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TEDx Talks
Published: 2016-08-23
Source: https://www.youtube.com/watch?v=fDCAPOTnBIo
the average person in the UK has any other eleven weeks income saved in the bank how much do you have saved how long could you live for a few paychecks stopped coming in maybe you never thought of that and it might be a little bit scary to think about today I'm going to share with you arm about passive income and how to design your dream life
through building up a passive income streams designing your dream life three passive income ask a big claim it's not one is pursuing come important to us and what is it well in October two thousand twelve I knew absolutely nothing about passive income I was hit it's like you said I was at the block and it don't you me and I knew nothing about passive income I'm
you've house making come on you that you go and so let's find some money at school active income or earned income and it's what you do when you get a job and that's what ninety nine percent of us in the wealthy the upside of that is passive income or recurring income its way to the work once and you continue to get paid for currently the very
little or no actual work when your passive income the recurring income exceeds your cost of living what you spend on your food utilities petrol what kind of stuff M. when president come exceeds your your cost of living at you then financially free and if you happen to lose a job or not get a paycheck you can live infinitely for forever now what is the importance this
is a question get ready for atlas of some audience participation can you think of reasons why your paycheck would stop coming in you break a leg perfect so you'll know Cisco yielding capacity what you unable to sort your time for money thank you anybody else you get five fantastic plot is anyone been fought in the room tough anybody else going the other ones yeah or so
not that's really really good points out I do industry changes you what could be a global financial crisis or it could be modernization you know things like that lame brother collapse or or you know beyond the mining industry or will still structural change that can affect affect us and that might have nothing to do with your competency at your job you might also be taken over
by new found you not as a merger in there to give you the same job and and you made redundant well you just four out of the boss and Anne and I ask you to trust along the way am it may not actually beat you to your competency whatsoever that's not a great position to be in as if you'll financial security is effectively based on circumstance
or things that might be out of your control sigh when all I was a unique I just finished my second year I got a first rate which is great and PPA and I I tried to attack fused gets unity I tried banking atrocity grouping Canary Wharf I tried accountancy I tried little I tried sales IT sales PR then I tried print during gamble and I had
this long list of proper jobs vat watchful eye on each night respectful people that they don't do these things I will try try with my children and I am I enjoyed it I I I didn't dislike to jobs I I like the people I was working with so few what's impressed his head had gotten a but it didn't want me out I couldn't see myself self
spending next forty five to fifty years so what I'm gonna Tom as now's six five six seven and you know wives when he gets about is now one hundred seventy five eighty hundred a few nice I'm I couldn't spend that the next fifty years of my life during this thing I'm and Armand approaching godless it's not my final day in and the whole mean parking how
to get on the set we once were few job when you finish you need but we're not quite sure if it's right for you and I thought well it's an odd thing that and that they said just just about the room and will bring any other possible we'll have a chat and when I came back in the aisle smiling and they were like what we're eating
smiling wait wait I would we sort of saying we don't really want to feed the child and I said no one has ever said that to me I thought in my head off walk onto this but I didn't know that there was no alternative I took someone else to say it to me decide you know what that Viacom do this sorry scary thought woes is locked
out shot the dog door and now is not will stop them from fresh what what Kennedy so I went home that night and started giggling as any self respecting person does when their response to the next uniter alive crisis they jump on Google and I yeah I saw discovering times like how can you be your own boss a passive income %HESITATION wealth creation and words I've
never come across before I started to read and I read about a real life case studies not billion as all these incredibly talented people people normal people who had picked the strategy there are lots of ways to bring in passive income entrees property but there are lots and they said about taking work that's taking action is a get rich quick overnight not if anybody tells you
is there any way doing that as the lottery eyesight but it can be get rich fast you know whatever is few months years it doesn't take long its annual sustained action can get you the results you want so why read loads of books talk right and they also must about unions I I'm just reading all of the stuff I'm and I went along to the system
I. choice property a resume to me beside you don't have to pick up the arm wetlands these events were not normal people arm or Blackwell Trevor and I will and no my guy can cost roughly billion at thirty extra houses whatever it was announced that what he can do it I can do it see so I spent my student line and I got a credit card
annoying vested in myself to learn what what to do I'm I'm best them mark myself and to cut a long story short and I started my money and I had no knowledge or education in in this kind of stuff am and two years later I had paid off every investor operate from and twenty four houses and we the poor fellow was three point five million quid
am I once you national awards now that doesn't mean on special at school I think the biggest thing I want to get across is anyone can do it its strategy United if someone happens to get a degree it doesn't mean that they're you know not see legend they've just done what they've been told they broke up the classes that I'm home work and they've got the
result with it happens to be the first or two one or two to you you get a degree and it's the same with with wealth creation stuff some people are blessed with not sure ability and a market didn't get in their little bit quicker but anyone anyone can can achieve the same results and the reason I wanted to get into the stuff was because a I
didn't enjoy it in like three hours heading down an unfortunate people in UK sixty to seventy percent of people don't like the job exit the seventy percent of people don't like vigil I don't and I know that a third of them I hate my job sort of a hundred people whatever is in this room twenty five people hate federal but you don't have a choice if
you don't know anything different you have to go and stop your time for money you've got bills you've got a mortgage you gotta at looking after the children you you don't have an option right on often we work so hard in the day that would not get it the end of the day or week we don't have a head space is not thinking about other things
and I didn't want to be in that position the further you want down the line %HESITATION unite few students out of this is the perfect time to take action now to really you've got the time Sir to really check this stuff out because I found the old people get they tens maybe have a few more limiting beliefs I'm all barriers they still have one of the
same ability in fact all the people the more ability to have because they have enough experience but there might be other women said that that block the minute brain from from doing it and that's the hardest thing you need to overcome is is once in place in your head sigh busting come to it from properties one way but you can choose network marketing like you know
I am travel living or utility would ask that that kind of stuff and you start to sell you them build up thing of people selling for you eventually barrel making money from you when you're not doing any work you've got affiliate marketing we drive traffic to web sites and you make commission off all purchases well so we go and owning a business so you're not working
in the business you know self employed if you're self employed you don't really business I'm gonna because you're still swapping it's time for money like a like a plumber listicle affirm where they obesity and people running out doing their work for them and you still swapping it's time for money and I'm you've got I wasn where you at you because of business im's and we buy
parts in China and soul mate here I am and if he might commission on that property is another one that there are loads of different ways of you generating that passive income so I've nothingness as those you have got money in the bank or as you know in the very middle watching it with the feather down the journey often we so busy on focused on earning
the money were not focused on what to do with it on this it you know Albert Einstein it cools the eighth wonder the welcome that the compounding effect side a little bit of action if you're young you know a little bit of sensible investment or make my money work La Jolla few adds up to something really special overtime and that doesn't need to be risky or
or you know I it's gonna went into is if you're smart you can make that money work really really hard for you must not succumb to investigate nailed it Netherlands of ways of doing that so in terms of it how to use them I'm not gonna talk today about massively about live ways you can do it and I put my blog up and sign up to
that and we can and and I can send you more about how to do what's right for you based on your income all way around all the time you have and but the main thing I want to get across to his weapons if you don't focus on building a passive income side you'll predictable future is why you are right now you're probably a if you're a
student and you'll probably I got the job in the future or if you will and I got a job at the moment am that's not gonna change and that's not a problem until no problem until but you may want something different unite do you wanna be working for if you love your job that's awesome and you know I keep doing what you do that's fun just
eleven and you're very much in in the minority of doing it the have the security and the peace of mind in the freedom that if your desires change or if your circumstances change then you don't have to do that job anymore if it's not that you have to worry so if you're sick if you if you get fired if your job changes every industry collapses there's
no problem I or should it look off a sick relative weapons if you do you get your passive income now probably some of you there thinkin funds to call big house will mature in I fancy logo inicia on a surface cooled I it's it's fun and it's great I am and for some people that means more than others I think the biggest thing for me is
to ask what would you do with your life if if money was no object you didn't have to swap your time for money what would you do would you travel which you go in lends itself in Hawaii or do you no good and you will go to help an orphanage in Cambodia what would you do what do you passionate about and that's maybe not something we
we Oscar ask ourselves a lot because we don't see a way to to achieve that sorry for me mightn't MyTravel my passions unless things traveling helping others doing stuff like this I'm my dream is that all people will be able to follow the ha you know whether that's a musician or an author when artists you can follow what you love irrespective of the paycheck and you
know you've got the financial stuff sorted by picking one of the strategies and doing a few hours a week and compound effect is that you don't have to worry if you will financially successful you can follow your heart and for me that's really really exciting Stephen Covey has got a great quote which is I am for you climb the ladder make sure it's completely up against
the right building and it's really interesting when I was at your name is cool I I had the you know the proper London jobs lined up O. or or heading down that route but and like I said before the further up the light you get maybe the more reluctant you want to step step of fat so if you have insulted if you student now's the perfect
time for you to really think what it is you wanted and if you offer that on the journey now is the best time to use it to ever think about that it's not really in five years or ten years you gotta think about us stuff now so to summarize today's talk we discussed what passive income is so it's not stopping is on the money is doing
the work and getting paid for ever from it and we discuss why we need it psychology and some safeguarding from the negative stuff but also giving you the ability to design a life that you dream of onto a choose what you want to do with your life and for for a lot of us that's not something we've ever really thought about it may seem risky you
may have limiting beliefs I certainly did I was twenty three I had my money I had no experience I was it unique and I I didn't want a job I didn't wanna today but with a little bit of education and action you can do whatever you want to do whatever you limiting belief is that you're too old or too young whatever but that's one side and
just sit in the world a possibility what could be possible you if you actually took consistent action and I'm built up this this passive income don't worry about how I just think about the the wall on what would your life be like if you had five ten twenty the grand a month coming in fifth for various lack and in terms of risk what's the risk of
you not to mess what's the risk of you living your life doing something that you settle for or if you are doing what you love you you're very lucky for that but what happens if that changes side what's the risk of not taking action the final thing I want to leave you to visit ritually anyone can do this I'm not special am and on a lot