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The Grow Your Wealthy Mindset Podcast - Episode 27: Multiple Streams of Income and Active vs Passive Income

Episode 27: Multiple Streams of Income and Active vs Passive Income

11/30/22 • 23 min

The Grow Your Wealthy Mindset Podcast

In this episode, I explain the concept of multiple streams of income. I then elaborate on the different types of income as well as the concept of passive vs. active income.

Active income generally occurs when you are trading time for money.

Passive income is income that where the work involved is much less compared to the income. Usually there is still some work involved, usually upfront, but then income can continue with significant effort or time.

I also discussed the difference of active vs passive income in the eyes of the IRS, which involves whether or not your materially participated in the business.

The link for the IRS website which defines material participation is : https://www.irs.gov/publications/p925#en_US_2021_publink1000104582

I also mention Doc 2 Doc Lending, find out more information at https://www.Doc2DocLending.com

For full disclosure, I do have a financial interest in Doc 2 Doc Lending.
Please subscribe and leave a review on your favorite Podcasting platform.

You can learn more about Elisa at her website or follow her on social media.

Website: www.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

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In this episode, I explain the concept of multiple streams of income. I then elaborate on the different types of income as well as the concept of passive vs. active income.

Active income generally occurs when you are trading time for money.

Passive income is income that where the work involved is much less compared to the income. Usually there is still some work involved, usually upfront, but then income can continue with significant effort or time.

I also discussed the difference of active vs passive income in the eyes of the IRS, which involves whether or not your materially participated in the business.

The link for the IRS website which defines material participation is : https://www.irs.gov/publications/p925#en_US_2021_publink1000104582

I also mention Doc 2 Doc Lending, find out more information at https://www.Doc2DocLending.com

For full disclosure, I do have a financial interest in Doc 2 Doc Lending.
Please subscribe and leave a review on your favorite Podcasting platform.

You can learn more about Elisa at her website or follow her on social media.

Website: www.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

Previous Episode

undefined - Episode 26: The Practice of Gratitude

Episode 26: The Practice of Gratitude

This episode is about the practice of gratitude, which has been shown to improve physiological and psychological health. What's even better in that improvements can be seen with only 5 minutes a week.
In this episode, I reference The Huberman Lab Podcast Episode 47 The Science of Gratitude & How to Build a Gratitude Practice.
There are also a number of research papers referenced which are listed below:
Emmons, R. A., & McCullough, M. E. (2003). Counting blessings versus burdens: An experimental investigation of gratitude and subjective well-being in daily life. Journal of Personality and Social Psychology, 84(2), 377–389. https://doi.org/10.1037/0022-3514.84.2.377

Seligman, M. E. P., Steen, T. A., Park, N., & Peterson, C. (2005). Positive Psychology Progress: Empirical Valida-tion of Interventions. American Psychologist, 60(5), 410–421. https://doi.org/10.1037/0003-066X.60.5.410
Hori D, Sasahara S, Doki S, Oi Y, & Matsuzaki I. (2020) Prefrontal activation while listening to a letter of gratitude read aloud by a coworker face-to-face: A NIRS study. PLoS One, 15(9),e0238715. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7478838/
Hazlett LI, Moieni M, Irwin MR, Byrne KE,Jevtic I, Meyer ML, Breen EC, Cole SW, & Eisenberger NI. (2021) Exploring neural mechanisms of the health benefits of gratitude in women: A randomized controlled trial. Brain Behav Immun. 95, 444-453. PMID: 33932527
Please subscribe and leave a review on your favorite Podcasting platform.

You can learn more about Elisa at her website or follow her on social media.

Website: www.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

Next Episode

undefined - Episode 28: Finding the Right Work Situation with Dr. Lara Hochman

Episode 28: Finding the Right Work Situation with Dr. Lara Hochman

This week, we have a special guest, Dr. Lara Hochman, who is the founder of Happy Day Health and has the mission to help physicians practice medicine where an environment where they love practicing medicine. She’s been called the medical matchmaker, matching physicians with medical practices where it’s a good match for both the physician and the practice.

You can reach Dr. Lara Hochman at

Website: www.happydayhealth.co (not .com)

LinkedIn: https://www.linkedin.com/in/larahochman/

Youtube: https://www.youtube.com/channel/UCorwNuzOmzeH25dDy6i6N5w

TikTok: https://www.tiktok.com/@happydaymd

Instagram: https://www.instagram.com/happydaymd/

Please subscribe and leave a review on your favorite Podcasting platform.

You can learn more about Elisa at her website or follow her on social media.

Website: www.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Please subscribe and leave a review on your favorite Podcasting platform.

If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

Instagram https://www.instagram.com/GrowYourWealthyMindset

Facebook https://www.facebook.com/ElisaChiang

https://www.facebook.com/GrowYourWealthyMindset

YouTube: https://www.youtube.com/c/WealthyMindsetMD

Linked In: www.linkedin.com/in/ElisaChiang

Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. While Dr Elisa Chiang is a money coach for physicians, she is not a c...

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