Is Passive Income MD a Charlatan?

[Chicagobare]

I have heard this website mentioned several times on this forum, I visited it and was not impressed

Having multiple streams of passive income may sound nice, but in reality, it just sounds like a lot of snake oil, i.e. having side hustles (um isn't the whole point of being financially savvy, saving, and investing, frugality, so that you don't need to deal with side hustles, after all you are a well paid physician), investing in lending money schemes, rental income (ha no thanks), etc etc. He counts dividend income as a passive stream of income, well I guess in that case we all have a passive stream of income in the form of dividends, but the rest of it is just a lot of unnecessary stuff which is unnecessary.

 

 

 

[Golfing Doc]

All depends on how you define passive. Side hustles require some level of effort.

Not sure why you’re so angry about this and also what you mean by his lending money scheme. Does he do hard money loans? That’s not a scheme. You loan money and get paid interest

[angeladiaz99]

Chicagobare wrote:

I have heard this website mentioned several times on this forum, I visited it and was not impressed

Having multiple streams of passive income may sound nice, but in reality, it just sounds like a lot of snake oil, i.e. having side hustles (um isn’t the whole point of being financially savvy, saving, and investing, frugality, so that you don’t need to deal with side hustles, after all you are a well paid physician), investing in lending money schemes, rental income (ha no thanks), etc etc. He counts dividend income as a passive stream of income, well I guess in that case we all have a passive stream of income in the form of dividends, but the rest of it is just a lot of unnecessary stuff which is unnecessary.

 

 

 

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Charlatan is a bit harsh.

I'm in agreement that with a good paying primary job, having a side hustle isn't necessary. That being said, I like my primary job and get paid a bit more than the average physician so there is bias on my part.

I also don't visit the PIMD site anymore. I don't like the writing or the site design. And I realize while he and his wife don't make a ton of money off MLM, that kind of side hustle is something I would deem "beneath" me.

(Again, personal bias alert: I've had a hand in removing multiple staff members and midlevel providers from our hospital who couldn't separate their main job from their side MLM gig (mainly R+F shilling). I helped decide for them since they couldn't do it themselves )

[MSooner]

Since when is MLM a legitimate side hustle? If you are one of the few making any money off it, you're doing it off the backs of a lot of people going into debt. It's disgusting to me.

[The White Coat Investor]

Agree that charlatan is harsh.

Also agree that side hustles are optional for physicians.

Also agree that mutual fund dividends are about as passive as passive income gets.

All that said, a side hustle can reduce burnout, increase income, open new opportunities, provide other avenues for growth, provide for larger charitable contributions and inheritances, and speed the time to financial independence. How is any of that a bad thing?

And I have no idea what the OP is saying about "lending money schemes." Heck, I'm involved in dozens of "lending money schemes."

I loan money to banks, governments, corporations, individuals, real estate flippers etc. It's a big chunk of my portfolio. They're called bonds.

[wonka31]

This is a weird post.

Loaning money isn’t a scheme, ever hear of a bank, mortgage lender, small business loans, a HELOC, a car loan or student loans? Here’s what happens: they give you money and you pay them interest. What’s even better is when you give someone money and they pay you interest.

Side hustles aren’t necessary, but does that mean they involve selling snake oil? Sometimes people can think and work outside of the world that is clinical medicine.

Some of his stuff isn’t for me, a lot is. I Think he had a fairly decent blog. Even if I don’t act on all of it, education about various opportunities is valuable imho.

There is a world outside of index funds and clinical medicine. If you’re not interested, cool, but don’t make wild claims about stuff you seem to lack knowledge on.

[wonka31]

Reading it again, this is one of the more close-minded posts I have ever read on this forum. I don’t get the point. I hope this doesn’t become a regular thing.

[Hank]

Having a source of income other than a W-2 job can be a good thing. Selling overpriced products to recruit “downlines” in an MLM pyramid scheme isn’t a good thing.

[MaxPower]

I agree with most of what has been posted here, particularly the parts about looking for other income streams or different investment vehicles. I don’t think that there is really anything passive about managing a stable of investment properties, but the other stuff is probably fairly passive.

I was turned off, however, by the support of the pyramid scheme. Over 99% of people involved in those lose money. Listen to the 11-series podcast called The Dream if you want to see the dark underbelly of that crooked industry.

[G]

Chicagobare wrote:

I have heard this website mentioned several times on this forum, I visited it and was not impressed

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Not sure where you're going with your post, Chicago.  Is somebody forcing you to read his site?  I personally don't care for his content, but I dont feel like there is some subversive agenda.  If interested, you can spend some snow-day time reading this thread.

Anyhow:

Chicagobare wrote:

having side hustles

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I have those.

Chicagobare wrote:

investing in lending money

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I do that too.

Chicagobare wrote:

rental income

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And that.

Chicagobare wrote:

dividend income as a passive stream of income

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And that.

[Chicagobare]

He advocates MLM? Wow, that’s pretty bad.

[wonka31]

Not a fan off MLM personally, I think that’s where we see eye to eye.

[Anne]

I'm not into his blog either, but the only thing I'm against is MLM. I'm assuming enough people do read his blog or WCI wouldn't have invested in it.

If you don't like it, just ignore it. Negative publicity is still publicity. I wonder how many extra page views he's getting from this thread lol.

[MaxPower]

Calling it MLM is a cop out. I wish people would stop doing that and call it what it really is. It’s a pyramid scheme plain and simple. It’s not direct selling or multi-level marketing. Pyramid scheme.

[CordMcNally]

G wrote:

I have those.

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G wrote:

I do that too.

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G wrote:

And that.

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G wrote:

And that.

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You charlatan! :-)