Hey I'm Shari Kaye and on this channel we talked about having a wealthy full
life with wealthy full pockets to match and today I want to touch on passive
income and why passive income is important now there's a debate going on
on what is considered passive income I'm not interested in joining that debate I
do realize that there is a spectrum of what is considered passive income some
activities are more passive than others but I just say passive income is income
that you're receiving where you're not trading your time for money it's not a
direct like hour for dollar correlation there that's for example I had wrote a book
last year and I put in the effort upfront I wrote a book and every time
that book sells I get paid so that book can sell whether I'm sleep that booking
so whether I'm working my straight nine-to-five dot job that book can sell
right now while I'm sitting here doing this YouTube video for you guys that
book is selling so there was effort put in a front end but however there is not
a heavy effort put in on the back end but I still do get paid money from that
book another example of passive income is my real estate properties so there is
definitely active active your very active at the beginning when you were
acquiring that property however once you have it and you have tenants in it and
you have your systems in place it becomes a lot more passive at that point
and the tenants they're paying their rent month after month so that's me is
passive income that I am receiving so those are just some examples of how I
have passive income and what's considered passive income just to give
you an idea but like I said not interested in entering the debate on what
is and what is not passive income for me just pretty much you not do it you're
not trading your time for money I'm not saying that it doesn't take time but
just saying that you're not trading your time for your money now what I do want
to talk about is why passive income is so important and it's so important
because technically what you want to do is you want to have your passive income
meet or exceed your expenses because when your passive income meets or
exceeds your expenses you are at that way then essentially financially free
you're financially free what that does for you is a couple of
things that allows you to one be able to quit your job if you're working a job
that is not fulfilling to you or is just not what you choose not how you choose
to spend your time you're able to quit your job and do something else with your
time that's it freedom of time is what it gets you you were able to buy back
your time if you know if you're not having to sit at like your desk job from
9:00 to 5:00 so you get the same type of income that you're getting from your
desk job but you're getting it from those passive income streams just think
of how much life that frees you up to live so that is why passive income is so
important and think about it think about it this way if you do not have streams
of passive income what's your what's what's the alternative what you work
until you're I don't know what's retirement age 62 and a half you
actively work 9 hours a day Monday through Fri however your work schedule is
set up but pretty much you are working every single day of your life until
you're 62 and a half now there is nothing wrong with that
there's nothing wrong with that if that's what you want to do nothing wrong
with that I do know that there are like I know people doctors teachers who are
passionate about their line of work they would do that line of work whether they
got a paycheck or not this video isn't for you guys power to you you are
blessed this video is for the people who are working a job simply to get a
paycheck now you might have some fulfillment within that job it might
even hit some of those key factors that you need however if you were not getting
a paycheck you would not continue to continue to do that job those are the
people that I'm talking to so the alternative of not having passive income
is that you have to continue to do that job until since two and a half live on
live on money that hopefully that you managed to save up up until that point
and then live the rest of your life what's left over the rest of your life
at that point and that's not the only way that it has to be there are
alternatives and so that is where the passive income comes into place so the
goal should be to build up your streams of passive income or a stream it could
be I'm saying streams because most times
people have more than one stream of passive income so you're building up
your passive income so that one it covers your expenses
once it covers your expenses you are financially free but you're not like
financially abundant it just covers your expenses like whatever your bills are it
comes your bills but you're not getting any extra where you're able to like
travel the world you're able to freely give to organizations in that hole it's
just basically bare minimum covering your expensive if you're just covering
your expenses that it's great that it's good but that should not be the end-all
be-all you're trying to get to financial abundance and generational wealth and
legacy wealth that should be like the end goal of this not I won't say the end
goal of this cuz the end goal of this is just to live the life that you want
that's pretty much the end goal what I'm saying is that should be one of the
goals in my opinion I scratched it that's my goal I'm not gonna put my
goals on you that's my goal my goal is a have financial abundance so that I am
able to freely give to organizations so that I have those some legacy wealth I'm
trying to set up my children's children going on down the line so what we just
put this on me that's my goal but the goal should be overall the goal is build
up those streams of passive income so you can buy your time back build up
those passive streams of income so you can buy your freedom build up those
passive streams of income so that then you can do whatever it is you want to do
with your time you don't have to answer to a boss you don't have to answer to
that's it you'll have to answer to nobody but yourself bottom line what I'm
drawing what I want to say is build up your passive streams of income so that
you can buy your freedom the alternative is that you're working until you're like
60 to something years old possibly at a job that is not fulfilling to you just
to get a paycheck to then live the rest of your life there's you don't have to
do that live your life now set yourself up now so that you can live your life
now do things that you need to do so that you
can build those passive streams of income so that you can have that freedom
of time that freedom of choice that freedom of options it's not about the
money it's not and I know I've changed the direction of this channel and I talk
a lot about money the mentality wealth budget and that whole deal but that is
that is like like strategies and tactics and stuff like that it's not about the
money it really it's not it is about your freedom it is it's about it's about
my freedom it is about options it is about choice
that's what it's about it's not about the money the money is not important
it's what the money allows you the ability to do that's important and that
ability is to live your life on your terms and it's very possible it is very
possible all it takes is some planning and then it takes you to stick to the
plan and then it takes you to refine the plan and then it takes you to have the
tenacity and the resiliency and the endurance to continue to work your plan
so if you are committed to building up your streams of passive income if you
are committed to changing your financial position if you are committed to living
the life that you want on your terms if you are committed to having a full
wealthy life we know it's not all about money we know that if you are committed
to having a full wealthy life and for wealthy pockets to match go ahead and
hit that subscribe button hit that like button while you're at it I definitely
plan to post more videos dealing with wealth wealth building a wealth mindset
fulfillment and finances that's what it's about fulfillment and finances are
the best team
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