In this podcast episode, the guest is Rachel Jimenez, who studied entrepreneurship and has a background in higher education. She met the host, Gareth Pronovost, through a mastermind group, and they have known each other for a long time. Rachel has always wanted to be an entrepreneur and start her own business.
The conversation centers around the difference between active income and passive income. Rachel explains that active income involves trading time for money, while passive income involves putting in upfront time and effort to create something that can generate income long-term. However, she cautions that the term "passive income" can be misleading because it does require some level of ongoing work, such as marketing and maintenance.
Examples of passive income include rental properties and digital products, but there is always a level of risk involved in creating something that may not sell. Rachel emphasizes the importance of upfront planning and consideration when deciding to pursue passive income.
The discussion also touches on the challenges of running a service-based business, where income is typically capped by the hourly rate and insurance reimbursement. Rachel shares her own experience of creating a store that sells digital products and automating her business to generate passive income.
Overall, the podcast provides a valuable perspective on the pros and cons of active and passive income, and the importance of careful planning and risk management when pursuing passive income streams.

Book Recommendations:

Change Your Questions, Change Your Life by Marilee Adams Ph.D.
The New Business Road Test by John Mullins


How people should connect with you?
Email: [email protected]
Website: moneyhackingmama.com

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