Have we all forgotten Tim Ferriss' book 'The 4 Hour Work Week'? It was enormously influential and was likely involved in every one of these failed entrepreneur's ventures This discussion reads like 'staying inside from 2019-2022 changed social structures' without saying COVID once
The "Passive Income" trap ate a generation of entrepreneurs
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Re: The "Passive Income" trap ate a generation of entrepreneurs
#142Earlier quoted context omitted.
> You rarely see anything more than a couple hundred bucks a month. There are notable exceptions, but unfortunately a lot of those notable exceptions are scammy, spammy business models. I suspect this is largely sampling bias. I host meetups for indie founders, and several attendees earn their living through solo businesses. When I go to conferences like Microconf, I meet lots more. The problem with measuring financi…
I note neither your post or the one you replied to contain any quantitative data about how many profitable solo businesses there are.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#143Got trapped in an Amway pitch in my teens and have been inoculated against such things ever since.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#144Earlier quoted context omitted.
yeah, but the guys selling the courses were/are all obsessed with being at the beach
I'm pretty sure that being at the beach is really just universal marketing shorthand for "being somewhere that no one would ever expect you to even reply to emails from"
Much cheaper too, ridiculously enough.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#145One thing in the article struck me as way too optimistic: > What actually makes money hasn't changed. You find something people need. You get good at providing it. You charge a fair price and you keep showing up even when it's tedious and even when you don't want to. You build relationships over years. You build reputation over years. You can make money doing this, yes--but most people who are really rich don't. Ther…
I would say really successful companies at least go through a stage of Building Something People Want. Even if they stray from that as they become more successful.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#146Earlier quoted context omitted.
my favourite bit was 8 Free to do what? Sit on a beach, apparently. Every single one of these people wanted to sit on a beach. I've never understood this. Have they been to a beach? There's sand. It gets everywhere. You can sit there for maybe three hours before you want to do literally anything else. 8 I laughed out loud when I read it, because it's so true.
I think its pretty obvious that "sit on a beach" is a metaphor for being able to do whatever you want not literally sitting on a beach for the rest of your life. At the same time, you guys really can't imagine relaxing on a beach for more than a few hours? Like i'm not really a beach person but back when i lived near the ocean i spent the odd saturday just unwinding on the beach with a book. Certainly wouldn't want t…
(also I could happily relax anywhere for a few hours, but ideally not on a beach because that's uncomfortable)
Re: The "Passive Income" trap ate a generation of entrepreneurs
#147Running an online store isn't "passive income." Passive income is from rental properties, mutual funds and (my dream) a rich uncle's trust fund.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#148Earlier quoted context omitted.
and Kiyosaki has declared bankruptcy at least once!
There really should be a special category for business books written by people who’ve gone bankrupt. I know at least two well known examples, but there’s got to be a whole lot more.
“Hear are the things that led me to bankruptcy, and here are the things I did to climb out of it and become financially stable again.”
Re: The "Passive Income" trap ate a generation of entrepreneurs
#149Re: The "Passive Income" trap ate a generation of entrepreneurs
#150Earlier quoted context omitted.
> You rarely see anything more than a couple hundred bucks a month. There are notable exceptions, but unfortunately a lot of those notable exceptions are scammy, spammy business models. I suspect this is largely sampling bias. I host meetups for indie founders, and several attendees earn their living through solo businesses. When I go to conferences like Microconf, I meet lots more. The problem with measuring financi…
> successful founders are busier I thought it was supposed to be "passive".