Episode 38: Passive Income – Joining the New Rich

Written by Phil in Uncategorized

Phil spearheads the topic today, talking about his entrepreneurial journey as a means of demonstrating the winding path toward passive income. We focus primarily on Content Marketing because that’s what we know best and have had the most success with.

Main Resources

References

  • “Passive income also known as “Unearned Income” is income that can be earned automatically with minimal labor to earn or maintain. It can be a great way to help one generate extra cash flow, whether he or she is running a side hustle or just trying to get a little extra dough each month.”
  • Ali Abdaal’s Video on Passive Income
  • Launch by Jeff Walker
  • Hope Marketing: Doing nothing but hoping that your product will sell.
  • Logistics: Refers to what happens within one company, including the purchase and delivery of raw materials, packaging, shipment, and transportation of goods to distributors
  • Fulfillment: The process of receiving, packaging and shipping orders for goods. While any company selling products directly to consumers through the mail must deal with fulfillment, this term is most often associated with e-commerce.
  • Pick’n’pack: a term for warehouse work that involves picking the correct type and number of items from shelves and packing them efficiently for shipping.
  • Amazon FBA: Fulfillment by Amazon (FBA) is a service that helps businesses grow by providing access to Amazon’s logistics network.
  • Gua Sha: A chinese medicine massage stone, typically made of jade.
  • Derma Rolling: Involves repeatedly puncturing the skin with tiny, sterile needles (microneedling the skin).
  • Income School (Youtube): an essential source for any would-be blogger. Their free content is amazing, and their paid content goes to another level.
  • Project 24:
  • Dropshipping: a form of retail business wherein the seller accepts customer orders without keeping stock on hand. Instead, in a form of supply chain management, the seller transfers the orders and their shipment details to either the manufacturer, a wholesaler, another retailer, or a fulfillment house, which then ships the goods directly to the customer.
  • Barriers to Entry: a fixed cost that must be incurred by a new entrant, regardless of production or sales activities, into a market that incumbents do not have or have not had to incur.
  • Google’s EAT: Expertise, Authority, and Trustworthiness; Factors that determine where you’ll end up on google search results.
  • Net 30: Net 10, net 15, net 30 and net 60 are forms of trade credit which specify that the net amount is expected to be paid in full by the buyer within 10, 15, 30 or 60 days of the date when the goods are dispatched or the service is completed. Net 30 or net 60 terms are often coupled with a credit for early payment.
  • Golden Handcuff: refers to financial allurements and benefits that have the objective to encourage highly compensated employees to remain within a company or organization instead of moving from company to company (or organization to organization) (opposite of a golden parachute). 
  • Prefab: Prefab is short for “prefabricated,” which means “made beforehand,” and not “before fabulous.”
  • Soft Sell: Soft sell refers to an advertising and sales approach that features subtle language and a non-aggressive technique. A soft sell is designed to avoid angering potential customers and pushing them away. Because soft selling is a low-pressure, persuasive and subtle sales technique, it may not result in a sale the first time a product is presented but helps to encourage repeat sales.
  • Jeremy Sherman Episode – Psychoproctology
  • Marketing Rule of Seven: The Rule of 7 states that a prospect needs to “hear” the advertiser’s message at least 7 times before they’ll take action to buy that product or service.
  • Funnels (Marketing): a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service. The stages are 1) Awareness, 2) Interest, 3) Desire, 4) Action.
  • Graham Cochrane (Youtuber)
  • Kevin Kelly’s One Thousand True Fans
  • Evergreen (Journalism/Content): content that is not time-sensitive
  • Long-tail Effect: After an initial bump of sales, sales seem to persist indefinitely, never quite reaching zero. With a substantive enough catalogue, this long tail can accumulate to significant recurring income.
  • Content Marketing: a form of marketing focused on creating, publishing, and distributing content for a targeted audience online.

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