Only 27 years old, former financial advisor Rachel Richards has made a name for herself in the personal finance realm. In 2019, Rachel quit her job and retired, with over $10,000 per month in passive income! She is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She has been featured on the Penny Hoarder and the New York Times and has been contracted to speak at colleges. Rachel is also a real estate investor with 35 rental units. Her valuable money lessons have helped thousands of millennials work their way out of financial despair. She has successfully done what no one has done before: made the topic of money management fun, entertaining, and simple! Disclaimer - A lot of the ideas given in the book are from the US perspective since Rachel is based there. However, 90% of the ideas she talks about can directly translate to something in India as well.  Always interested in Finance, got excited about compound interest in 6th grade! So many resources available for people to know about money (books, blogs and podcasts) and knowledge gaps still existed. To bridge the gap, Rachel wrote a her first book (Money Honey - A simple 7 Step Guide to get your financial shit together) to help individuals get to grips with an intimidating topic.  Step 1 - Change your narrative and relationship with money. Start appreciating what all money has given you and start with affirmations that you have enough money and that money is abundant.  Step 2 - Make a budget to get a sense of your current financial situation and figure out where to cut back. Cutting expenses is great. Now, it is time to figure out what can be done to increase your income. "There is no cap on how much income you can make in a year". To make a real impact on your budget, focus on both. Decreasing expenses and increasing income.  Step 3 - Differentiate what kind of income to generate. Passive Income or Active Income. Active Income - Trade your time for money. Passive Income - Invest a bunch of time at once and little to nothing thereafter.  What are the different passive income streams - a. Rental Income b. Portfolio Income - Dividend. (Large pool of money required) c. Royalty Income - Books, Online Courses, Songs, Podcasts d. Coin Operated Machines – Vending Machines, Food Dispensers, Laundramats (US Specific) e. E-Commerce - Blog, Podcast, Substack (How can I outsource), Ad-Money, Affiliate Marketing and Drop Shipping.  How to make an investment in Real Estate without a large downpayment? a. Invest in a REit. (Real Estate Investment Trust), to get the exposure to the returns from Real Estate without having to make a large investment. In India, Embassy Parks has a REit. (You check out more details here -  b. Owner Financing - Ask the owner of the property to finance a portion of the loan. c. Broking - Identify promising real estate properties and pitch it to investors for a profit share or brokerage cut.  d. Wholesaling - Go identify Real Estate Deals and sign a contract. Later, identify an investor and assign the contract to them for a fee. Like broking. Books –  Money Honey: A Simple 7-Step Guide for Getting Your Financial $hit Together  Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence (& how to get started!) Passive Income Bonus Kit - www.moneyhoneyrachel.com/bonus Reach out to Rachel –  FacebookInstagramTwitterWebsite Reach out to Naga –  Twitter - @n1n3stuff / @PassionPeop1 (https://twitter.com/ThePassionPeop1 ) Sound Attribution and Credits - Music from Pipo and Wowa(you should check out thier music on Spotify here - https://open.spotify.com/artist/6zZPxLiRfbGUnoEAJmfJJN) from Unminus. All music other than the jingle on the episode is under the CC0 License and downloaded from freesound.org , freemusicarchive.org and unminus.com Warning - Please consult a professional advisor before you make any financial decisions. Any opinion