Jerry Fetta – How To Get Passive Income
Passive income has always been my dream. I first heard of this concept from my dad when working with him in his painting business as a kid. He talked to me about hiring other painters to do the jobs for us so that we would still get paid even though we weren’t at the job site. From this moment forward I was inspired by this idea. What I’ve learned though, is that passive income really is a myth. There’s no such thing as 100% passive income. Things can be more passive and less passive. We all want to be as passive as possible and so these are the things required.
1. An asset. Not just any asset. An asset that produces income. A piece of real estate, a business, a loan, etc. These are all assets that produce income steadily and consistently. Just because they produce income does not make them passive. Try investing into any one of those things and then never thinking about it or interacting with it again. The investment will fail.
2. Systems. You need systems. A system is a documented approach in written format on how to duplicate proven success in that area. An asset that has no systems and organization to it will fail. Try buying a rental property and then “winging it”. You will bleed money.
3. People. You need people. Income can only be passive if you’re not the one doing the work. And we just discovered that there will be work. Buying a rental property isn’t passive income. If you buy a 4 plex, you just got yourself a sales, construction, janitorial, conflict resolution, landscaping, and accounting job that only pays $800/mo. You must hire people to do that work for you if you really desire the income to be more passive. For example, before you even think about investing in real estate, I recommend talking to a property manager in tandem with your Wealth Coach. Why? Because the property manager knows what the “job” looks like and they’ll tell you how much work is required if you do it yourself vs. what your overall costs will be if you hire the work out.
When it comes to income, it’s non negotiable. Wealth only happens when you make money, keep money, and multiply money. You can keep what you didn’t make and you can’t multiply what you don’t have. The WealthX U Coaching program helps you handle these areas, set long term life goals, create tactical strategies, and expand your network so you can create wealth. Click here to learn more.
Own Your Potential,
Jerry Fetta is a husband, son of Yahweh, Entrepreneur and owner of 5 privately held businesses. Jerry lives in Alaska with his wife and 2 dogs. His no-nonsense approach to business, finances, and life speaks truth and provides clarity to his clients and followers. His personal mission in life is to empower millions of leaders to own their God-given, ultimate potential.