Day 3 of The 14-day Passive Income Challenge - Forced savings - Chaim Ekstein

[Music] hello hello hello welcome to day three of the 14 day passive income challenge my name is jaime ektin i'm super excited to be with you today where we're going to discuss forced savings how to force yourself to success come with me force yourself to success force yourself to have a passive income plan i give you a few examples i give you some extreme examples and some not so so extreme examples a typical example that i see by a lot of people that helps them in their journey for passive income is by setting up automatic deductions automatic deductions from their bank account so let's say they set up a brokerage account they set up another bank account the savings account something like that they have the money automatically drafted from their account that doesn't mean that it's really forcing you because you know between you and me one phone call few clicks you can stop that but it does require a few clicks it does require a few phone calls and after all this is for your benefit i mean whom you whom do you want to fool you have to make that phone call and you're gonna try to push off the phone call as long as possible in order not to have to stop that or that automatic draft because after all you want to be successful it's for your benefit but that's on the easier side i have seen people i i'll admit i don't do that and i'm not recommending you to do it you have to know yourself if that's the only way for you to accomplish your passive income goals maybe it's something that you should consider but it's more important to consider that than not to do anything and that is i have seen people take out loans from a bank from a gamak from whatever they can take out loans that will force them to make monthly payments every every month every week they have to make a monthly payment this way they have this chunk of money that they took out from the loan and they invested somewhere that can help them in the passive income and then they repay every month money to the institution where they borrowed the money from you have to be careful if you do that you shouldn't pay a lot of interest if you can have a tax deduction that's even better but the main thing is be focused super focus on building your passive income life foundation when you're super focused you're gonna find ways to do it another very typical example is payroll deduction you have the money drafted from your payroll every month every week however often you get your payroll but such a way you don't even see the money if you have a thousand dollars coming in it's only eight hundred dollars 800 etc but this way you discipline yourself you force yourself to succeed in such a way it's very very hard not to succeed and i have seen people from all walks of life doing these things that they could never succeed in savings for the passive income life foundation but when they did that it really helped them thanks for including me in your journey looking forward seeing you in all the coming days you