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How to Turn Active Income into Passive Income with the Passive Income Operating System with Joey Muré

Joey Muré is Co-Founder and Partner at Wealth Without Wall Street, an online community that seeks to re-educate business owners & families on how money truly works. Wall Street is not just a street in NY, NY that puts Americans’ money at risk but it is also a commonly taught mindset. Wealth Without Wall Street exists to help people who WANT to become Financially Free, without ever having to invest through Wall Street or becoming debt free.

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Guest Resource

Wealth Without Wall Street – Access the investor DNA profileand get your eBook for free.

3 Value Bombs

1) Passive income is the money you created that will create money for you.

2) The key characteristics of the perfect place to store cash is it’s liquid, it’s protected and it’s tax efficient.

3) Having financial freedom is when your passive income exceeds your monthly expenses.

Sponsors

HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!

Vanta: Join over 8,000 companies who trust Vanta to help simplify compliance. Get $1,000 off at Vanta.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Turn Active Income into Passive Income with the Passive Income Operating System

[1:35] – Joey shares something that he believes about becoming successful that most people disagree with.

  • Don’t do what others have done to get the same result by investing in the same things others have invested in. You need to invest in accordance with your unique investor DNA to get to financial freedom as fast as possible.

[2:58] –  Joey shares how he and Russ started Wealth Without Wall Street to share with people the importance of financial freedom and the way to get to it as fast as possible.

  • He started his career in mortgage business and felt like he is in a hamster wheel all the time. The income is high when you are running in it but when you stop, the whole thing crashes down. He is working so hard but it takes his time from his family.
  • He thought in order for him to stop working so much he got to have his money that will also create money which is where the idea of passive income comes from.

[5:47] – Joey talks about the gap and why more people aren’t creating financial freedom.

  • It goes right back to the same analogy why more people in America are overweight right now. Its not that they don’t know that diet and exercise are the key components to losing weight, its because they don’t have a system that they can follow.
  • The difference maker is creating habits that will create outcomes and results for them.

[7:20] – Joey talks about sharing their monthly income reports.

  • They are in the position of influence and they wanted to share what actually is working for them to help other people and that is by sharing their monthly income reports.
  • These reports show transparency, that it is not just talk but also action to get to financial freedom.

[9:07] – Joey talks about the 3 steps to building such as system.

  • Organize, store and automate are the 3 steps.
  • People are good at being income-rich  but cash poor. Once the money from your business goes to your personal account , you spend it without having the right governor . The concern is to get the money from your business into your personal life and organize the cash flow to where you will spend it. You will then put the money that is left into your new passive income operating system.

[11:23] – Joey shares where to get the free eBook to access the said process.

[12:05] – A timeout to thank our sponsors!

  • HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
  • Vanta: Join over 8,000 companies who trust Vanta to help simplify compliance. Get $1,000 off at Vanta.com/fire!

[13:47] – Joey talks about using a P&L statement in your personal lives, not just in our businesses, to fast track our path to financial freedom.

  • P&L or Profit and Lawsuit Statement is your scorecard in business.  Knowing your income , expenses and what is left over is the key.
  • Thousands of entrepreneurs don’t have the same consistency when it comes to their personal lives, they don’t run their personal finances by a P&L statement which is a huge miss.
  • Having a clear understanding of what is left over will show how much you can save and how much you can invest. This is the biggest hurdle to getting financial freedom because you don’t know what you have to work with to start investing to create a passive income.

[15:54] – Joey talks about the key characteristics of the perfect place to store cash and if this system can be automated.

  • Once you have done the first step that is to identify your family P&L and know what is your left over every month, you need to identify where is the best place to put it.
  • Having financial freedom is when your passive income exceeds your monthly expenses.
  • One key characteristic of where to store cash is it should be liquid which means you have an access to the money when it is stored.
  • The other characteristics are it should be protected and tax efficient.
  • “Don’t overthink the recipe” from the book “Becoming Your Own Banker”. Massive wealthy families store their cash in high cash value life insurance by mutually owned companies because it has all the characteristics – it’s liquid, it’s protected and it’s tax efficient and it allows leverage which is the key component to building wealth.
  • You can borrow against it anytime and for any reason for you to invest in assets that will produce cash flow back to your family.
  • Their company gives free training on this concept of infinite banking.

[19:09] – Joey tells why debt freedom is not equal to financial freedom.

  • If the formula is passive income is greater than monthly expenses, even if you paid all your debts, cost of living expenses never goes away. You are still in the position to get to financial freedom until you get to the other side of the equation that is building passive income.
  • According to Robert Kiyosaki, author of the book Cash Flow, the people who win on that game focus on passive income.

[20:30] – Joey gives his key take away.

  • At the end of the day, you owe it to yourself and to your family to start taking your active income and start systematically to turn it into passive income. Follow the steps that they have outlined properly and download their eBook and automate it in your life. You will see the difference in a few years.

[21:37] – Call to action.

[23:25] – Thank you to our Sponsor!

  • HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
  • Vanta: Join over 8,000 companies who trust Vanta to help simplify compliance. Get $1,000 off at Vanta.com/fire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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