The passive income movement was a fantasy about not having to give a shit.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan
The “construct or assemble a system of extraction” has been equated to income (passive or active investment by the owner) rather than building a sustainable system of value to others. Unfortunately, the tools to build both are the same, the differentiator is the addressing needs of others is how you get people to pay you. -
@Daojoan I think most people are seduced by "passive income" not as in they don't want to contribute, but instead as a form of security. If income is passive, then you cannot be fired.
It of course isn't true, but I suspect this is the underlying motivation for most.
Or well, it would be for me, maybe I'm weird, but I do think I'm still pretty human.
@danbrotherston @Daojoan I always considered passive income to be dividends.
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@Daojoan I think most people are seduced by "passive income" not as in they don't want to contribute, but instead as a form of security. If income is passive, then you cannot be fired.
It of course isn't true, but I suspect this is the underlying motivation for most.
Or well, it would be for me, maybe I'm weird, but I do think I'm still pretty human.
@danbrotherston @Daojoan I think this is the normal human response, but given the flaunting of wealth in these circles I doubt they caught on.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan the fantasy about not wanting to give a shit and thinking things will work out anyway sums up how Trump is in office again. It's the enshittification of people
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan
I think my wife got one of those jade rollers... -
@Daojoan
The “construct or assemble a system of extraction” has been equated to income (passive or active investment by the owner) rather than building a sustainable system of value to others. Unfortunately, the tools to build both are the same, the differentiator is the addressing needs of others is how you get people to pay you.@dahukanna @Daojoan That's a really insightful perspective.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan They fail 5 to 10 times and then start blaming it on women, migrants or everybody else.
We all had this already once in the 90s withe everyone and his uncle having online stores. But it was a lot more work back then...
At least that guy is only 800$ down. This can be a lot more expensive.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan
I didn't know "jade face roller" was a thing
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan I live on passive income. I got it by pursuing an advanced degree, getting really good at what I do, and then working 60 hours/week for someone else while saving 75% of my income for several years, which I used to buy index funds. I wish I could say I provided meaningful value during that time, but that'd be a stretch. I'm trying to do meaningful work now, but it doesn't pay well, hence the living on passive income.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan of course the only “real” passive income business is to have a large pile of money and assets like a certain class of all too common landlord that nearly everyone has rented from, but that requires too much capital “to step into”, so of course they started grasping at ways they too could get away with giving no shits.
I have no idea why you would want this either. As you observe; my entire business is successful on giving a shit so that we are invited back.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan thank you for writing and posting this article describing a movement I did not know about. I see some interesting parallels with multilevel marketing as described in the excellent book "Little Bosses Everywhere".
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@Daojoan It is still happening... with AI.
@BubblegumYeti @Daojoan I have to deal with people who seriously prompt ChatGPT with "make me money out of nothing" and expect it to work.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
Thank you, and delighted to hear jade roller guy was only $800 down.
Signed, guy who switched to meaningful work 17 years ago and am thankful every exhausting, difficult, frustrating af day. -
@Daojoan of course the only “real” passive income business is to have a large pile of money and assets like a certain class of all too common landlord that nearly everyone has rented from, but that requires too much capital “to step into”, so of course they started grasping at ways they too could get away with giving no shits.
I have no idea why you would want this either. As you observe; my entire business is successful on giving a shit so that we are invited back.
@interpipes @Daojoan
I came to mention landlords too, as if flipping property or extracting crushing rents is passive. Only if you don't care about the property, or the tenants. -
The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan I think this is part of a larger picture. The central issue seems to be that it is not easy to find work that 1) is meaningful/valuable, 2) pays the bills, 3) one does not hate performing and 4) one is able to do.
My own opinion, and I may be wrong, is that we have constructed our societies and education systems to provide people with skills that are mostly valuable for someone else, i.e. they do not provide autonomy for an individual.
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@Daojoan I think this is part of a larger picture. The central issue seems to be that it is not easy to find work that 1) is meaningful/valuable, 2) pays the bills, 3) one does not hate performing and 4) one is able to do.
My own opinion, and I may be wrong, is that we have constructed our societies and education systems to provide people with skills that are mostly valuable for someone else, i.e. they do not provide autonomy for an individual.
@Daojoan So, if we are cynical about it, the choice is roughly between a bullshit job, constant worry about money, or these mostly immoral schemes you describe so well.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan At the risk of sounding like a bot, I wanted to say that was a great article and I really enjoyed reading it. Thank you for writing it.
I particularly liked the beach bit and the blender bit. I found the article because @mia boosted it. I'm sad that my view of the Internet has declined to the level that I'm worried about looking like a bot for sending unsolicited enthusiasm.
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@Daojoan It is still happening... with AI.
@BubblegumYeti Yes, that's addressed by Joan in her piece.
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@Daojoan I think most people are seduced by "passive income" not as in they don't want to contribute, but instead as a form of security. If income is passive, then you cannot be fired.
It of course isn't true, but I suspect this is the underlying motivation for most.
Or well, it would be for me, maybe I'm weird, but I do think I'm still pretty human.
@danbrotherston @Daojoan that’s how I feel about it, but most passive income seems exploitative, whether you’re tricking people into buying a product that they don’t need and/or exploiting cheap labor to build/maintain the product.
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The passive income movement was a fantasy about not having to give a shit. This is a terrible foundation for pretty much anything.
https://www.joanwestenberg.com/the-passive-income-trap-ate-a-generation-of-entrepreneurs/
@Daojoan On one hand, "passive". On the other, not so much: a sustainable range.
A byproduct of single solve mindset education, is to erroneously fixate on one value set. And while this tends to lend more profit for the wealthy in more subjugated masses, it eventually spells disaster for most ecosystems.
