Gary Vaynerchuck on Passive Income with Big Subtitles

I think that when people say hey let’s

do passive income they go into like spam

City USA oftentimes you know I have

passive income when I’m investing in

early-stage startups that then go sell

for 400x and I didn’t do anything I made

money

should I make more money on my passive

income probably than my hustle income

they both work but please make sure that

your passive income has practicality to

it because all the people that have

tried to create systems and automate

their cash there’s been a very small

percentage of people that have been able

to lay on the beach while they collect

money on the internet a lot of that

stuff is completely ludicrous and I

promise you the ones in the 1% of

passive income spent a boatload of hard

work and hard time to get to that

evergreen place up in the sky and so you

know I think that there’s an enormous

massive misunderstanding that there are

almost zero people that have pulled off

substantial success without putting in

real time and effort now we all have

different ambitions and goals do I think

that it’s easier to create $60,000 a

year in passive income on the internet

tonight I sure do and if that’s what

your goal and ambition is that’s more

practical than millions millions of

dollars in passive income on the

internet smoking weed in Jamaica while

it just keeps coming in is just not as

real as you think partner you like that

one that’s not real show me cuz I’ll

show you a billion people that like have

won through hard work show me show me

this magical person because I’ll show

you somebody who sells you that dream

but isn’t actually doing it wow that

I’ll show you you want me to hire some

models for the afternoon and get a boat

and go to some sunny place and be like

this is that I’ll show you that you want

me to show you the people on Instagram

who go take all the money they own in

the world in hundred-dollar forms and

the bank and throw it on a bed and take

a picture and then put it back in their

back I’ll show you that I’ll show you

the front of this passive income dream

of the Internet sorry

a little too soft is that right you’re

happy that I cut you you’re happy I

picked up a little crescendo I have a

question about passive income and okay

know what kind of trends do you see per

person interesting in that I don’t want

to be stuck in office nine-to-five for

the rest of my well passive income comes

in two forms 97% of the form is the

douchiest shittiest thing on earth and

3% is the tried-and-true thing that has

actually created passive income in the

history of mankind so let’s find out

which side you’re on how are you

thinking about when you say passive

income do you mean some what do you mean

I mean not having to work all day long I

want to be an out on the beach in Mexico

instead of being on an office in Sweden

and never cold November are you being

serious right now

yes yes I’m sometimes the quickest way

to not be on a beach in Mexico is to

think the passive income exists it’s a

it’s a bad mindset I really believe that

I think the reason so many scum buckets

are making so much money is because

you’re buying stupid [ __ ] courses

over and over thinking there’s some

[ __ ] magic formula for passive income

passive income looks like this you take

money that you can afford to go to zero

and you put them in the two places that

have historically create a passive

income public markets that you don’t

care if it goes up and down and you just

wait to the end or real estate and you

hope that your real estate area doesn’t

get crushed everything else almost

doesn’t exist I’m thinking more of real

estate because I’ve been involved in it

in Sweden loved it and for all the

Danish people it’s pretty like the

government is very restricting on

creating a real estate business it’s a

lot of taxes it’s really hard if you

don’t have the money in the beginning

shouldn’t you work your face off to get

money not buy dumb [ __ ] like a watch and

then put it into the real estate

yes I should okay look look you know and

I think you know and I’m happy I can see

your energy I’m so passionate about this

issue there are people that are ripping

people off at the level of hundreds of

millions of dollars because they’re

selling this dream because they made a

video with pretty girls in a beach in

the background and are making people

spend a thousand two thousand it’s

breaking my heart

passive income doesn’t exist and

anything that starts with I don’t want

to work is already a problem what you

need to do is I understand I don’t want

to work in an office or something I’m

not passionate about what I the best way

to make money is to make less money than

you’re making now enough to still live

because you gotta live around something

that does interest you because you wake

up eight years later and it’s something

good is actually happening so it’s not

the everybody wants to make it the

extreme of I’m sitting in my job I hate

it this sucks

all the way to beach in Mexico but

there’s a real in-between which is why I

wrote crush it which is at night when

you’re done with your [ __ ] job that is

paying for the life that you have to

live right now a you don’t take some of

that money and buy dumb [ __ ] like

seventeen beers watching the World Cup

what you do instead is you work on

something on the internet that costs you

nothing to start save all those dollars

build something for yourself over seven

years and then transition from the [ __ ]

job to your own business that’s passive

okay thank you you can live on six hours

sleep so you have 18 hours you have 18

goddamn hours I want to know what you’re

doing with your 18 hours because you can

work your 9:00 to 5:00 and that’s nine

and you can travel for an hour here and

there respect

nice little solid commute oh you want to

be a family man Mazel Tov you can spend

two hours with your kids what are you

doing with those other five hours

you’re watching house of [ __ ] cards

you’re playing Madden you’re relaxing

from the other intense ten Gary I

already spent eleven hours

well great then don’t complain or want

more respect that by getting rest and

this and that you were giving up

opportunity to go into a new work you

want the audacity to have a 1% life

let’s let’s call what it is you want to

live as well as the one to two percent

in the world it’s not very complicated

the math is very wrong like you if you

want to have one of the best life’s in a

world which is you live on your terms

you have to pay your dues to get there

and you have to be lucky enough to

figure out that you had talent in the

thing that you actually want to do

because you can work 24 hours a day and

if you stink at golf or you’re not a

good content producer or your logos look

like the [ __ ] I would make then you’re

gonna lose so that’s what you got to do

she or he has to love the game for me a

purebred entrepreneur she or he loves

the journey mm-hmm not the stuff you

know one of the things I struggle with

in the current state of entrepreneurship

is a lot of people want the vacations

the watches you know even even the

context exists you guys have such an

incredible imagery I think it’s

remarkable

who doesn’t want fine things in life

yeah but I think that if you’re in the

game just for the fine things in life

for the bottles and the models and the

private planes I think you’re gonna lose

and it definitely is not my definition

of an entrepreneur my definition of an

entrepreneur is somebody who can’t live

without doing their thing and trying to

create literally suffocated when I was

young

I learned because I’ve been an

entrepreneur my whole life you work hard

you get a deal you reward yourself buy

yourself a lunch what’s your thoughts on

that philosophy I think that worked for

your DNA and I respect that mm-hmm you

know I don’t think you get to judge what

somebody does with the fruits of their

labor yeah for me I think that that’s

what’s amazing about anything which is

there’s many different many different

definitions for you you know go out work

your face off win and reward yourself

with something is exactly right for me

the reward is pouring more of the

dollars and energy into the company not

buying stuff for myself it’s one in the

same yeah it’s more than the same I

don’t I don’t judge you know I talk a

lot about like stop posting cash and

Lamborghinis and private jets not

because I don’t think one deserves that

after they work hard it’s that so many

of the people on Instagram that are

posting that are fronting I never sent I

mean they’re like literally driving to a

private plane pad taking the photo and

then driving home they’re they’re full

of [ __ ] and so to me I I think it’s

amazing if somebody wants to buy an

Armani suit or a $5,000 pair of belt or

a diamond ring for a hundred thousand I

don’t but that doesn’t mean that’s right

or wrong what I’m doing with that same

hundred thousand instead of a ring is

I’m hiring two more people because I’m

trying to buy the jewelry company not a

piece of the jewelry stop crying and

just keep hustling

hustle is the most important word ever

and that’s what you need to do you need

to work so hard guys we’re building

businesses here

this isn’t about parties we’re building

businesses I used to work in a liquor

store from 7:00 in the morning to 10:00

at night for seven three years and the

only days off I took were to watch the

New York Jets and you know what that did

it made me throw up on myself so that

was a vacation

I don’t wanna hear about this - job job

thing right nine-to-five I don’t have

time if you want this if you’re

miserable or if you don’t like it or you

want to do something else and you have a

passion somewhere else work nine to five

spend a couple hours for your family

seven to two in the morning is plenty of

time to do damage but that’s it it’s not

gonna happen any other way you’re not

gonna make stickers and give out swag

and everybody’s gonna give a [ __ ] about

your site I mean you start building your

equity in your brand and whatever you’re

trying to accomplish after hours you

everybody has time stop watching [ __ ]

lost that’s a good overheard right that

was a good overheard so you know what I

mean I mean if you want this if you want

bling bling if you want to buy the Jets

if you want to do [ __ ] work that’s how

you get it