January 11, 2018

The Truth About Passive Income with Mark Evans [Ep 30]

36 minutes

On today’s episode of The Flip King CEO, Joe Evangelisti talks with his friend Mark Evans about passive income and all of the misunderstandings that surround it. As Mark says right at the outset, sometimes it’s easier to start generating passive income when you have less money, because you have less invested elsewhere. There are a lot of myths about passive income, and a lot of cynicism surrounding it, and on today’s episode, Joe and Mark cut through the nonsense and talk straight about what passive income is and what it can mean for you.

Don’t live out of your business checkbook

As Joe says on this episode of The Flip King CEO, everyone is good at working for money. You get up, you go to work, you make money. But what about making money work for you? What about spending an hour a day to learn how to make money grow for you? It could be something as simple as a savings account, but you have to have the mindset about how to get money to work for you. This is true for people who own successful businesses or people just starting out. Even if your business is already growing, it can be easy to forget passive income, because you’re so busy pouring money to fuel that growth. If you’re living out of your business checkbook, then you need to listen to this week’s episode.

Think like a farmer

Joe and Mark share a lot of amazing insights in this episode, but one of the most resonant was Mark’s analogy of thinking of passive income like a farmer. You have to tend to it, and you have to harvest it. You can’t just let the crop sit there and do nothing. Use that money, invest it, create more passive income if you want. But just because it’s called passive income, it doesn’t mean you are passive with it.

Automation is your friend

You can always create a side hustle. And that side hustle can make you money, but until you take advantage of all of the opportunities for automation, you’ll never truly have passive income from it. As Joe says, the ultimate goal is to be able to walk away from it and have it still generate you income. There are a lot of opportunities, such as leveraging virtual assistants, that you can automate work and give yourself a way out. There is an infinite amount of ways you could start your side hustle, and then there are new tools popping up every day that will help you get it to the next level.

Build a business that creates jobs

As Mark says in this episode: Build a business that creates jobs. You don’t want to just have a company where you’re doing everything, you’re putting out all of the fires, and you’re making good money but you’re running yourself ragged. So many people start a business, then when it grows, they’re afraid to hire. The wealthiest people in this country have multiple streams of income, and it’s not because they work multiple jobs, it’s because they’ve built companies, built income streams, and then moved on and built the next thing. If you’re looking at your future, and you want to get moving on creating passive income streams, you need to listen to this episode.

Outline of This Episode