#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.
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.
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)
Breakdown of Passive Income Sources:
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
$2.630 Income | $1,013 Profit
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