Passive income is a term that gets thrown around a lot by financial education YouTubers like Alex Becker, Dan Lok, Pat Flynn, Millionaire Millennial, Graham Stephan and yours truly Matthew Pillmore. And I think its time we stopped using Passive Income to describe the residual income we’re all striving to build for ourselves. In this video I discuss the reasons why the term passive income is a myth and how we should begin looking at it as progressive income instead.
Now I’m not married to that term, so if you have any better ideas I’d love to hear about them in the comments below, but I do think it serves the purpose of describing how to make money in a more residual and efficient manner, while also revealing the fact that building out these revenue streams cannot be done passively – they take work!
That said it’s all about being efficient in how the systems are built so that as time goes on you’re spending less and less time on that revenue stream making it more and more efficient in building wealth over time. If you want to know how to get rich then you will have to look at progressive or residual income streams – you only have so many hours you can work a day.
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