In this engaging conversation, award-winning entrepreneur Kate Toon, a digital marketing guru and bestselling author, debunks the myths surrounding passive income. She reveals that all income streams require initial effort and ongoing maintenance, challenging the notion of earning money effortlessly. Kate emphasizes the importance of marketing and community-building in achieving sustainable success, urging listeners to value patience and relationships over quick sales. Get ready to rethink your approach to financial freedom!
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insights INSIGHT
Passive Income Myth
"Passive income" is misleading; all income requires effort.
Some income streams require more consistent effort than others.
volunteer_activism ADVICE
Leverage Existing Skills
Leverage existing skills and services to create passive income streams.
Consider teaching others your skills for scalable income.
question_answer ANECDOTE
Business and Baby
Kate Toon started her business while pregnant and raised her child alongside it.
She realized 40 hours of work doesn't have to be within one week.
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"I used to say, wouldn't it be great if I could work like a normal person and do 40 hours a week? And the realization comes that you do have 40 hours, it's just not in the same week."
Passive income—it's the dream, right? Earning money while you sleep, basking in the golden glow of financial freedom. Sadly, it's not quite that simple.
Award-winning author and digital marketing expert Kate Toon, author of 'Six Figures in School Hours' and 'Six Figures While You Sleep', has achieved that dream and now shows others how to do it for themselves, but she doesn’t sugarcoat it: there's no such thing as truly passive income. Every income stream, no matter how automated it appears, demands upfront effort and ongoing maintenance. And just as with business books, marketing is just as vital as creating the product itself - maybe even more so.
In this energising and practical conversation we discuss the taxonomy of automated income, the way we value time over money, the need to play the long game, the centrality of community and the importance of rationing dopamine.
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