Will Form 8655 Revenue 2024

Hi guys, I'm Phil Town from Rule Number One Investing. Today, I want to tell you how to generate passive income. So, let's talk for a second about passive income. It's one of those words that people use and kick around a lot, especially two o'clock in the morning on some kind of infomercial. Let's talk about what that really is and why people like Jeff Bezos, Bill Gates, and Warren Buffett are sitting on billions of dollars and they only have 24 hours a day to work like the rest of us. How in the world do they generate all of that capital? In fact, the wealthiest people in the world, most of the people who are in the Fortune 400 in the US, certainly the wealthiest people in the world like Warren Buffett and Gates, didn't make their money from doing work the way we normally think about it. The way we think about it, if you're going to work down to be a waitress at a coffee shop or if you're working down at McDonald's or if you're working at Walmart, that's putting in work and getting paid cash for the hours that you're putting in. Hopefully, your work is contributing to the profits of this company enough that they want to keep paying you for it and not replace you with a robot which is probably out there in the future for an awful lot of people. So, we have to talk more about a different kind of income, the kind of income very, very wealthy people rely on to continue to build wealth through the generations. And this is what we call passive income. It's not income that you do something for, it's income that comes to you, a little bit more like planting a...