Day 2 of The 14-day Passive Income Challenge - Keep the money out of sight - Chaim Ekstein

welcome to day two of the 14 day passive income  challenge i'm super excited that you're with me   today yesterday we spoke about the PISE versus  the WISE model and today we're going to talk about   the second element of the Attract Savings part  of the ALM model which is a Attrack Leverage   Manage model what we're going to talk today about  is a concept that i call keeping the money out of   sight you shouldn't be able to see the money that  you're putting away for your passive income plan   as you see we're going to build one on the other  it perfectly fits into what we spoke yesterday   about in day one of the challenge which is the  PISE versus the WISE model now let me give you   an a typical example what happens now when you  walk into any bank in the united states you walk   into a bank and you ask them can you tell me about  the type of accounts you have for somebody like me   they will start telling you you get this you  get a checking account you get check books   you get free online access you get free ATM cards  debit cards and a whole bunch of things that   you're going to get by opening an account with us  with a passive income model for any account that   you're going to open for the purpose of saving  money for your passive income plan try to have   the least access possible to your accounts  if possible you shouldn't even have online   access now it could be sometimes you need it in  order to make deposits because you want to be able   to make deposit i get that but try not to always  go into that account try not to always look at it   it's the same idea as if you want to go on a diet  if you are overweight and you want to lose weight   the the ABC that somebody who understands this  will tell you don't go around food they will   tell you when you go to the grocery when you go  to the supermarket don't take the shopping cart   and go back and forth on the aisle where they have  all the candies on one side and all the snacks on   the other side because what are the chances for  somebody in that situation not to give in and   buy something and eat something they shouldn't eat  which is going to be contradicting to their weight   loss program same exact thing here we when i say  we i mean somebody like me and most people that   i'm around with there are some exceptions to this  but we are addicted to spending money wherever we   go we see advertisements we see magazine magazines  we see media jumping on us all competing for our   dollar they want our dollar they want to make us  believe that we should spend our money with them   and if we are gonna be around the money a lot  guess what most probably you're going to spend   the money most probably you're going to give  in the solution for that is and the best income   model is keep the money out of sight have  it in a different bank if you bank a chase   open that account in a different place not at  chase you don't want every time you log into chase   to see that account coming up if you bank at bank  of america keep the money at citibank whatever   keep it in a different place and if possible no  online access if possible no debit card if they   force you to take a good debit card put it in a  drawer somewhere don't use it you don't want to   have easy access to the money a few other examples  could be IRA 401k things that you don't see you   invested in real estate and real estate you're not  gonna take the money so quickly it's not something   that you can just like this sell it in two seconds  you have the money try to have it out of sight   overfunded life insurance could be an example  another extreme example that i saw some clients   do which i'm telling you again it's extreme i did  not do that they add a co-signed to the account   when they opened such an account they made  sure that they should not be able to take any   withdrawals without the co-signer co-signing  for them to take this withdrawal if you feel   like you're so addicted to spending money and you  really need that as well go for it do it the main   thing is in order for you to succeed with your  passive income plan you have to be super committed   because if you're not super committed you're not  gonna succeed at this it's the same as losing   weight you have to be super committed otherwise  you have too many distractions around you fighting   and competing against your next dollar please  comment below any ideas that you have to keep   the funds that you're saving for your passive  income goal out of sight that you shouldn't be   able to see it or any other ideas that you  came up with that will increase the odds   for you to succeed with your passive income goal  without having too much distractions and too much   noise to take away the money i hope you enjoyed  day two of the 14 day passing income challenge   please comment below and subscribe below this  video in order to get all updates from us about   the 14 day passive income challenge looking  forward seeing you until the end of the challenge