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Passive Income is a Myth
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People who want to get ahead and succeed in their lives and businesses don’t sit still. That’s why passive income is a myth. Nothing in life is passive. Some people who own rentals, perform equipment leasing, or own real estate may argue that statement, but even that income is not technically passive, anyway.
In this video, Andrew shares a video from Gary V and explains why he thinks passive income is a myth.
00:00 Start
0:21 Passive Income
2:48 Gary Vaynerchuk – Earning “Passive Income”
6:13 Passive Income is a Myth
8:00 How to Become an Entrepreneur
12:08 Capital Gains Tax
16:00 How To Become Rich
20:00 Selling Books
The clip we used:
Andrew Henderson and the Nomad Capitalist team are the world’s most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”.
Work with Andrew:
Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we’ve spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
About Andrew:
Our Website:
Subscribe:
Buy Andrew’s Book:
DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
passive income
Join Our Email List and be the First to Hear about Breaking News and Exciting Offers
Secure Your Spot at the Best Offshore Conference – Nomad Capitalist Live 2022 – September 21-24 in the most vibrant city in the world, Mexico City:
People who want to get ahead and succeed in their lives and businesses don’t sit still. That’s why passive income is a myth. Nothing in life is passive. Some people who own rentals, perform equipment leasing, or own real estate may argue that statement, but even that income is not technically passive, anyway.
In this video, Andrew shares a video from Gary V and explains why he thinks passive income is a myth.
00:00 Start
0:21 Passive Income
2:48 Gary Vaynerchuk – Earning “Passive Income”
6:13 Passive Income is a Myth
8:00 How to Become an Entrepreneur
12:08 Capital Gains Tax
16:00 How To Become Rich
20:00 Selling Books
The clip we used:
Andrew Henderson and the Nomad Capitalist team are the world’s most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”.
Work with Andrew:
Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we’ve spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
About Andrew:
Our Website:
Subscribe:
Buy Andrew’s Book:
DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
33 Comments
Passive income is definitely not a myth. For example when I was in California, I knew someone who knew a Roosevelt, that family had a rice farm and that person would receive 10k a month from that by doing nothing just because she was part of the family.
one of the terrible things is that all these people who promote passive income lead you to possibilities only with payment through Paypal. Paypal is awful cause for no reason all of a sudden they will hijack your money for 6 months based on nothing (they never give you the real reason) and then after 6 months you can get your money, but then you can't also use your paypal anymore.
This is 100% right. Passive income does exist, but requires time, money, and skill to create it
I never thought about the entrepreneur vs investor angle before. Thinking about starting a business and all the interpersonal work it requires makes me break out in hives. The idea of spending three hours on an investor conference call gets me excited and engaged.
Thank you for the insight!
The secret to getting rich is to being born into chance someone at the very bottom is not simply working their ass off to get there they work smart
I am not rich but I enjoy your content. I have a small business in Florida and I recently started renting on turo. I have two passports. I have found out that you almost always have to work and save before you can really do anything significant. I don't care about passive income I am addicted to working
Love it. Let them know that eventually reality hits you in the face.
To me, the definition of Passive Income is interest earned from investments / dividends. Money that is earned without a person having to work
Everyone likes to reference Warren Buffet to prove a point, yes he’s still working at 91, because he loves his work more than anything else!!! NOT because he has to. He was worth about 20 million in 1970, he could have retired 50 years ago.
I think that last point regarding fulfillment with the lottery example is a really interesting take. Don't know if I'd feel that way, lol, but I did feel it for a bit, a sense of un-fulfillment at one point when I made a boatload of money on computer, without literally having to get out of bed. There is indeed that sense of worth you question about yourself, true worth as a human being.
In regards to the "becoming rich" segment, I don't want to be rich, I just want to be sustainable enough in my own expectations to live out my youth, not when I'm old enough to really crack my back the wrong way. But I get it, society isn't that giving anymore to be frank. So for me, although I'm aware there is truly no such thing as passive income, I would still jump that ship and sail with it. You only live once you know.
Disagree 1000% ten years survived without working one hour buying a stock in one minute and selling it 3 years later is hardly working TLA up 26x in 3 years NIO 20x and u can short sell a company that goes bankrupt Never thought I would disagree with u 1000% on something. I have done it for ten years and lived overseas since 1988. In 5 years, I will do it for 25 years.
I've always been risk averse with my money, and I've worked to get money, save it in the highest interest bearing accounts,
and buy/hold/sell things which I could sell privately (no taxes) and have the lowest risk of loss. Yes, I've made less than I
"could have," had I "invested" in riskier things like stocks, etc. but I've been able to grow my assets (overall) by about 15%
every year; perhaps that's a tad cowardly, but my goal has been to have minimal risk, avoid taxes, minimize stress and not
have to worry about the future of my hard earned money. I enjoy knowing (with high confidence) that I WILL have a certain
amount of assets, at any given time, with a very small margin of error. I don't have any "passive income" as everything I do
requires (at least) a little bit of time and management to keep moving it in the right direction.
Every time I hear someone say "I could live off my dividends but I choose to continue my business" or like he said "I'm building a 7 figure dividend income", I just feel like their life outside work sucks.
I could never trade a life traveling and relaxing with my wife, volunteering here and there and going to museums and meeting friends for work. Ever.
And if you do, it's one of two options: either you think you don't have enough money, or your life outside work sucks and you'd rather feel the fullfilment of making more money and growing your business
JEPI, JEPQ and BSTZ pay my house payment each month. Adding TLTW a safe bond fund and SVOL for higher monthly payment. Last phase I will add SCHD, QQQ and VTI. This mix should give me massive dividends and growth. Secret to using these high paying ETFs is make sure you drip at least 10 percent back to them each month to make them grow.
I know thith dude that uthed to be a dude but now he'th a myth.
How could you talk about passive income and not even mention annuities? There’s nothing more passive or guaranteed.
Guys you can skip 11min 43 seconds. This guy is talking about nothing. I am on 15 min 44 seconds and still there is no any numbers or graphs why passive income is a myth. Finally, on 18 min 10 sec guy brought high yield Bitcoin as passive income (WTF?) I thought he might start talking about HYLD, QYLD, other respected dividend funds. Stopped listening at 18:22. Waste of time.
:))))
3:45 – 3:55
"Gary Vee: The reason why these jerks have so much money is cuz you keep buying their 'courses' over and over."
I'm going on record to say this right now: Courses have become the new pr0n…only instead of watching pr0n and physically jerking it, we're watching courses and MENTALLY jerking it. I oughtta write a book about this or something cuz to me its scary. At least with pr0n its just dumb entertainment. You watch, you f4p, you're done. But courses…? Bruh, that spikes dopamine as much as pr0n does if not more.
the openning shocked me
You're comparing yourself to Jesus Christ! That's blasphemy! Lol Good advice just be careful you
don't want to get crucified.
They don’t want to scale up usually because they are lazy
It's not really a myth you just need a lot of money to make it a reality. The youtubers making videos talking to people making 50,000 a year and selling them on multi home passive income schemes are trying to dupe delusional people for youtube views and selling courses. To do that you need hundreds of thousands in the bank of a big savings account with picture perfect credit.
Are there 1031s in the Netherlands?
Passive income is only a myth to those who can't figure out how to make passive income. I spend a bunch of time upfront to build web properties that operate themselves, after the initial build they are definitely passive. I don't run ads or do marketing, I don't have customer service issues, I don't have inventory- I don't do anything other than look at the new sale notifications as they come in on my phone.
So I rent out my apartment is that passive in a way
Wealth cannot be acquired without effort. That's what those so-called gurus should be saying but won't because they know that won't make them any money. They've chosen to sacrifice any sense of integrity in order to con vulnerable and naive people into believing they can get a lot by doing almost nothing. Even bees know that if they don't pollinate, they won't produce honey. The word 'work' has become the scarlet letter of prosperity for a lot of people, esp the younger generations. Technology has made it easier for people to get comfortable with the concept of getting more but doing less to get it. The pandemic lockdowns exacerbated that notion. The only place success comes before work is in the dictionary. The gurus hid that memo.
I'm at a point in my life where hearing this was super useful. Thank you.
Careful about references to Jesus! People might think it's ok to be a no-nonsense, results-driven, value-added, productive, hard-working, fact-based individual while at the same time having an imaginary friend in the sky.
Nice video. But I would not say that passive income is a Myth. I worked really hard the last few years and left the corp world a year ago. I bought several rental properties in the past few years and paid off all the mortgages. Now I work 5 hours or less a week. My passive income is more than my corp income used to be at this point. I don’t have any type of debt. Love my life because I can manage my time as I see fit while having monthly income. I still believe passive income based on my current life style. I travel quite often and lead an active life not related to work. I feel blessed at my current situation due to passive income.
Awesome video. So well said
Hi dear Andrew
In which of the following position, I can submit for portuguese D7 visa as having a passive income??
I have two positions in a medical healthcare company:
1- Shareholder owner from company.
2- sales manager in a same company from a specific district.
For both positions I’m not required to attend physically in a company office or work in a regular basis as ordinary employee.
Thank you for your help and reply