The Wealth Without Wall Street Podcast Our Passive Income Report - October 2020
#164: There’s an emotional component to money. Volatility is not just about returns but what it does to you personally. There’s always this question of “Is your money ever enough?” One of our favorite topics is sharing our monthly passive income report and what we’ve been doing. As we always talk about in Wealth Without Wall Street, none of it is about timing. It’s all about cash flow.
Here are some lessons we’ve learned from engaging in different business ventures:
- It’s a good thing to leverage someone else’s expertise to tap into a system. Just like how we’ve tapped Mark Podolsky’s team to run Everland which is one aspect of our land business.
- It’s a learning process. There will be challenges. It’s not all roses.
- You have to learn the skill of marketing. You need to have an extroverted personality with a sales profile, resilience, and willingness to push through some challenges.
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.
This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.
The hosts may have a financial interest in the programs or services mentioned in this episode.
Financial freedom is not linear. It’s always moving and changing, and you’ve got to be willing to pivot. You can’t just stay in one place. You have to make constant adjustments, step out of your comfort zone, and continue to grow.
We hope you learned something today. That’s what our brand is all about - empowering you to take control, so that you can pick your own path to financial freedom.
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October 2020 Passive Income Summary:
Gross Income: $32,800
Total Expenses: $ 27,000
Net Profit: $ 5,344 (a little over 10% increase from the previous months)
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Breakdown of Passive Income Sources:
Land Business:
- TriStar - $723 Income | $31,000 Expenses | Down $2500
- Everland - $4,250 Profit
Short term Rental Property:
$18,248 Income | $13,605 Expenses; $922 Profit per bedroom
Mastermind format run by our operator STR Mastermind weekly live coaching how to create cash flow
Ethereum Miners:
$2.630 Income | $1,013 Profit
Multi Family:
Undergoing a merger, so no income to report for October
Long term Condo Rental:
$124 Profit - typical profit from condo rentals is from $125 to 200
Community - Inner Circle Membership for IBC:
$40/person/month membership fee | $30,000 Expenses/year | $1,000 Profit
E-commerce:
$634 Income | $861 Loss
Freedom Seekers Masterclass Live (Brand New Coaching Program)
Starting at $847/month with 10 members; this will be turned into a course in the future so it becomes a source of passive income
Affiliate Marketing:
$500 Income