Comments on: How not to get super-rich: the passive income scam http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/ Innovation, Creativity, Entrepreneurship, Personal Development Fri, 10 Feb 2012 17:29:32 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Micaela http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-27988 Micaela Sun, 14 Aug 2011 20:42:18 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-27988 It always amazes me to see the stunned look on peoples' faces when they find out about how excited I am to be getting downsized (t-minus 12 days and can't wait!!). The fact is, I've been earning passive income for nearly a year, and the efforts spent generating it have taken up quite a bit of valuable time. Fortunately, it's also had a greater yield than what my full-time job may offer if the same amount of time were equivalized (i.e. 4 hours of full-time work is not match for 4 hours spent making things happen on the passive income front). Perhaps the notion of not having a job is frightening in and of itself to many in the corporate world, but I'm more afraid of the passive streams that I've been cultivating being starved for my attention. I agree, "passive" is quite a misnomer for blogging and other said forms mentioned above. Trust, a greater amount of brain power flows while strategizing over new ideas and opportunities on the passive income front than in the corporate realm any day of the week. Great post, btw, I was driven here from Chris Gillebeau's UGWY, which by the way rocks!! It always amazes me to see the stunned look on peoples’ faces when they find out about how excited I am to be getting downsized (t-minus 12 days and can’t wait!!). The fact is, I’ve been earning passive income for nearly a year, and the efforts spent generating it have taken up quite a bit of valuable time. Fortunately, it’s also had a greater yield than what my full-time job may offer if the same amount of time were equivalized (i.e. 4 hours of full-time work is not match for 4 hours spent making things happen on the passive income front).

Perhaps the notion of not having a job is frightening in and of itself to many in the corporate world, but I’m more afraid of the passive streams that I’ve been cultivating being starved for my attention. I agree, “passive” is quite a misnomer for blogging and other said forms mentioned above. Trust, a greater amount of brain power flows while strategizing over new ideas and opportunities on the passive income front than in the corporate realm any day of the week.

Great post, btw, I was driven here from Chris Gillebeau’s UGWY, which by the way rocks!!

]]> By: Passive Income and Personalized Search - LeoDimilo.com http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-27925 Passive Income and Personalized Search - LeoDimilo.com Fri, 12 Aug 2011 19:53:21 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-27925 [...] that Lis or Pat are there (they are obviously rooting for this keyword) but the fact that the Jonathon Fields listing is, which is not anywhere to be found in the search results other than in my search.  My [...] [...] that Lis or Pat are there (they are obviously rooting for this keyword) but the fact that the Jonathon Fields listing is, which is not anywhere to be found in the search results other than in my search.  My [...]

]]> By: Adam J Lewis http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-24491 Adam J Lewis Tue, 05 Apr 2011 12:24:43 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-24491 Most people are unfortunately chasing the quick low effort dollars. Passive income for money down and no effort is the white elephant of the business world. Most people earn their income in the form of wages traded for time and effort. If we have learned , due to hundreds of years of financial evolution, to trade our time and effort for money, why do people entertain the idea that suddenly they can subvert this paradigm. There is passive income to be had but most people miss it. Passive income is a by-product of years of value and hard work. My first real passive income came as the result of 4 years, 60 hour weeks. That’s the foundation required for passive success. When I was 27 I bought an old truck. I went into partnership with a friend who drove the truck. 1 year later we bought another truck. In 4 years we had grown to 5 trucks. We worked long hours hauling anything we could. We built the business up from a 35 year old truck that we did all the maintenance on to new trucks and a transport yard. My partner offered me a large sum to take a backseat. I sold my financial share down from 50% to 20% with the option of a 40% voting strength and the option to be the bank on any business loans as long as my interest rates were competitive. Now this business share generates cash flow every month. The day to day is handled by my partner and his new partners. I still vote on important issues. My time input is now phone calls and meeting accountants once a year. This is how you generate passive income. Not on a computer searching the latest MLM scam. “where ever man exerts energy, value is created” Is the maxim I do business by. To create value you have to be there, exerting energy and effort, that is the only way to create value. People spend their money on value. You do not buy the business, you do not buy the customer service or the advertising. You buy value. People forget this. They search hours and hours for these latest marketing/tutoring/drop shipping etc. things to sell with no effort. If you create value that people want to buy, business will come naturally. If you have great value, a business, money comes as a by-product. Adam J. Lewis Most people are unfortunately chasing the quick low effort dollars.
Passive income for money down and no effort is the white elephant of the business world.
Most people earn their income in the form of wages traded for time and effort.
If we have learned , due to hundreds of years of financial evolution, to trade our time and effort for money, why do people entertain the idea that suddenly they can subvert this paradigm.

There is passive income to be had but most people miss it. Passive income is a by-product of years of value and hard work.
My first real passive income came as the result of 4 years, 60 hour weeks. That’s the foundation required for passive success.
When I was 27 I bought an old truck. I went into partnership with a friend who drove the truck.
1 year later we bought another truck. In 4 years we had grown to 5 trucks.
We worked long hours hauling anything we could.
We built the business up from a 35 year old truck that we did all the maintenance on to new trucks and a transport yard.
My partner offered me a large sum to take a backseat. I sold my financial share down from 50% to 20% with the option of a 40% voting strength and the option to be the bank on any business loans as long as my interest rates were competitive.
Now this business share generates cash flow every month. The day to day is handled by my partner and his new partners.
I still vote on important issues.
My time input is now phone calls and meeting accountants once a year.
This is how you generate passive income.
Not on a computer searching the latest MLM scam.
“where ever man exerts energy, value is created”
Is the maxim I do business by. To create value you have to be there, exerting energy and effort, that is the only way to create value.

People spend their money on value. You do not buy the business, you do not buy the customer service or the advertising. You buy value. People forget this.
They search hours and hours for these latest marketing/tutoring/drop shipping etc. things to sell with no effort. If you create value that people want to buy, business will come naturally. If you have great value, a business, money comes as a by-product.

Adam J. Lewis

]]> By: 10 Things to Consider when Choosing a Business Partner | Wasabi Ventures - Tales of the Entrepreneur http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-22732 10 Things to Consider when Choosing a Business Partner | Wasabi Ventures - Tales of the Entrepreneur Fri, 04 Feb 2011 15:31:45 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-22732 [...] enough to rekindle the fires.  They say persistence pays off, and in many cases they are right.  Most millionaires didn’t inherit their fortunes or make money in the sports of entertainment industries — they just kept plugging away at [...] [...] enough to rekindle the fires.  They say persistence pays off, and in many cases they are right.  Most millionaires didn’t inherit their fortunes or make money in the sports of entertainment industries — they just kept plugging away at [...]

]]> By: Gel Pen http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-20632 Gel Pen Wed, 01 Dec 2010 18:30:16 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-20632 well of course, everyone loves to get rich but not everyone would love to do hard work ,*. well of course, everyone loves to get rich but not everyone would love to do hard work ,*.

]]> By: Christina's Condos http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19512 Christina's Condos Sat, 23 Oct 2010 04:33:16 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19512 I find most home owners can learn an easy lesson about building wealth passively by looking at their own home. If you’ve owned a home for a few years you’ll notice your mortgage owing is substantially lower than when you bought. Hopefully you’ll also notice that houses in your neighbourhood are selling for more than you purchased your home. If the reduction in your mortgage is $15,000 and if your home is worth $10,000 more than you paid for it, then that is $25,000 that you earned passively. You realize this wealth by refinancing or selling the property. To earn more passive wealth (leveraged wealth may be the better term) you can build a portfolio of rental properties where the monthly rents cover the monthly expenses. After 5 or 10 years, take a look at the mortgage paydown and equity appreciation... you'll enjoy the mortgage paydown even if you don't get appreciation. I find most home owners can learn an easy lesson about building wealth passively by looking at their own home. If you’ve owned a home for a few years you’ll notice your mortgage owing is substantially lower than when you bought. Hopefully you’ll also notice that houses in your neighbourhood are selling for more than you purchased your home. If the reduction in your mortgage is $15,000 and if your home is worth $10,000 more than you paid for it, then that is $25,000 that you earned passively. You realize this wealth by refinancing or selling the property. To earn more passive wealth (leveraged wealth may be the better term) you can build a portfolio of rental properties where the monthly rents cover the monthly expenses. After 5 or 10 years, take a look at the mortgage paydown and equity appreciation… you’ll enjoy the mortgage paydown even if you don’t get appreciation.

]]> By: Rekindling the Passion | Wasabi Ventures - Tales of the Entrepreneur http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19485 Rekindling the Passion | Wasabi Ventures - Tales of the Entrepreneur Fri, 22 Oct 2010 15:39:04 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19485 [...] have to love what you do.  If you don’t, why wouldn’t you just go get a regular job?  Sure, the money might be better when you own the business, but there’s no guarantee with entrepreneurship.  In fact, the only way to get a decent return [...] [...] have to love what you do.  If you don’t, why wouldn’t you just go get a regular job?  Sure, the money might be better when you own the business, but there’s no guarantee with entrepreneurship.  In fact, the only way to get a decent return [...]

]]> By: What Are You Willing To Do For The Rest of Your Life? http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19365 What Are You Willing To Do For The Rest of Your Life? Mon, 18 Oct 2010 12:10:08 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-19365 [...] money is the overwhelming objective.There’s got to be a deeper motivator. In fact, a recent Harrison Group survery of the richest 1% in the U.S. revealed a staggering number of pentamillionaires and…80% started their own businesses or [...] [...] money is the overwhelming objective.There’s got to be a deeper motivator. In fact, a recent Harrison Group survery of the richest 1% in the U.S. revealed a staggering number of pentamillionaires and…80% started their own businesses or [...]

]]> By: Orlando http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-16930 Orlando Thu, 08 Jul 2010 19:39:08 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-16930 @Jonathan I'm totally digging this site. This is the first time I read a full article that spoke nothing but truth and didn't try to keep my attention with ongoing blabber. The only passive income that I can see anyone participating in and earning right away is putting money into an online savings and receiving interest payments. Online banks are offering as much as 1.49% these days. Other than this a person has to have a job to invest in real estate and any other investments. Unless you have $1 Million Dollars to store in an online savings account (to live off of interest) or find some way to get others to do work and share profits with you, passive income is not a great desire. I recommend staying focused and continue to push for success. @Jonathan I’m totally digging this site. This is the first time I read a full article that spoke nothing but truth and didn’t try to keep my attention with ongoing blabber.

The only passive income that I can see anyone participating in and earning right away is putting money into an online savings and receiving interest payments. Online banks are offering as much as 1.49% these days. Other than this a person has to have a job to invest in real estate and any other investments.

Unless you have $1 Million Dollars to store in an online savings account (to live off of interest) or find some way to get others to do work and share profits with you, passive income is not a great desire.

I recommend staying focused and continue to push for success.

]]> By: The 4 Delusions of Entrepreneurs | Dale Callahan http://www.jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-12998 The 4 Delusions of Entrepreneurs | Dale Callahan Wed, 10 Feb 2010 13:27:45 +0000 http://jonathanfields.com/blog/how-not-to-get-super-rich-the-passive-income-scam/#comment-12998 [...] streams of income.” Before you dive headlong into that pursuit, you might want to explore the truth about passive income, especially as it relates to making passive income from [...] [...] streams of income.” Before you dive headlong into that pursuit, you might want to explore the truth about passive income, especially as it relates to making passive income from [...]

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