Day 10 of The 14-day Passive Income Challenge - The importance of Discipline - Chaim Ekstein

welcome welcome welcome today we are in day  10 of the 14 day Passive Income challenge and   i'm so happy to be here with you today  we're going to talk about the very last   part of the Leverage of the ALM model Attrack  Leverage Manage model for your Passive income plan   we we're holding today at the last part of  the leverage part and we're going to talk   today about Discipline how important discipline  is in this whole conversation and as a reminder   let me know your thoughts below in the comment  section let's have a conversation about it   and i reply to every comment and i look at  every comment as well as if you want to get   updates on our future passive income videos  please make sure you subscribe to the channel   down below this video let's jump right into it  what we are discussing today is vitally vitally   vitally important so much that this could make it  or break it if you have the discipline required   you're gonna be the Bezras Hashem very successful  and your Passive Income planning if you're not   gonna be have the discipline you're most probably  not going to succeed with some exceptions that   you can succeed but you have to be very very  conscious of what we're discussing today we   discussed about leverage yes leverage is a very  creative way to create your Passive income model   to create your passive income plan in a very short  period of time and it makes a lot of sense for   most people but if you're going to take what we  discussed today and you're going to take mortgages   you're going to take leverage you're going to  take loans and instead of having a plan in place   where the money is going to be redirected in order  to help you grow In your passive income plan it's   most probably not only not going to help you  but it can Chas Veshulem destroy you so be very   very careful with that if you don't have a plan in  place what you're going to do with it and instead   of doing something creative in your passive income  plan you're going to take your money and buy a car   with it which is a depreciating Asset you're  going to take the money and go a beautiful   luxurious fancy vacation with it which once the  vacation is over it's gone if you're gonna take   the money and spend it on luxuries spend it on  things that you wouldn't otherwise spend you   were gonna spend it on things that you're gonna  think oh now i have money i'm going to spend it   not only you're not gonna benefit from this  but unfortunately i hate to tell you when i   don't want to be part of the disaster that this  could give you you can end up with a big fat   mortgage monthly payments every month without  a nickel to your name without anything because   you wasted all the money instead of putting it  away for your passive income strategy but here is   the good news in my experience over two decades of  working with successful entrepreneurs helping them   with their past income strategies i have seen  something amazing i have seen the number one   ingredient for you to be successful with healthy  leverage the number one ingredient is to have a   plan in place if you have a plan in place you're  probably going to do good with it because you're   going to want to fund your plan you're going to  want to fund what it takes to succeed with that   if you don't have a plan in place unfortunately  you have a much much bigger risk of not succeeding   with your passive income plan take outs for today  make sure before you take leverage before you   go up to a financial institution and ask them to  give you a loan make sure you have a plan in place   where is the money gonna go we're gonna discuss  a lot of that in the management part but keep in   mind you need to have a plan in place before you  have access to money that you otherwise wouldn't   have i would love to hear from you in the comment  section below do you have any experience with that   did you take leverage did it work for you did you  have a plan in place did the plan work out did   you have any failures Chas veshulem I hope not  but share with me share with us so we can have   a discussion and a conversation about it and yes  i'll look at every comment and i reply to every   comment so let's have this conversation going  and as always if you want to keep getting all the   videos on our passive income strategies make sure  you subscribe to the channel underneath this video