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  1. All Episodes
  2. 056: Create Passive Income and Take Back Your Time w/ Terry Washington Jr.

056: Create Passive Income and Take Back Your Time w/ Terry Washington Jr.

Sep 17, 2018

The most important asset that any of us has is time.  It’s the only thing that we can never create more of, and once it’s gone there is nothing we can do to change the way it was used.  Most people spend a third of their time creating income to sustain life. What if you could create Passive Income instead?  Take back your time and spend it with the people and doing the things you love.  My guest, Terry Washington Jr. teaches us how in this episode and in his forthcoming book, The Purpose and Supremacy of Passive Income: The Secrets to Financial Freedom Without Quitting Your Job.

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3 Key Points:

  1. You don’t have to be great to get started, but you do have to start to be great!
  2. People don’t remember what you did for a living.  They remember who you helped.
  3. Your great great great great great grandchildren will be able to find out every detail about you just by doing a simple search.  What are you leaving for them to find? What will your legacy be?

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Voices of Black Business Show Notes

**Click any timestamp to jump directly to that point in the episode.

Today’s Voice of Black Business: Create Passive Income and Take Back Your Time

Terry’s #1 Piece of Advice: Hold On! A Change Gone Come

  • [02:00] Interview begins
  • [05:15] Six Keys to Move from Survival to Success
  • [07:30] Conquering fear to start chasing the dream
  • [10:00] “You don’t have to be great to get started, but you do have to start to be great”
  • [13:15] Recognize your real enemy...and defeat him.
  • [17:35] Back from ad break

The Purpose and Supremacy of Passive Income

  1. [18:30] I’ve got a great job.  Why should I care about passive income?
  2. [20:00] There’s a problem if the bulk of your income stops if you stop working
  3. [22:00] Build passive income part-time
  4. [24:00] Your greatest asset is your time.  What is your time “Mount Rushmore”?
    1. Extremely low startup costs
    2. Get your time back
    3. Spend time around inspired people
  5. [27:30] Give network marketing a serious look if you want to build passive income

 

  • Puts the 20th Century business model in the backseat

 

    1. Puts you in position to change your legacy
  2. [35:15] Leaving your legacy
  3. [38:30] Moving past the traditional retirement mindset

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