Building off our previous episode on “The Cashflow Quadrant: How Do You Make Your Money?”, this week’s episode covers the subject of generating passive income.
When making the transition from the left sides of the Cashflow Quadrant (Employed [E] and self-employed [SE]) to the right side (Business Owner [B] and Investor [I]), money can be earned “passively” if done right.
What does this really mean? It means that you start generating an income without trading your time . . . or at least not having to trade large chunks of your time!
Dr. Leicht and Dr. Bugg describe in detail their definition of passive income and the financial philosophies they have used to build wealth and generate passive income streams, with conversation topics including:
- What is passive income?
- Trading time for money vs. money for money
- Discussing different personal finance perspectives, including using cash flow generating assets to pay down debt
- Ways passive income can be used to improve the quality of your life
- Types of passive income including stocks, REITs, real estate, private lending, and private business (private equity)
- How to start building passive income streams
Did you enjoy this personal finance related show? Check out more related personal finance episodes including:
The Cashflow Quadrant: How Do You Make Your Money?
Financial Literacy – What You Need to Know About Debt
Personal Finance and Your Money Journey with Global Chief Medical Officer of Royal Canin: Dr. Brent Mayabb, DMV
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Any questions, comments, feedback, or requests for guests can also be sent to [email protected]. Thank you for listening and we look forward to seeing you next Wednesday for another episode of The Veterinary Project Podcast!
– Jonathan Leicht, DVM and Michael Bugg, DVM