HOW WE CREATED 9 SOURCES OF INCOME...And The BIG Problem With It (Passive Income vs Jobs)

How we created nine income streams. Some of these are passive income. Others from side hustles. But there's a problem.

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0:00 - Intro
0:33 - Brit's Job
1:14 - Academic Tutoring
1:48 - Photography
2:47 - YouTube
3:43 - Affiliate Marketing
4:23 - Cash Rewards Credit Card
5:34 - Digital Products
6:21 - Banking Interest
6:48 - Dividends & Stocks
7:36 - Trading Time for Money
9:16 - More Passive Income

When it comes to creating multiple streams of income, whether it be from passive income, side hustles, or a combination of the two, I think most of us have that as a general goal. We do. But there's a problem with where the vast majority of our income is coming from.

We're getting most of our income from trading our time for money. From a job. Let us be clear up front - there's nothing wrong with having a job. A job can offer security and stability in life, especially when first getting started in a career. But a job is not without drawbacks.

The biggest drawback that a job has, at least in our minds, is that your income is generally based on how much time you work. You're paid an hourly rate. The problem with that is twofold:
1) If you're trading time for money, your income will always be limited by how many hours you can work in a day.
2) Time is the most valuable resource on the planet. You'll never get it back. Whereas with money, you can always make more. So if you're trading your time for money, you're giving your most valuable resource to someone else, in return for something far less valuable.

This makes sense to do in different scenarios. Maybe you're just getting started in a career and need to learn the ins and outs of the business. Or maybe you're strapped for cash and need a paycheck quickly. But there are other drawbacks of a job...

1. It has little to no downside protection if you’re fired. It’s like putting all your eggs in one basket. If your boss fires you, you lose all of your income. Compared to being self-employed having many clients; if one client fires you, you lose a portion of your income but not all of it. You still have more clients to rely on.

2. When your income goes up, so do your taxes.

3. It's much easier to get comfortable with a job due to a more prominent sense of security that comes with it. This can often lead to working a job you really don’t like, simply because you’re comfortable with the pay. Because for the most part, if you go to work, you get paid. Due to this it’s easier to get stuck and not continue to grow.

4. It can quickly program our minds to become dependent on others and operate inside of a mental cage when it comes to our finances.

The solution (at least for us) is to continue building our passive income sources and increase the amount of passive income we're earning each month. Most of our passive income right now is coming from side hustles, or things that we would consider side hustles at this point. By doing this, our taxes will decrease, and more of our time will be freed up. That's the plan as of right now at least.

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~~GEAR WE USE~~

Camera 1 - Sony a6300 - https://amzn.to/2IT0sht
Camera 2 - Sony a6500 - https://amzn.to/2ZvONuX

Lenses:
Sony 10-18mm f/4 - https://amzn.to/2DuIMpf
Sigma 16mm f/1.4 - https://amzn.to/2ZpYZW5
Sony 50mm f/1.8 - https://amzn.to/2Dtob4D
Tripod - Manfrotto 290 Xtra - https://amzn.to/2GEvKYg
Tripod Head - Manfrotto 3-Way Photo Head - https://amzn.to/2IOjNAw

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Видео HOW WE CREATED 9 SOURCES OF INCOME...And The BIG Problem With It (Passive Income vs Jobs) канала Mike and Brit