This video comes from Gary’s 2017 keynote in Copenhagen. Watch the full keynote on his main channel here: https://youtu.be/FpVgkN2qbMg
There needs to be a serious talk around the concept of passive income. If you think there is a special way to just have money flood into your bank account while you sit on a beach and do nothing, you are very mistaken. Nobody you know that is making passive income didn’t grind for years and years before they were making enough “passive income” to live comfortably.
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Gary Vaynerchuk is a serial entrepreneur and the CEO and founder of VaynerMedia, a full-service digital agency servicing Fortune 500 clients across the company’s 5 locations. Gary is also a prolific public speaker, venture capitalist, 4-time New York Times Bestselling Author, and has been named to both Crain’s and Fortune’s 40 Under 40 lists.
Gary is the host of the #AskGaryVee Show, a business and marketing focused Q&A video show and podcast, as well as DailyVee, a docu-series highlighting what it’s like to be a CEO, investor, speaker, and public figure in today’s digital age.
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Creating ‘passive income’ is lots and lots of hard work for many years before you start seeing ‘passive income’ and you have to continue – the term is misleading or confusing – it should be called ‘active income'
Wow. BAM 💥
Real estate actually takes a lot of work. You need an income to purchase the real estate in the first place- then you need income to maintain it. There are always upgrades and repairs you have to make, plus the taxes and mortgage to pay.
Yes, you can rent out the property for a profit- if you manage it right… but you need to keep a good ten grand in the bank, in a savings account, for unexpected problems.
For example, my tenant didn’t tell me there was a leak in the bathroom. (He thought he was doing me a favor by not complaining.) Flash forward years later— the wood in the foundation collapsed and i had to gut and rebuild the bathroom. Luckily, I had saved to buy a new car. (Note: I am still driving my nearly twenty year old car.) Trees needed trimming= several thousand dollars. Roof needed replacement= over ten thousand dollars. Every time someone moves out, there are repairs to do and the place needs to be revamped. It’s an investment— and maintaining it is a second job.
those looking for passive income, are those looking for interest they are not very different, except if you add religious beliefs passive income is driven by god, but its more complicated, a religious world generates revenue all the time.
Think big, set goals, work hard and succeed. I realize in life there’s no shortcut to getting rich, but investing remains the best way to go about it.
"Passive income doesn't exist" what a dumbass XDDD
Can tell that guy didn't want to hear Gary's wisdom.
Sounds easy but it's not🤷♂🤷♂. Truth is, I have tried a few things but I always ended up in losses. I'm thankful to the universe for bringing Debra Pace my way. With the way things are going I wouldn't know what to do
He Didn’t Actually Answer The Question..
Seems Like He Just Didn’t Want To Perpetuate Something.. He Over Complicated It And Didn’t Just Answer The Question Like He Was Mad At The Man For Asking And Made Assumptions And Jokes About The Guy..