Our Passive Income Report - November 2020

#169: “Vision is something that you think about, but the reality of it is when you can see it because you put it down somewhere in front of you.” ~ Russ Morgan

As we’re nearing 2021, it’s a great time to sit down with your family, envision what you want to accomplish for the coming year, and put everyone’s ideas on a vision board. The Passive Income Report is part of Russ’s vision board. This practice was inspired by Entrepreneurs on Fire by John Lee Dumas and The Smart Passive Income by Pat Flynn, who put their passive income on their websites to motivate others to set goals and create accountability. Today, Russ and Joey will go through the November Passive Income Report and share “the good, the bad, and the ugly” with what they’re doing. 

One good practice you can start with is creating a vision board to achieve what you want and gain financial freedom in 2021. 

Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.



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November 2020 Passive Income Summary: 

Gross Income:  $53,862

Total Expenses:  $32,803

Net Profit:  Over $20,969

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Breakdown of Passive Income Sources:

Land Business

• $2,830 per month passive income | $130,000 property that can be resold
• If you’d like to learn more about the land flipping business, download the investor tool from The Land Geek: Mark Podolsky

Cattle Business

• Unsuccessful - nothing sold for the month and will be dissolved in 2021

Short Term Rental Property 

• $27,325 Income | $22,249 Expenses; $900 Profit at 73% occupancy
• Targeting to improve occupancy to 80%-85% next year

Ethereum Miners

• $3,300 Income | $1,500 Expenses | $1,843 Profit

Long Term Rental Business

• Not doing very well

Community - Inner Circle Membership for IBC

• $14,349 Income | $2,500 Expenses | $11,849 Profit 

Short Term Rental (STR) Mastermind

• $600 Profit

Freedom Seekers Masterclass (Brand New Coaching Program)

• $3,705 Profit
• Join the waitlist for January 2021

E-commerce 

• Not doing very well
• Joey will sell the business if it doesn’t take off by March 31, 2021