The Power of Passive Income!
Last week I had the honor and privilege of going to Philadelphia and teaching financial literacy to a group of 60 inner-city youth.
The main point that I repetitiously taught them was: the purpose of earned income is to buy assets that provide passive income.
Their passive income THEN pays for their lifestyle as well as more income producing assets.
This gives them the power to be able to build and control a sustainable lifestyle that they dream of.
For me, having enough passive income to provide for my lifestyle is for the purpose of being able to make a difference where I want, when I want, and with whom I want.
It is in the moments…….like the one captured below…..that I am grateful that I am able to teach from experience and not just from theory.
Financial literacy is the solution for so many of these inner city youths’ problems.
Many of them recognized that fact and shared their visions and gratitude with me.
-Catherine Bell (President)
Last week when we were in Philly I had the opportunity to “anonymously“ take some of the historical tours and reminisce about my first time in Philly.
I say “anonymously” because I now own many of the documents and artifacts that those entire tours are made up for.
I got to be a fly on the wall and observe “newbies“ genuine reactions to the history of which I have the honor and privilege of being a curator of.
There was a time when I would have to wait a year to save up for a trip like the one that we were on.
It would take months of planning every detail as well as a child tax credit check.
I was working hard living paycheck to paycheck and spending all of my money just to survive.
Investing and having passive streams of income was not anywhere near my wheelhouse of thought.
I was fortunate enough to be financially mentored by someone who was patient enough to put up with my desire for instant gratification as well as someone who believed enough in me that I was allowed to make mistakes on his dime and his time.
All of this led to me going from managing……… to eventually owning a mobile home park.
This mobile home park is my biggest stream of passive income, and the reason why I have the ability to own and share with others the documents and artifacts that made up this great country.
Financial literacy is the unfair advantage.
The day you graduate from “little stinkin’ thinkin’ is the first day that you “NEVER awake from the American Dream”!
-Steve Wahl (Mobile Home Park Mogul and All Around Good Guy)
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