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Do you want to create passive income, is it working for you, are you chasing fast cash?

In this random episode with Ed he shares some insight into an issue which keeps coming up with his students and clients - how to create wealth and give yourself permission to do so while asking the right questions of the people selling fast cash so as not to fall into the trap of losing money rather than accumulating it.

full text of the episode.

 

So random episodes are where I am going to share some knowledge and some advice. And some of the things which I've been have been thinking about have been coming up in the coaching sessions with my client students voted this week.

 

It was really interesting because I had two calls back to back on in the week. And both of them had very similar issues. And we're facing very similar issues. And I think part of this is also to do with what we've been witnessing over the last 18 months or two years with COVID. People being stuck at home, maybe people losing their some people losing their jobs, or deciding that they don't want to go back to corporate America again, or to the corporate world. And so they're looking for side hustles, they're looking to grow wealth.

 

And so to those issues, one is around giving oneself permission to grow. And get out there. And know that we have complete control of our destiny, that we know that every tool that we have, and that we need for success in life to have abundance we already have. The most important part of that is to ask, that's the main tool that we have to ask for help when we require help when we need it when we need assistance when we get stuck, is to go and ask. And so what was happening is both of these people had come from a place of success before and they were struggling a little bit with what they wanted to do.

 

They wanted to seek independence in their work and life and for their families. And, bizarrely, they had both read Napoleon Hills Think and Grow Rich and they'd read Robert Kiyosaki his book as well. And they read Rich Dad sorry, Robert Kiyosaki is Rich Dad, Poor Dad. And as a result of that, they both felt that they needed to create passive incomes are the sources of wealth. And neither of those books says you should go and invest everything into one particular thing. However, they do give the message of we need passive income, multiple income streams, so they both all on what what do I do? How do I go and create that. And of course, if you go on to YouTube today, and I love YouTube, but if you want to make money on YouTube, too, you know what the two most successful products to sell would be?

 

I'm sure you can have a guess. Right? Wealth, so how to make money, and health and beauty, how you how you present yourself, how you how to make yourself look beautiful, and how to feel good, those the two major ways doing your nails, whether it's doing your hair, whether it's your body, whether it's nutrition, those health and wellness, and money and wealth are the two biggest selling products you can make on YouTube. So of course, you go to YouTube and you look at passive income, you're going to be inundated with marketers selling you their products, how to get rich quickly how to make $1,000 in a day, how to make $10,000 in 10 days, you're going to find lots and lots and lots of these marketers now some of them are good, some of them actually have achieved that.

 

But the reality is for most people to try and repeat that success themselves without the backstory that that marketer has, without all of the knowledge in the research. And the due diligence it takes is incredibly difficult. In fact, I know some marketers who say at the bottom of their landing pages where you land off, you see an ad, the chances are you will have no success whatsoever. However, it starts at all here's a $7 product, then there's a $97 product and there's a $497 product and as 1000 or $2,000 product, what happens is, people get sucked into this process of I can make money quickly, none.

 

But in this case, both of these people looked at forex trading. I wouldn't go into foreign exchange trading. And some of them will actually it's been a couple of years doing the research. In fact, one was spent two years doing his research before he even made his first trade. Now that's pretty impressive. Okay, I would be pretty happy. And I said you know how much research you do. He said to yourself, well, well, that's probably what I would be doing before I made my first trade. The problem is, is he was investing all of his income from his other business into the forex trading in order to grow and make money faster. It didn't work.

 

Every ounce every dollar he put in, he lost. So at some stage, we have to say, well, when do we draw the line? If you've consistently lost all your money over a period of years doing the same thing every single day? What does that tell you? You're doing the wrong thing. If you don't change anything, nothing's going to change it for yourself. And they, one of the women did, he was chasing fast cash Well, fast cash making no money after three or four years is not fast at all. And that's a loss. But it goes to the heart of the issue, which is why they tried to do that. Because there was a sense of maybe not necessarily desperation, but I need to get myself out of the hole. So I'm going to go on to Google and you and find out the quickest way to make money. So the question is, and the point is you if you need want to go and have a passive income, which I think is fantastic and a soggy, which again, I think is a fantastic thing to do, if you want to do that have multiple streams of income, again, very, very sensible. But you have to become an expert yourself in your area, not just rely on the expertise of somebody else. And don't chase it just to make fast money, go and do your research, do your due diligence.

 

If after a period of time it doesn't work, change it, test it that the whole process of businesses based on the presumption of test is to write iterate test, which that which means that we go and we look forward to if it doesn't work, if it's a failure, fine. Go and do it again. Do it again, do it again until it continues till you actually get to a place where it begins to work. Okay, so first lesson is absolutely fine to build passive income streams to build multiple sources of wealth, as both of those two authors have suggested it is not fine to go on to Google and YouTube, and go and find the the top five ways to make money quickly and expect it to work for you overnight or expected to work at all. You've got to figure out what's within your knowledge base, what you need to learn what you enjoy doing what you think you can become an expert at and try it. And don't just try their methods, try lots of other people's methods as well and see which one sticks. Okay, because these people are selling you a product which has worked for them, it doesn't mean it's going to work for you. It may do but it probably going to work in a different way. So don't have too many expectations of it working exactly the same way.

 

Okay, and that comes back to giving yourself permission is one of the other commonalities is that neither of these people, due to their background and their stories had given themselves permission to succeed. What they were doing is they were repeating the stories of their parents. And this is something you have heard me talk about before, and what am we talking about, again, they were living and witnessing the same stories they saw their parents go through. From immigrant families, where, hum, there was always lots of hard work, very little love. There was enough food on the table, it was okay. But the parents were never there to say you're okay, go and do this. In fact, most of the time, the parents didn't want them around because they were exhausted. And so they were living their life. The same way they had witnessed their parents, even though that they both desperately wanted to move away from that.

 

So they were looking at ways of creating wealth and creating success and being creative and being entrepreneur yet they were attached to what their witness before they were also averse and pushing away from not wanting to repeat the story of their parents, but they were doing exactly the same thing. Because they were so afraid of going out there and doing it for themselves. And even falling over a couple of times, they had never given themselves permission to say I'm enough, I'm good enough, I can do this. I'm excited for this, I want this for my family, I want this for myself. I don't have to prove myself to anybody anymore. So that's really it for today. Just a little note to say to yourself, you have everything you need. If you don't have a Garmin asked for help. Don't try and do everything on your own.

 

We have to accept the choices we make. And we go and do our research. Don't expect someone else to save you don't expect someone else to put money in your bank account, that's not going to happen. We have to go out there and work hard to achieve that. But in working hard. We also want to be happy and purposeful and have meaning direction. And when you do work hard and you have another source of income. Don't go invest 100% of that into something else that you don't know. Again, that is a sabotaging technique because you haven't given yourself permission to be wealthy, to be successful. So remember, if that is you that resonates with you. Be careful. Do your research. Believe in yourself back yourself, know that you have the tools you need if not go and ask for help.

To contact Ed click on the links below

https://www.edandrew.com/contact

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Ed Andrew is the host of Human Impact. Initially a lawyer in London Ed has for the past 20 years been a global entrepreneur. Ed is now one of the world's leading life coaches and business strategists helping people learn how to thrive at home and work. 

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