and retired, thanks Brett you made me do this Im never turning back.
wow congrats ,,,, what passive income streams you have ?
Just living off my Military Pension @@TheDino888 plus sold the house and everything I own, still have Super down the track too if I need it. So much cheaper here :)
Thank you
There's always dreamers out there!!
Property is still the best passive income imo. Every month other people are paying off my loans.
I think so too ,,, if you rent out your property and if the loans are paid off ,,, its like a wage every month into your bank account ,,, with little effort
So true
There’s no such thing as passive income. Only leveraged income. Do the work now and reap the rewards with years to come with a tad bit of maintenance. 100% passive income isn’t a reality lol.
Its a reality for me.
Hi Bret. I like your vids. This is the first time I have made a comment to you. Well, My wife and i live in Hua Hin and have been doing so for the past 14 years or so. We have bought some land in a place called Uttaradit not too far from you. We hope to sell our house in Hau Hin to move up there and build a house and a workshop for myself. We have 6 rai up there but it's in the boonies about 25km from the town in very nice countryside. There is not a lot of info about Uttaradit I was wondering if you know of any farangs who live there so i can get in contact with them. I have tried to look at forums but no luck as yet and I was wondering if you can give me a heads up if you can. Thanking you. Dermot and Fon
Hi Dermot, how are you able to purchase land in Thailand? I am wanting to move to Thailand.
Koh Pangnan
ngan not ngän
'-)
I’m so jealous of you☹️