There is No Passive Income!

I have 26 subscribers from 9 countries 🌎 at this point. In my newsletter, I share 5 exciting things every week. Please feel free to forward this to your friends.

Let's begin ✌️

🗞️ News you should be aware of -

Conspiracy theories have been flying around social media that Steve Jobs might be the creator of Bitcoin and Satoshi Nakamoto could be a fictional character he created. A tech entrepreneur named Andio Baio discovered that if you use a Macbook purchased after 2018, and if you go to the 'Terminal' app and copy-paste -

"open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf",

the bitcoin whitepaper will open up, meaning it was already saved in your MacBook!!

I checked in my Macbook that I purchased in Nov 2018 and it is indeed true for me. The Bitcoin whitepaper was saved and sitting on my laptop since I bought it!

💭 A quote that made me think deeply -

'People creating wealth will always be attacked by people playing status games.'

- Naval.

What I understood - Imagine that one friend/colleague of yours, who is too proud of herself/himself. The one who boasts a lot and cares a lot about what other people think. The one who is someone else at home and someone completely different in front of other people.

Every rich person will be attacked by someone with the personality I mentioned above. The problem is, for them to win at this game, somebody else has to lose. It's never a positive sum game with them. It's a negative sum game with them. Whereas true wealth creation is always a positive sum game. More on this topic is on this blog.

🎙️ A Podcast I listened, to strengthen my values around money -

In this podcast, Morgan Housel gives 30 rules of the money game. Two of them stood out to me.

1. It can happen to you. We read stories in the news of job losses, investing mistakes, divorces, etc. It can happen to you as well, prepare in advance. Read fewer forecasts and read more historical trends.
2. The only way to build wealth is to have a gap between your ego and your income. Nobody is as impressed with your stuff as you are.

💰 My side business generates around 600 PLN every month -

I and Martyna created a dog hotel in April 2021 and after 2 years of taking care of dogs, we have quite a few permanent clients. We developed a good relationship with our clients and they feel comfortable leaving their dogs only with us.

🧠 A thought I firmly believe in -

There is no such thing as a true passive income! 'Something that will generate money while you sleep and do nothing'. Imagine if you release a Microsoft Excel course on Udemy or Skillshare. Yes, it will generate money depending on how much time, the paid subscribers are spending on your course. But, with each update in Excel, you'd have to add new chapters to the course and be truly up to date with the latest advancements Microsoft will come up with.

Another example could be becoming a landlord. Yes, you can buy an apartment and rent it out but still, there is a lot of work to do. Repairs, administration fees, taxes, finding new tenants in advance in case current ones leave, living not 1000 km away in case your signatures are needed, etc.

So build multiple income streams but be ready to work on them forever.

That's it from me this week. See you next week.

© 2023 Kunal Dutt.