S3E25 - Russ Morgan - Top 3 Ways to Create Passive Income

My next guest left his career as a financial planner and created a company that helps others achieve financial independence. In this episode we talk about the top ways to create passive income, why debt freedom does not equal financial freedom, why a 401K is holding you back, what infinite banking is, and the #1 biggest obstacle to achieving financial independence. Please welcome Russ Morgan.

Key Timecodes

• (00:44) - Show intro and background history
• (01:48) - Deeper into his background and career path
• (03:22) - What is the "investor DNA."
• (05:53) - What types of investments does he focus on
• (08:10) - How to achieve financial independence
• (09:58) - Understanding his business model in deep
• (11:15) - One of his home run investments over the last ten years
• (12:21) - Debt freedom is not financial freedom
• (15:16) - What is infinite banking
• (21:02) - Why 401k is the worst vehicle for financial freedom
• (26:03) - Why a 401k is a money jail
• (27:41) - Cash is king, but it needs a new throne
• (30:45) - Is it worth paying off your home or investing the money?
• (34:46) - What is the biggest obstacle to achieving financial freedom
• (36:59) - A key takeaway from the guest
• (38:52) - What is the worst advice he ever received
• (39:19) - What is the best advice he ever received
• (40:10) - Guest contacts

Payback Time Podcast

Payback Time is a podcast for investors. The goal of this podcast is to help make investing approachable and easy to understand. We will interview beginner and experienced investors and ask them to share stories on how they got started, what challenges they faced, what mistakes they made, and what strategy works for them today. The overall objective is to provide you with a roadmap that helps you become a better investor.