We’re often led to believe that we only earn money when we trade our time for them. Outside of the hustle and daily nine to five grind, we basically are not receiving anything. Breaking that belief, Monick Halm reminds us of the power of having passive income wherein you do the work once, and you continue to get paid. She takes us into how we can set that up ourselves with our real estate investments and take back time into our own hands. Follow Monick in this solo episode to learn more about what it means to be truly wealthy.
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Achieving True Wealth Through Passive Income
Normally, I interview badass real estate investing goddesses, women that are crushing it in the real estate investing space. We also use this show to talk about issues and concepts that are important for real estate investors. I want to talk to you about passive income. I just got back from vacationing on a little island off the coast of Newport Beach called Balboa Island. I spent eight days there. When I came home, there were two checks waiting for me.
One day, back in 2009, I was on the set of the show, Modern Family. It’s totally random. I’m not an actor, but at that time I loved doing flash mobs. Flash mobs are spontaneous dances that you’re in a crowd and all of a sudden, one person starts dancing, some people join them and start doing this complicated dance. It’s delightful and I love them. I started to do them with this group, and Modern Family decided that they would do an episode with a flash mob inside. I got hired to be in the flash mob on this show. It was a super fun day and beyond this TV show, you see me for a split second. Many years later, I still receive checks. Sometimes, they’re $100 and the largest check I got was $700. This is after the first day of getting paid for the actual work and now I get this residual income.
This check is $20.11. It’s not a lot but this is from work I did many years ago and it still pays me. That is passive income. You do the work once and you continue to get paid. The $247.77 is from one of my awesome sponsors and resources. I have come to find different resources that I love that have been super useful for me in my investing and would be useful for other real estate investor goddesses. On my website, I have a page called Resources, have clicks on those Resources, they do something with the company and I get paid. I worked once to get those things on the website and I’m not continuing to do work on them, but I get residual income from that work. It’s the same with real estate. You put in a tenant and after your expenses and every month the tenant pays rent and that is passive income.
This might seem super obvious, but this was not something that I was taught to do. Growing up, I was taught that, “You get a job, you trade your time for money. Your money was connected to your time.” The goal was to get the best job, get paid the most per hour possible, which is why my parents suggested that I’ll be a doctor or a lawyer or an engineer. They could imagine me getting paid per hour. That wasn’t a bad plan. If that’s your paradigm that you trade your time for money, you might as well have your time be worth as much money as possible. True wealth gets built when your time gets uncoupled with money because time is finite. There’s only so much time that you have. Some people get paid a lot for their time like the CEOs.
Passive income is where you do the work once, but you continue to get paid. Click To TweetWhen you’re truly wealthy, your time is completely your own. You can have enough passive income streams so that you work because you want to, not because you have to. Setting up a passive income stream is like planting a fruit tree. You plant that tree, nurture it, water it and then it bears fruit. Season after season, you continue to bear fruit and have fruit. Truly having financial independence and financial freedom is when you have enough trees. You’ve built yourself and grown yourself an orchard, multiple streams of income coming from lots of different places. If one of your trees get sick and dies, you still have all these other trees that are giving you fruit. That’s what’s important to do and real estate is one of the best ways that you can do this. You can plant the seeds and you continue to bear fruit.
Because of the way real estate is structured, you can do things like cash-out refinance and you can pull out some of the money. It’s not like you have your apple tree and you take an apple and then you take the seeds from an apple and you plant another tree. One seed can give you an orchard. That is one of the ways that’s important to think about creating income for yourself. How can you plant trees that will bear fruit for you? That’s my desire for the one million women that I want to help to create financial freedom. I want them to have enough financial trees, bearing fruit that they become financially free because in their time, they have enough passive income that it exceeds their expenses so they don’t have to work. I believe that women will work in some way, maybe not at a job. I believe that they will give back to their families, to their communities, to the world and be of service and share the gifts they were born to give, but not feel like a slave like you have golden handcuffs to a job.
That’s what I wanted to share with you. I also want to let you know that September 18 to 20, 2020, I’m having the Virtual Wealth Through Real Estate Event. Normally, it would be in person but because of COVID, it will be virtually, which allows many more people to come. You don’t have to fly to Los Angeles, get a hotel, stay at our hotel. Although, a lot of you did. Sixty percent of our audience would fly in and it was so worth it, but you can do this from home and you can join us. It’s going to be super powerful. This is an event like no other. You will learn nuts and bolts of real estate investing. At the end of those three days, you’ll know more about real estate investing than 90% of other people in the world.
Passive Income: True wealth gets built when your time gets uncoupled with money because time is finite.
You will also be connected to this incredible network of women. I make another promise that in the three days, you will feel like you have hundreds of new sisters supporting you in your wealth of building, sisters that are on the same path with you. This event is very different because you are going to learn how to play this game of real estate investing in a feminine way. How do you do this from the feminine? That piece is truly life-changing.
That’s one of the main pieces of feedback I’ve gotten from women that have shown up to this event. It has literally changed their lives because of the shifts that they get from the work that we do. It’s not just education, it is transformational. I was so excited. I love this event. I truly hope that you can join me. You go to REIGoddesses.com and you will find out more information about the event. It’s $97 to join us virtually for the three days. It’s going to be quite a party. I invite you to check it out. I invite you to subscribe to the show and share it with your friends, like it and give it five stars. Join us next time for another Real Estate Investor Goddesses episode.
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