Podcast 34: Passive Income, the Shock of Leaving College, and My Schedule as an Entrepreneur
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In our latest podcast recording, Perrin and I were able to sit down and discuss a variety of topics ranging from passive income, wealthy people, the transition from college to workplace, and much more.
If you read my last blog post, Does Passive Income Really Exist?, you will want to listen to this follow up podcast. Even though Perrin and I started out discussing passive income, the topic quickly shifted to other areas.
In particular, we spent the first 15 minutes or so discussing the American dream and how going from motivated student in college to full-time employee in the corporate world is not all its cracked up to be. Many of you have likely experienced the severe let down that can come from expecting big things after you graduate when instead you get shuffled to the back of the office in a cubicle.
I certainly felt that way, as did Perrin…you put in years of work to get a degree, and for the most part its useless. All learning is really done on the job for most careers, and the money doesn't come pouring in for most.
However, the benefits of entrepreneurship are huge. Perrin and I discuss how both our father's were entrepreneurs and how this has shaped our current lives.
Then I finally get into discussing more about passive income, my own work schedule as an internet entrepreneur, and much more.
Go ahead and give it a listen…we hope you enjoy the discussion!
If you have a moment, stop by iTunes and leave a review right here.
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I spent from 17 years old till 27 delaying college and finishing a degree because I never felt that I “FIT” into that mold and I never found anything that really resonated with me. I eventually landed on nursing because it gives me time to work on side gigs while still making money.
I do think we need to encourage entrepreneurship more in our society rather than preaching that entrepreneurs are “crazy risk takers” and there is NO way to make money with a business. It is hard! Very hard at times to run a business . . . but in the end there is nothing (or very little) in life so exhilarating and liberating as being your own boss and carving your own path.
I totally agree, Jon! I think people need to find what the best route is for them, entrepreneurship isn’t for everyone, but certainly it could be a good fit for many that don’t realize it just yet…
Exactly . . . we need to create more open conversations for people about entrepreneurship so that it becomes less of a “4 letter word” to a lot of parents
Through my efforts and in my little clan, words like “ENTREPREURSHIP”, “MARKETING” and “PASSIVE INCOME” are no longer dirty words. In fact, my 13 year old son and I will be building a micro-authority site starting in August, and I’m walking my daughter through doing some TEESPRING campaigns (and she is not collecting ideas, along with plans for PInterest, Instagram and Tumblr – how cool right?).
Great episode! You and Perrin are great to listen to together.
Ever think about planning a Google+ Hangout for a live Q&A or something along those lines with you two?
Not a bad idea…maybe so…
I find it really interesting that Spencer and Perrin both had dads running their own business.
And congratulations on finally finishing that book ))
I love the podcast and I wrote in telling you that it was my favorite over all of the others in the space.
With that being said, this previous episode just seems like you and Perrin talking vaguely about sites that you own.
This is only a suggestion, but rather than create podcasts frequently, make podcasts that have awesome content like in the past.
No offense, but this cast seems to drag a lot.
And was listening to an older episode so ignore my previous comment. The new one is great!
As someone who was at Harvard the same time as Mark and spent years working for Jeff, I can tell you the two share an incredible internal drive. I don’t think either of them had a desire to simply earn a lot of money and retire. I think the factor that pushes them is also the one that allowed them to see so much success.
One of the most amazing examples of this is Nadia Shouraboura. She worked her way up from being a rank and file software manager at Amazon all the way up to reporting directly to Jeff managing hundreds of people. While most of us would be ecstatic to have a safe, comfortable seven figure income, she left Amazon, invested $5m of her own money, and started a fashion e-commerce site.
In the end, I believe the people who accomplish a lot will always be looking to do more. The idea of passive income is fantastic, but I’m not sure it’s a reality for most (excluding the lucky lottery winners of course) as the people who work hard to get the opportunities will be the same ones who want to keep looking for more to do.
Just my random musings,
-Leo
Thanks for sharing Leo!
Hi,
I am currently a college student, soon to be in my sophomore year. My goal/plan is to get a pretty prestigious job, but with some free time and work on other revenue streams in my free time. So something like a management consultant, since they only work 10 hours a day as opposed to an investment banker who would work longer hours.
Anyway, how viable is it to spend only a few hours a week on niche website building? I realize there is a huge learning curve, but I’m guessing I’ll be able to get the hang of it in a year or two. Especially since, it can be hard to quantify how much you earn per/hour with niche website building. I’d might make more with a normal prestigious consultancy job.
Its very feasible to only spend a few hours a week.
An interesting idea. Personally, I’m a fan of the passive income approach, and my wife and I retired early on it some time ago. Now I dabble in Internet marketing to fund the kids’ colleges. I agree that some folks never want to stop working, but I’m happily not one of them. Different strokes, I guess.