If you are ever, ever looking at purchasing some
kind of course or training or coaching and you
see the words manifesting, be careful. If you're
ever looking at purchasing a course or enrolling
in the program and you see the words multiple
streams of passive income - be careful. If you ever,
ever see the words manifesting multiple streams
of passive income - run. You have been warned! Put
your wallet away cut up your credit cards. This
is a final warning. Now that we've got that out of
the way let's jump into the video and before we
do, by the way, my name is Dan Johnston. I am the
creator of Dreams
Around The World,
ENFP Unleashed and The Free Freelancer and here on the
youtube channel and the podcast, my goal is to
help you become the best version of yourself, all
while creating an awesome life for you and those
you love. And I'm entering a question today from
Guelmy, one of the members of the ENFP Unleashed,
and he asked me about side hustles and passive
income and what do I think about that, you know,
that he hears all the time that multiple streams
of passive income are good, but don't try to do
lots of things at once and what do I think about
side hustles and all that. First of all, thanks
for creating what will be a very wrenching video
here. The term side, hustle. I hate it so much
and I have to admit I've never listen to the show
or podcast about it. It's just like a term. I
hear people say I don't like it language is very
powerful and I've heard side hustle used in many
ways, I've heard it used by people who are trying
to do their own business and then they have a
crummy job on the side to pay the bills and they
call that their side hustle and I'm like why are
you calling it a side hustle that makes it sound
cool so you're, like hey guys. I got a side
hustle - unless you're selling
crack on the corner it's not a side hustle. It
is a crappy job and that's okay. Embrace the fact
that it is crappy then you'll be more motivated
to get out of it, don't use language to make it
cool. Like yeah. I work at CBS every Friday and
Saturday night is my side hustle - no, no, that is
not what it is. It is a crummy job on the side
and then also heard people your side hustle to
describe the business they want to create, right,
at the day job of a nine to five, but I'm working
on my side hustle. It's not your side hustle, it's
your passion, it's your baby, it's the thing you
are creating. Side hustle diminishes it because
it's also used by people who are working at CBS.
Here's the thing I just don't like this work
right and
I don't like the concept of it I'm gonna rant
about that at the end of the video in terms of
this side, hustle culture and what that means in
terms of society and where we are all going as
people but before that I wanna get into the
passive income concept. Passive income as a
whole. If you don't know, it's income that comes in
relatively passive. Passive income is awesome. If
you've seen my video on - actually, hasn't even been
released necessarily, maybe it has, you'll see a
little pop up comes the video on financial
adviser for ENFPs and I talk about in a passive
or residual income,
income that you get consistently month to
month is a very good day, especially if you get
it without doing much work. Examples of this
would be if you've written a book and you get
royalties every single month - that is good ,right.
Passive income and I have uh it's. I mean now I'm
using the term, I have multiple streams of
passive income. I have for, for five years now
from a variety of books and courses and things
that I've done, I also have residual income, which
is income where you're working for doing
like ongoing coaching or that but it's kind of
predictable you're getting every month and then
there's, like one often come. If you're a
freelancer. Maybe you get one big project or
client or something like that. So there's.
nothing wrong with passive income, multiple
streams are great. You see the little pop up
every month in your bank account. The thing is because
it's so great, it is you it's like the marketer's
dream, right? Let's sell everyone on passive
income, right? Hey, Do you have no skills, a job.
you don't like and really nothing to contribute,
take my course and you'll be earning 10000
dollars a month in passive income within three
months. Really? Is that how economies work, is
that how, like
capitalism works it's just anyone with no skills can make
10000 dollars a month passively?
Probably not, right, and that's the thing.
Essentially the way I look at it as passive
income is income you earn in advance so give you
an example. I've published 11 books so I'm gonna
say 12 there's, like a book. I don't know whether
I should count or not. 11 or 12 books and that is
provided significant essentially passive income.
I do like no promoting as you've noticed, you
probably can't even find links to them around
a lot of my videos.
It has provided a good source of passive income,
but had I written those books for someone else
when I wrote them, I was also a copywriter. I was
working as a freelance writer. If I had written
for other people, I would have been paid like
five thousand dollars a book up front. Instead,
you spread that out over many years and often, if
you create something of quality, the passive
income will end up paying better over those many
years and there's a better benefit because,
instead of being paid on that front and you,
like, run up to the casino or like yeah we're
gonna celebrate, you get it, spread out over
time, but I personally find it a great
form of forced financial management. So here's
the thing, in order to set up some kind of passive
income, whether it is through investment or
whether it is through writing a book or creating
maybe a course that people love and keep buying
it has to be pretty good because otherwise it
won't keep working. Yeah, you can publish your
book and get some fake reviews and sort of pump
it up and you might make some money for a little
bit like tricking the system, but that's not
gonna work in a long term. Look at the really great
authors. They write one book, two books, three
books,
sell consistently and they just are set. So I
don't like to think the passive income is like an
escape because the people who want an escape and
I get that if right now, if you had a job, you
really don't like you'll have this urge, like I
wanna escape, right, I want out of this passive
income, it would be amazing. Thing is that
once you're out of that and you get to kinda calm
down for a little bit, what you really wanted to
do is do something that you're gonna be
passionate about and enjoy. It. Maybe makes a
difference and so the people who don't want
Who just want an escape from life like there's,
one align the couch all day they will never have
the talent and the determination and the
discipline to produce either the investment
strategy or the book or whatever else of enough
quality that will actually be passive income for
any significant amount of time and sometimes what
I've seen people do is they try to you know,
follow these passive income strategies and they
do it in such a poor way that they end up doing
way more work and earning way less money than if
they just like were freelance writers or
something like that so, with all that said, there
are of course, legitimate ways to pursue passive
income that are legitimate, both in terms
contributing to society, which I think is
important and also in terms of being sustainable,
right? There's no point creating like this
passive income investment strategy that only
works for a month and then you're like okay I got
to learn a new strategy. It's not passive in that
case, right, so maybe I'll do some videos in the
future about some of the legitimate strategies
and even though we rarely talk about passive
income, I think my own experience with it is
probably quite successful in terms of I'm still
earning passive income from things from like five
years ago, =so maybe
videos on that in the future, but I wanna address
like the multiple streams of income and doing it
all at once - don't do that. So a lot of successful
entrepreneurs have multiple projects. I mean
right now I have a youtube channel I do, which I love,
I love you guys. I have a podcast which you can
check out as well. If you'd like to listen on the
go I'll include a link to the podcast, I run two
training courses. I do one on one coaching. I
have a lot of things going on. I have multiple
email trainings that I offer my website for
people and that. I didn't do it all at once. In
fact, when I started getting more serious about
youtube, I made the decision to basically
Facebook not really do a podcast at first, not do
really anything and I got messages on my Facebook
page. I remember this one woman, she's
like so disappointing. You know, I saw this and I
thought yeah, an ENFP who's finally doing
something and then I looked at your page and you
hadn't updated in a month month like a loser and then
it's like that first - good attitude! Secondly,
go, check out youtube, but what I mean by that
is, I built youtube and worked on that and then
over time, things become a little easier to
become more comfortable and you free up some of
your capacity and then I was like okay, let's
podcast too. I always wanted to do a podcast and
then I added that in and then over time, you can
add more things. Then, but one at a time and then
eventually you end up with multiple different
assets. Essentially and those could be assets
that contribute to passive income. So that it
would be my approach to one thing at once get
good at it, then develop the second thing you
don't have to stop the first thing, but you get
to a certain point of expertise or discomfort
with it where it's a lot easier to move on to the
Alright, I promised a rant about the effects of
the side hustle. If you will, the part time jobs
on society and that's what I'm gonna deliver,
even though I think the whole video was sort of a
rant already but that's all right overall, I
think this is not a good trend for the site. You know,
if you watch the channel you probably never heard
me talk about like benefits guaranteed
employment. You know, saving to buy a house -
personally, I don't really care. I like to live
on the edge. I, like to do my own business. I
don't need a company guarantee my security so
that one day I can be a good citizen or whatever
it is, but those things are what society is built
on and we need that the whole world was like
ENFPs going off doing their own thing. It
would crumble so quickly, so quickly you'd be like
tomorrow if ENFPs were in charge of
everything like wake up and be like how that
translate oh no, everything is burned down, that
would be basically what would happen. Some people
look at things like Uber, I'll use Uber as the example,
but there's, many examples of this, of basically
that are paying people as contractors and
eliminating things like health benefits and
employment contracts and really guaranteed work
and taking things like taxes where I'm not
necessarily pro taxi but from my understanding
generally the way taxis function is you often buy
a license and you have, like a business that's
fairly guaranteed within ways, right, the city
regulates a certain amount of taxis and you can
build a business that you earn enough to
potentially you know, pay for your kids' school
by helps or two, whatever it is. You wanna do and
I'm not saying most taxi drivers or good or
anything else, like that For capitalism, like
better services and everything else, but the
thing was like Uber is they've been very clear
that they want to replace taxis or their drivers
with automated cars like with self driving
cars at some point and even before they do that.
They're already really there's like a
concentration of wealth where, before you had,
like some low level taxi drivers, are probably
just getting by, maybe they're just starting out,
you have people who own their own cars like let's
say, a small business owner and then you have
people who own like maybe 10 cars and they are
like a medium business owner where they built a
pretty good life for themselves. I imagine in
terms of the profit from that and then you look
at the Uber model and
It's like a lot of people doing okay, like earning
some extra money and then one company not even
that many employees, whose just like all the
money concentrates out for and in many cases, the
way they're set up they're paying less taxes and
that kind of thing as well. I don't think it
suggests a necessarily a good trend and now I get
into real rant territory because I've read about
to get into Amazon and this sort of like the
large companies, where, instead of having a lot
of little stores and I'm not gonna do that
that's just gonna get into serious rant territory
but I think overall
we... you know, you got to respect what you deserve
to earn and I look at something like I don't know, like
an old man here over young. I don't know what I'm
sounding like, but I look at, say my parents
generation of if you work a good job, the kind of
money you would earn and what you could do with
that in terms of buying a house or different
things and now people sort of feel grateful that
they can have a job and then drive for over 20
hours a week on top of the job and then they
have, like a one bedroom apartment and they think
that's good. I don't like it and I'm not
Bernie Sanders on you, um or anything like that,
but I think the lower paid kind of like some
people call them side hustle jobs there are not
a good trend for where things are going and
concentration of wealth and all that kind of
thing. The way I think freelance and should work
is you either are an employee and you work for a
company and you get a guaranteed income and
benefits and all that sort of stuff or your
freelancer and you earn a lot more per hour, right.
The general thing like
When I teach in The Free Freelancer is, if you're
working for a client you're not charging them.
the same hourly rate you would, if you work for
them, they're charging 50, a hundred, a hundred and
50 dollars an hour, you're specialist, you're
brought in for certain work and you're paid very
well for it. It's not a company paying someone
on an hourly rate what they would earn as an
employee, but without any benefits whatsoever any
guarantee or any of that, that is the large
companies are manipulating the system and giving
you the same income. You would get as an
employee, but without the benefit stability or
anything else again. not things I care about
but a lot of people do, and I don't think
it is going to be a very good trying to see here
so now I'm curious to hear what you think about
that in the comments below. I'm sure we can have a
nice discussion about libertarian beliefs and
capitalism and what is going on in society. What
is a good side hustle or side hustles worthwhile
share your comments below and, if you have not
yet do subscribe to the channel, hit that
subscribe button and the bell beside it, I
publish new videos every Sunday, Tuesday and
Thursday. Catch you in the next one soon.
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