The Passive Income Project is no more! And in this episode, Ryan and Terry talk through the reasoning for retiring the name. And they explain why Wealth Time Freedom (WTF) was chosen as the new torch. Finally, they reveal the topic for their next series on the podcast. Tune in to find out!
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The Passive Income Project is no more! And in this episode, Ryan and Terry talk through the reasoning for retiring the name. And they explain why Wealth Time Freedom (WTF) was chosen as the new torch. Finally, they reveal the topic for their next series on the podcast. Tune in to find out!
Join the Private Podcast Community
Click here to access free courses and trainings, build new habits, and connect with us and others on the journey to financial self reliance.
Other links 👇
Money mentorship:
Click here to start putting what you've been learning into practice.
Corporate program:
Click here to find out more about our workplace program
Follow us on Instagram:
Click here to see behind the scenes of our business and learn more about personal finance in bite-sized chunks.
Terry, hello mate. Hey, we're doing something a little bit crazy today.
Speaker 2:We are mate. This is big news, Real big news. We're about to change the name of this podcast.
Speaker 1:What the fuck? What are we doing, after all?
Speaker 2:Well, funny, you say that because the new name of this podcast, what used to be the passive income project from this moment forth is going to now be called Wealthtime Freedom, or WTF.
Speaker 1:How's this coming about?
Speaker 2:Look, there's been I think there's been a growing chorus. We've been noticing this over time, just more and more on the reviews and just conversations we've been having with folks. A couple of things. One of them is we love what you guys are talking about, but it's not necessarily what it says on the tin. It says passive income, but we've been learning about all these other different things We've been talking a lot about. I mean, I just want to read a couple to you. Here's a couple that stuck out for me.
Speaker 2:This podcast will make you really evaluate your approach to life actionable advice that you can apply to life and often things that go over and above just finance. This one says it's about money, really about life. This kind of sentiment's been coming through for a while and it's probably just been showing us, okay, how we are a lot more broader than that. We're probably a bit more deeper than that and we probably just need to have a true reflection of what we're talking about, because, absolutely, passive income is a part of what we're discussing, but it's just a part. There's a much bigger, much broader conversation happening around the difference between wealth and money and we've been more explicit about that lately and the name just doesn't quite fit anymore. I think it fit for the first season, but now I think we've been well beyond that. For a while I made a feel like I'm shedding something big here.
Speaker 1:But I agree, I did see a comment recently also which was like not what it says on the tin. I actually think it was quite a positive. I think they gave us five stars. It wasn't a negative thing, it was just that I guess what we're talking about isn't as narrow as what passive income probably comes out to be. Passive income isn't the target, it's not the end, it's a means to the end.
Speaker 1:And when we're actually naming this podcast, we did name it the passive income project because we're like, well, that's what we want and that's what we're going for and that is the target. And I think that's just been the maturity in our thinking and the evolution of, I guess, our own experiences and learning about this. That it's not the target. Having wealth, time and freedom it's what the money helps you get, what the passive income helps you get. That actually is important. And passive income can just kind of be treated as a bit of a panacea as well, where people start to go well, I want passive income because I'm trying to escape from what I'm doing now, and it's not that that's wrong, it's just that we've probably learned that I guess a better approach is to try to reconfigure and evolve what you're doing and shape shift your life Well it's just interesting.
Speaker 2:I was just reflecting on my own story. You go back to the first episode of this podcast. You talked about getting invested, building a passive income and then having that kind of create the opportunity. I was so far from financially free. It wasn't a huge thing, it was just a realization that I'd bought back actually a good chunk of my year and I'd given myself the time and space to be able to do it and I had enough runway to be able to make those changes.
Speaker 2:But what we've seen and what tends to happen is we just get locked onto that number and we kind of just get taken by it. And I was in the gym this morning and I don't know if this is my idea or somebody else's idea, so I'm going to claim it until somebody tells me it's wrong. But this idea popped up in my head Not everything that matters can be measured and not everything that can be measured matters, and we just have this tendency to just lock onto the things that are measurable and forget about the things that are intangible. But it's actually the intangible things that we value that are wealth. And if you're not clear on what those intangible things are the choices that you really want, then what you tend to do is just get sucked into optimizing for more of the measure of value, not value itself.
Speaker 2:Money is just a token. The game isn't to stack up the token and have more tokens. The game is to figure out how to use the tokens to build a life that's valuable and meaningful for you. And I think that's really what the Aussie Firebug was showing us in that last episode. And we've been having this discussion about whether we should change the name for a good solid month and I think after that episode it was like no, we need to change the name. It doesn't reflect and it needs to be a true reflection of the discussion we've been having for a while.
Speaker 1:Yeah, and like the aim isn't to die with the most tokens right With the most money in the bank, it's to die with the least regrets. And so what are we actually optimizing for? It's absolutely that how you use those tokens, put that to the best use that you possibly can. And I'm curious to know what were you doing at the gym when you had this insight Express um.
Speaker 2:Probably, I think I might have been, might have been on the incline bench.
Speaker 1:We might need to get you doing more of that.
Speaker 2:Yeah, yeah, exactly.
Speaker 1:And I think you know, whenever we're looking at topics and things to talk about on the podcast, we always ask this question, which is, you know, is this something that actually matters or are we just filling space? That's why we haven't talked about things like you know the management expense ratios of an ETF, for example.
Speaker 2:Well, there's a book that we both unanimously agreed is the one that we most really appreciated, and that's the wisdom of finance by Meheer Desai. Yep and um, you're correct me if I'm wrong, but I think the thing that we both really appreciated about that book is that it Taught you how to think, not what to think. Yeah, and that's been a real measure for us over this period of time. How do we think about? How to think about money and how that's impacting our life? And those three words just kept coming up. Right, when you look at these reviews money, life, psychology those three things kept coming up, coming up. So that tells us that we've been actually living up to that standard, but our label hasn't really matched what that actually was.
Speaker 2:So there's been this disconnect between those two and we just want to create a more congruent sort of Understanding. And there's another part to that. I think that's actually made it harder to talk about, right? You know we've been having conversations with some of our guys and I've been like well, when I try to tell people, get on to this podcast, it either goes one of two ways. People who have some understanding of money Maybe think it's a scam, yep. The people who have no understanding of money will be like, well, that's for advanced people and that's not for me. Yeah, in. And so it's kind of.
Speaker 2:I think it's kind of hurt in that sense and it's alienated Some people, when really we actually want to show everybody that money and life are inextricably linked and and the more you understand how to make those two things work together, the more you get out of life. So it's not at all to bastardize or to demonize the money game, it's just to put it in its place and understand, though, like you said before, it's the means to the end, but it's not the end. Everything has to come back to am I living a wealthier life? Do I have more time and freedom to enjoy the things I value? And if the answer is yes, keep doing that. And if the answer is no, but you have more money, go back a few steps. Go back a few steps and reassess.
Speaker 1:Yeah, yeah, yeah. I think we just really want to challenge the idea that you need passive income before you can do all those great things. It's so easy to push it out what wealth is for you out over the hill and we've seen this with the whole fire space and my Opic in saying, well, I'm getting to this number and then I'm gonna enjoy all of these things. And I know we've really adopted this idea of retirement from the Vahravekant, which is Because there's so many different ways that people kind of look at it, and I think this is probably the one that we feel most connected with.
Speaker 1:And that definition of retirement is when you're no longer Sacrificing today for an imaginary tomorrow, when today is complete in and of itself. That's when you're retired. And it is that challenge of saying, well, it's not about just pushing, shoveling away money and investing it until you get to this number and then starting to enjoy those, those freedoms of life. How can we do it now, on the way to and achieving more of those things over time? I know that conversation you had with Matt last episode. You know, I think, about the conversation we had with Rach Taylor, probably six or 12 months ago now, but one of our members that have retired reached that number and pulled the trigger on that change, and now she's going back to work.
Speaker 2:There's such irony in that one Like I got a voice note from Rach maybe a couple of weeks ago. One of her friends has just started Shout out to Francesca if she's there another legend. But it was really interesting. She sort of said, hey, this you'll find this funny. We had this first conversation around what wealth is actually for me, and then she went around she started to really get across the money side of things and get in control of that, reconfigured at all, and where she's ended up is actually, like you said, back in work.
Speaker 2:But it's the kind of work that she finds really meaningful and it's, I believe it's sailing Australia and she's kind of setting the tone. She's headed people and culture for that organization and she's supporting young athletes like herself and empowering them and equipping them with important abilities, skills, resources throughout their career, and that's one of the things she found to be most important and something that she really wanted to do in terms of, like, legacy. Now she's been able to walk into that job. They actually begged her to take the job and then she got to give them the terms. She's like all right, cool, I'm gonna do it for three days. I'm gonna do it for this much. These are things I want to accomplish. This is the timeframe. I'm gonna accomplish it on that good with you, and they're all like whatever you want.
Speaker 2:So it's just not this either or thing, and it's how do you have both and how do you make sure you're enjoying that journey Because you are living a life in line with your values whilst you're funding that vision for the future? And it absolutely is possible to do those two things, because it's not that we're saying, hey, throw out the future and just live for the now. That's not at all what we're saying. We're just saying that put the right thing in its place, remember what you're actually managing the money for, and think about how you can use money more intentionally along the way to live a life more in line with your values, whilst building wealth and having more of those things, more freedom, more time to enjoy those things over time as well. It does not have to be this either, or kind of categorical binary thinking, and that's what we kind of rail against.
Speaker 1:Yeah, I think also the next layer of this is also that there's been an element of evolving past, just passing income in itself being the way to create that financial freedom too.
Speaker 1:We've talked a lot about Bitcoin, and we're about to do a big series on the role that debt plays in all of that, and it's just kind of also recognizing that we don't want to be too myopic in that one dimension of the asset itself, because there are all these other elements at play as well, and so we also want to kind of broaden it just to make sure that we're never, I guess, closing ourselves off to the best pathways that exist for you guys, and for us as well, and so, again, trying not to be myopic and being able to be broad enough to make sure we're always covering the full scope of this and knowing that those other things coming into play like we talked about with Bitcoin we're about to do the debt series All those things are crucial in helping you create more purchasing power and actually funds more of those things that you do value, and so we're just making sure that we can capture that as well, mate. I'm curious to know, though why do we end on WTF?
Speaker 2:After much debate. Really, it's just how do we make it as memorable as possible? Right and wealth, time freedom is obviously the end, as we've been discussing, but WTF just easy to remember, right? So when you're talking to somebody, it's just so much easier to say Wealth, time freedom or WTF.
Speaker 1:I just feel like I felt myself saying that a bit on the podcast recently too. I feel like there's been a few what the fuck moment.
Speaker 2:Well, that's the other thing, man. Like if we really think about our brand and what people are saying. What they say to us is, you guys are looking at this so differently and it is like what the fuck moments. And when we talk about, like what lights us up? It's literally that, like we're about to go into this debt series and you are never going to look at debt the same way again.
Speaker 2:I guarantee that, because the amount of time and energy that we've put into this series to walk you through it step by step, it's all about the what the fuck moment and an actual fact, that's absolutely everything we're looking for is.
Speaker 2:Is that what the fuck moment in this episode? Because that opening of the mind, that kind of shift from one perspective to another, that frame of reference change, that's what makes real progress and he starts to see things, he starts to see the problem really differently. Even if you hated what we talked about when we talked about Bitcoin, you know we've had people say, look, I'm not gonna buy any, but I really appreciate the way you guys have kind of walked your way through that and I learned so much about the monetary system and all these kinds of things. So that really is our brand and it's what the fuck Like. That's what we wanna do bring you more, what the fuck moments, more of the time in a way that actually moves the needle for your life, so you can have more of those things you value and manage money better.
Speaker 1:I'm out, so what the fuck again.
Speaker 2:What the fuck. Say one more time no.
Speaker 1:So Merable, for sure it sounds like obviously shareable too and obviously we want to make it really easy for you to be able to find it too. Obviously, a name change on the podcast. You know you've probably got passive income projects Deeply seared if you've been listening for a while, so you want to make sure it's easiest to type in WTF and you can find it. But what does this mean for people?
Speaker 2:It really doesn't mean much Like if you're a member of the community, nothing changes. You still jump into the app, still interact with us. It'll just be a different podcast cover up. From this point forward, the only real change is, instead of searching for passive income now to get to our podcast, you'll just search for Wealthtime, freedom or WTF.
Speaker 1:And if you're lazy like me, you can probably just subscribe right, so you don't even have to remember the name.
Speaker 2:If you just subscribe one time, you'll never have to search for it, so that's the real one. If you're talking about it, obviously you're just going to talk about Wealthtime, freedom or WTF, and from now on, our socials are just going to be linked to the business cash flow code that's powering this whole thing. And, by the way, shout out to the cash flow code Without the cash flow code, this podcast wouldn't exist here, so we probably don't plug that business anywhere near enough, as actually the what would you call it? The engine, the engine that drives this right. Yeah, that's what powers it. That's what actually allows us to invest the time and the money to be able to bring those episodes to you. So if you are looking to support us, please do so by subscribing to the podcast and following us on the socials. That's how we bring you more of this stuff.
Speaker 1:Good stuff, mate. Well, I'm excited to see how this kind of opens us up in terms of, you know, creative freedom and what we're going to be talking about next. I know we haven't really kind of stayed within the box anyway, but I know this kind of has definitely planted some seeds for us too. And, like you mentioned, the next series coming up, there's going to be a few of those WTF moments. Hey, what are we covering?
Speaker 2:Yeah, we're going to do a deep dive into debt and it's really just about what role does debt play in helping us expand our purchasing power and what do we need to know about it to use it really well and effectively and safely, and how do people actually do that? So we are going to cover debt in a way that it's never been covered before. We have a lot of conversations with brokers and partners and that kind of thing, For nobody really talks about this and particularly in the personal finance space, there's a lot of categorical views around it and again we just wanted to bust through a few of those. Give the nuance, deliver some of those WTF moments that help you really kind of see yourself and your situation completely differently.
Speaker 1:Yeah.
Speaker 1:I think, if you've ever been in a debate with somebody about shares versus property. This is going to help you evolve your thinking and kind of remove yourself from those silly debates as well, which will make sense when you actually listen to this. And, mate, I'd actually probably sit this next to season one of the podcast in terms of importance and impact, things to understand and what that means, as well as probably the crypto, the Bitcoin series that we did, understanding the financial system. I'm absolutely going to sit this next to those two as probably ones that I see as most critical to tune into.
Speaker 2:Yeah, I think that's fair too. I think that's fair and it's going to be completely different, right? Because you're not going to have to wait half a year for this series to finish. You're going to get it all the way through the Christmas break and it'll be done in about two weeks, so there's going to be a lot of content coming through. So if you want to binge it, you can absolutely do that.
Speaker 1:No, I said eight episodes in the next two weeks.
Speaker 2:I believe it's 10. 10.
Speaker 1:All right, yeah, deep dives, love it Coming into the new year. Hot yeah, Very good Well mate, I'm excited for this change. Well, it's time for freedom. Let's take some new levels. Good stuff, man, onward and upward. Thank you, all right, we're going to do that. Next one, let's get started. Okay, so let's start with that. Yeah, come on, mate. Okay, yeah, yeah, yeah, yeah, yeah, yeah, yeah, okay, okay, okay, yeah, okay, yeah, okay, okay, yeah, yeah, yeah, yeah.