Day 1 of The 14-day Passive Income Challenge - PIES vs WISE system - Chaim Ekstein

welcome welcome welcome I'm super excited to  welcome you to day one of the 14-day passive   income challenge if you remember in the intro I  explained there are three elements to the 14-day   passive income challenge which is  called the ALM model Attract Leverage   Manage under Attrack we're going to be talking  about the first thing which is the PISE versus   WISE model which I'll explain in detail stay tuned  and let's do this together let's jump in I want to   remind you before every comment that you're going  to comment I'm reading it and i'll reply to it   let me know your experience with it if you ever  did something like that if you ever noticed it and   let's do this together and I'm looking forward  to seeing you until the end of the 14-day passive   income challenge also if you want to get updates  on everything we do on for the passive income   challenge make sure you click subscribe underneath  this video okay let's jump right into the prize PIES the WISE model when you see something red  it should immediately tell you   that there is something wrong with that strategy  and when you see something green it should tell   you this is probably the strategy that you would  like to go with so what is the prize model under pies the I stands for Income and this is  what most people do they take their income   and then what they do with the income is  they subtract thee E which is Expenses   and then the S stands for Savings   which basically says that they take their  income after the expenses are subtracted   from that whatever is left that's what they put  in Savings now what is the problem with that   exactly there is nothing left and that's  why a lot of people end up with a big fat   zero at the end of the PISE system  which puts them in the P which is Poor   that's why they're unfortunately poor they have no  savings and that therefore they cannot invest or   they cannot do any passive income strategies  which is something that you should not do before i jump into the WISE system i just  want to tell you know how many people   i have coached in the beginning of my career   about two decades ago and i tried to do budgeting  with them only to find out after six months that   the whole budget fell apart i mean think about  it be honest with yourself if your 10 year old   son's teacher calls you up and tells you the only  way that your son is going to succeed in school   is by you hiring a private tutor otherwise he will  be a total failure in school what will you tell   them i'm gonna go to my budget and see if it makes  sense or you're gonna immediately tell him yes   and then you'll figure out how at least that's  what i would do so especially people who have   large families big expenses unforeseen things and  they budget what are the chances that 6 months 12   months down the road the budget is still going  to be a valid budget very very little chances   and that's why with the PISE system most people  would not be able to make it in the long term   so what's the solution to that let's see what  successful people doing what wise people are doing and in case you didn't figure it out yet the W  stands for Wealthy what wealthy people are doing   when I say wealthy I mean people who have  Passive Income people who saved money and   invested money in strategies that provide  passive income for them what did they do   they go just the opposite they  take the Income which is the I they subtract their Savings and then whatever is left that's  what they put away for Expenses so this way they know their savings is  part of their budget their savings is not   something they do after they spend the money that  they have to spend they first saved which is part   of their expenses and whatever is left they put  for savings which in turn people turn out to have   nice accounts and help them in investing for their  passive income now in your particular situation i   cannot tell you how to do it yet because i don't  know too much about you but if you stay tuned for   the next 14 days i'm sure you'll have an idea how  you can improve your situation by incorporating   certain things that will help you you might also  be asking to yourself maybe that could work for   some people who have more than enough for their  expenses and that's a valid concern in the future   days of the challenge we're going to introduce  some ideas and solutions to that also stay tuned   with us and looking forward to seeing you until  the end of this challenge i hope you enjoyed   being with me on day one of the 14 day passive  income challenge where we studied the PIES   versus the WISE model feel free to share this with  friends let me know what you think let me know if   it worked for you let me know what you took out of  it looking forward being with you on this exciting   journey as a reminder don't forget to subscribe  in the bottom of this video and let me know   in the comment section what you think and how it  helped you and if you have anything to add to that