Two Sides of FI
Lessons Learned in 7 Years Earning Passive Income - A Path to FI (Part 2)
Jun 13, 2021
Eric shares lessons learned and mistakes made while creating passive income streams for his architecture practice. Topics include diversifying income sources, importance of understanding market dynamics, maximizing revenue growth through digital assets and physical products, benefits of being a creator, boosting creativity through walks, motivations for passive income, and reflections on privilege and gratitude.
24:43
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Quick takeaways
- Diversifying income sources is essential for financial independence, with millionaires having an average of seven streams.
- Understanding the market and setting appropriate prices are crucial for successful product sales and business sustainability.
Deep dives
Lessons Learned from a Failed Business Venture
The speaker shares insights from a failed business venture where he tried to sell a house plan set but struggled with pricing and customer expectations. Initially priced at $2,500, the plan set did not align with the market's perceived value, leading to adjustments in pricing to attract potential buyers. This experience highlighted the importance of understanding the market and setting appropriate prices for products.
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