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Summary
Paul calls up
Alexia Allen, who foolishly forked over $100 to talk with Paul about
residual income streams.
First off they discuss what isn’t, in their opinion, a passive income stream but a fair few people do. Investments are first out, as they are inherently risky - even the most sure of investments can sometimes backfire horribly (case in point: Citadel LLC). Second are things like vending machines and property - both demand maintenance, either in repairs or re-stocking. Paul’s idea of passive income streams emphasizes the “passive” part of the name - he wants to be able to go off on the ocean on a raft for a year, and simply have a fatter bank account when he gets back.
Passive income streams that Paul does recommend include such things as writing shitty e-books. Good e-books are better, but in his
experience, turning a shitty e-book into a good one takes about a year and a half worth of work. Less, if you’re a good writer. Writing shitty
books first also allows you to test the
water before writing a good version of it. A decent example of a shitty e-book is Paul’s thorns one, although apparently a bunch of people like it.
The crux of Paul’s advice is this: don’t go into passive income streams with the goal of making bank. Go in with the plan of giving stuff away for free. Planning on making money almost always leads to crappy products and can easily become poisonous. If the plan is to make something good, or have something good come of the product, and maybe some people sometimes give you money for it, then people often will over time. A decent anecdote is a musician that Paul heard of that quit his day job to work on his music, and set himself a goal of putting out a song every week online for about a dollar each. Within the year, he started making more money than his day job. Paul doesn’t quite recommend going all in on one thing like this, but it can work.
Relevant Threads
Residual Income Streams forum
Paul's shitty "Thorns" e-book
Monies forum
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