Chapter 1: The Awakening to Passive Income

In today's world, the concept of passive income is undeniably captivating.

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Statistics suggest that millionaires often have around seven sources of income. However, the idea of aspiring to be a millionaire once filled me with discomfort. My childhood perceptions depicted millionaires as self-absorbed individuals flaunting their wealth in flashy cars while looking down on the less fortunate. I was hesitant to embrace that image and preferred to remain inconspicuous.

It wasn't until a few years back, when I ventured into solopreneurship, that my perspective began to shift. I discovered that genuine millionaires do not always fit the stereotype I had imagined.

As I navigated through various aspects of life and entrepreneurship, it became increasingly evident that pursuing passive income is essential. After experiencing some health challenges, the necessity of having income that flows in without my constant effort became apparent.

To embark on my journey towards passive income, I turned to Google and YouTube to explore potential avenues. That's when I stumbled upon Joshua Mayo.

While there are many well-known YouTubers, such as Ali Abdaal, who inspire me, it's Joshua's content that has significantly influenced my mindset regarding passive income.

If you're unfamiliar with Joshua Mayo, he launched his YouTube channel focusing on personal finance—a field teeming with creators. However, he quickly carved out a niche by concentrating on ETFs (Exchange-Traded Funds).

His channel has seen remarkable growth, boasting 551k subscribers as I write this, an impressive feat considering he has only been active for two years. Yet, this success was not instantaneous.

In one of his videos, Joshua shares his journey post-college, where he struggled to secure a job that paid him a mere $15 an hour. After numerous failed business ventures, he found his calling in YouTube, where he dedicated himself to creating valuable content.

What can you take away from Joshua’s experience? You have the power to choose.

Joshua emphasizes that your choices are uniquely yours. You can opt for a mundane routine—waking up, working, coming home drained, and binge-watching TV—repeating this cycle ad infinitum. Alternatively, you can choose to break free from conventional limitations and unlock your full potential to cultivate a more rewarding life.

Pursuing passive income often requires substantial initial effort. Even if you intend to start, excuses may cloud your motivation, leading you to convince yourself that your current life is satisfactory.

In one of Joshua's videos, he features a powerful quote from Steve Jobs, which resonates deeply: you realize that everything around you was created by people no smarter than you, and thus, you too can create something valuable for others.

I highly recommend watching this video; it serves as a potent reminder that you hold the reins over your destiny. It’s your choice. The impactful quote from Steve Jobs occurs at 1:59.

Chapter 2: The Value of Taking Action

The opportunities you seek often arise when you take decisive steps.

Joshua attributes his channel's success to his ability to identify a gap in the market. While many creators were focused on general personal finance, few were delving into the specifics of ETFs.

Initially, most of his content centered on ETF investments. Joshua’s confidence in discussing this topic stemmed from his prior experience running a blog, “The Investor Post,” which he established a year before launching his YouTube channel.

His passion for personal finance fueled the blog and equipped him with the confidence to create videos. However, this journey followed a series of failed business attempts. Before focusing on personal finance, he experimented with different ventures, including a website template business where he honed his skills in building WordPress sites.

Joshua didn't sit idly waiting for opportunities; he actively pursued them, persisting through failures until he finally discovered his niche in finance blogging, which seamlessly transitioned him to YouTube.

Every journey starts with a first step, and that step often paves the way for future opportunities.

Chapter 3: Embracing Failure as a Stepping Stone

Too frequently, we admire the success of others and wish for their achievements without recognizing the struggles they faced.

I’ve often found myself envious of figures like Marie Forleo. However, if we examine the stories of successful individuals, we notice a common thread: they have all encountered failures.

Joshua's journey resonates with me, especially since I’ve followed his growth from his early days with a modest subscriber count.

Gary Vee often speaks about his numerous failures before achieving success, emphasizing that these setbacks are integral to the process. Failure is not the end but a prerequisite for success.

If you haven't yet achieved your goals, it may simply be that you haven't experienced enough failure. Embrace the notion that failure is part of the journey.

Chapter 4: Key Takeaways for Your Journey

Observing Joshua's journey has illuminated for me that building passive income transcends the quest for wealth—it's a deliberate lifestyle choice.

I’ve spent too long playing it safe, adhering to a life script that dictated getting a solid education, securing a good job, marrying, and starting a family in pursuit of happiness. Unfortunately, this path led me to question my self-worth and purpose.

I’ve resolved to take action towards creating passive income and enriching my life.

Remember, you too have the power to choose. Take action, prepare for setbacks, and one day, you’ll look back on your achievements and thank yourself for daring to change your life.

Chapter 5: Further Insights into Passive Income

In the following video, Joshua discusses the broader implications of pursuing passive income, offering valuable insights into the mindset necessary for success.

This video, titled "The Cult of 'Passive Income' | Internet Analysis," explores the culture surrounding passive income and its impact on our financial goals.