Day 11 of The 14-day Passive Income Challenge - Manage the Managers - Chaim Ekstein

welcome to 11 the 11th day of the 14 day Passive  Income challenge i can't believe we're holding   at day 11 already before we go in it any  further let me know how is it going so far   are you enjoying it i hope you're taking out some  value from this because i love teaching this and   i've seen so much so much by people by people  that i was working with the past two decades   over two decades actually i can't believe it but  it's over two decades i've seen so much and i   would love that you can learn from my experience  something and not have to go through this on your   own on the Igene Beard on your own mistakes and  your own losses Chas veshalom which i don't want   any of the people listening to this have  so let me know how you're enjoying it   what is the biggest takeaway so far today we're  going to jump in and to manage the last element   of the ALM model which is Attract Leverage  Manage today we're going to discuss about manage   how do you manage successfully your passive income  plan and specifically this is passive it's not   active how can i get involved in this without  having more work instead of having it passive   it shouldn't add even more work to you let's  jump right in i'm not going to tell you   to be 100% Passive i want you to be conscious i  want you to know what's going on having said that   that doesn't mean that you have to occupy yourself  with it 24 hours a day that doesn't mean that you   have to occupy yourself with it every day not at  all but you have to be conscious and i'm gonna   introduce to you the concept which i call manage  the managers in other words you should be involved   you should get yourself involved in strategies  that you have managers you have others managing   it for you but you're managing the manager the  manager should know that you have an open eye the   manager should know that you know what's going on  the manager should know that if he makes a mistake   very big chances you're gonna get the mistake  you're not totally passive in his eyes he should   think that you're active you wanna understand  everything you wanna understand what's going on   you wanna understand the strategies behind  you want to understand if there is a win   how did the win happen if there is a loss  Chas Veshulem how did the loss happen   so he should know that you are involved but in  order for you to be successful at that passively   you can just hire somebody of your staff  maybe you have one or two secretaries   or you have some virtual assistants or you have  a bigger team and you can have somebody once a   month quickly review some reports if you can't do  it yourself give it to somebody today nowadays and   age for some small money you can add services  that can review the details of what's expected   what is reality what it actually comment  versus what was expected and then you can have   an educated conversation with the managers that  you are managing and ask them about it don't be   100% passive be 90% 95% passive but still it's  called passive income why because it goes on   regardless if you do it or not As Chazal Teach   us Someone who wants to lose his fortune he should hire workers and he shouldn't   work with them when you have a money manager  managing your money he is your worker he works   for you he's managing your money he's charging  you a fee for managing the money so you should   understand what's going on have an interest  don't just close your eyes and say i don't   look because it's passive isn't this a passive  income strategy yes it is but still be conscious   of what's going on understand of what's going on  and i would love to hear from you in the comment   section below if you have any experience of  working with other managers if you manage them if   you knew what's going on if you completely didn't  know what's going on and i'll bet if you have any   experience of completely not knowing what's  going on very big chances we had a loss there   it's not because the strategy was bad could be  the strategy was a good strategy but a person   not understanding of what's going on and not  having a mentality of managing the managers   has a bigger chance of not succeeding with his  passive income strategy and yes i look at every   comment and i reply to every comment and i would  love to have a conversation with you about it   share my experience and learn from your experience  let me know and as always subscribe to the channel   below this video to get any updates on our future  passive income strategies that we will post