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