The Passive Income Myth Summary: A genuine and honest approach to how passive income can be made by tried and tested methods.
Title: The Passive Income Myth: How to Create a Stream of Income from Real Estate, Blogging, Bonds and Stocks Investing Basics
Author: Joseph Hogue
Date Published: 2015
Subject: Passive Income
About the author: Joseph Hogue is an American author and Marine Corp veteran. Jospeh has had a long-standing career in real estate and corporate finance. Joseph has a booming blog and youtube following.
The Passive Income Myth Summary PDF: No this book is not available for free download, you will be required to purchase the book.
Chapter 1 – What is passive income
Chapter 2 – Real Estate Investing
Chapter 3 – Blogging and Online Stores
Chapter 4 – Income investing
Chapter 5 – Bond investing
Chapter 6 – Choosing your passive income path
The Passive Income Myth Review:
I feel like Joseph is right, just about every single passive income book follows this format “How to make” insert ridiculous figure here “of passive income in six months”. This book however claims to be different, and after reading it – it is different. Joseph claims to have tried and tested the four methods which he promotes and as a skeptical reader… I actually believe him. I find that instantly this gives credibility to his claims and instills some faith to the reader. Could the myth of passive income not really be a myth after all?
The four methods, which Joseph talks about, are as follows: real estate, blogging, bonds and stocks. Are these truly passive income streams – I think so. Blogging and real estate could be seen to be a little more than passive but it depends on your situation. If you say buy a pre-established blog and write one article a week, I think that is passive. If you have built up a blog from scratch and have had to write hundreds and hundreds of articles then I don’t really think that is passive.
Similarly with real estate, if you are managing the rental property for a residential tenant and you get daily calls from the tenants complain that the tap isn’t working and you have to organize for the plumber to come out and fix it, then that too is bordering on not being passive. This is purely due to the volume of work involved. But for once I genuinely believe that ALL of the income streams which a book actually talks about are genuinely passive. And I have never seen that in any other book. So Kudos to the “passive income myth” as it is ticking all the boxes so far and I am only about 20 pages in.
I also like that this book is short and concise – it is only 151 pages and therefore there is no room for absolute fluff. This is not the first time I have seen Joseph, he is a very prominent youtuber and blogger and I have been on his website several times prior to reading this book and making the connection between the two resources.
I feel that this book doesn’t really have any negatives – when you compare it to the last book which I have read being “Passive Income: 40 Ideas to Launch Your Online Business Including Blogging, Ecommerce, Dropshipping, Photography, Affiliate Marketing and Amazon FBA” which just touches on 40 different ideas and doesn’t go into detail, this book is a breath of fresh air in comparison. Joseph goes into detail and chooses to only touch on 4 select passive income streams that in my opinion is a far superior approach. Joseph has the experience and knowledge to justify just talking about the 4 streams, anyone can scattergun approach but few people have the capability to go in depth.
One thing, which has never been mentioned before, in any of the books I have read is a chart of how much work an income stream is. For instance on these 4 items I would argue the following order in terms of passive to active based on time commitment:
3. Real Estate
It would be interesting to fit in a few more of the other passive income streams, which are available. Such as Affiliate income, AdSense, term deposit interest etc. Joseph speaks about a few other concepts being what is the start up cost associated with the passive income stream, how quickly you can earn the income, and then how likely it is to continue on into perpetuity.
I feel The Passive Income Myth book is excellent and would be fantastic if there was a second version or a part 2 of this book, not revisiting any of the sections, which Joseph has already touched, but further developing the readers understanding.
Joseph is very honest and thoroughly gets across this point – nearly everything that has the title passive income is a scam. And for the most part 80% of this is true. There are plenty of people out there looking for the easy fix the 2-second $10,000 return but that just doesn’t exist. Let me get this straight – please be aware that there are soooo many scams out there. Be cautious, do your due diligence and don’t get scammed. There are honest methods of making passive income but it is not what you expect. They mostly take time, effort and money.
I honestly recommend this book as an excellent read. Please check out The Passive Income Myth Joseph Hogue