Day 10 of The 14-day Passive Income Challenge - The importance of Discipline - Chaim Ekstein

[Music] welcome to day number 10 of the 14 day passive income challenge today we're going to discuss a very important element of the leverage part of the alm model which stands for attract leverage and manage and that is discipline how important it is for you to be very disciplined in your planning that you're doing stay tuned let's jump right in discipline i have no words to stress enough the importance of discipline if you don't have discipline then it's dangerous for you to listen to anything i have to say about leverage the only way leverage will work is if you are disciplined but i will tell you that most people who fail at being disciplined it's because they don't have a plan and i give you an example let's say that you're going to take out a 100 000 mortgage on your home because you want to use leverage in order to invest in order to have a better passive income plan and you don't have a plan where this money is going to go you might end up paying interest you might up you might end up spending the money on luxuries and things unnecessary things that you don't need on depreciating assets you're gonna buy a nice new car etc etc your wife needs needs some new furniture you need to paint the house whatever it is go on a nice luxurious vacation if you don't have the discipline leverage can destroy you but i will tell you most of the time if somebody doesn't have the discipline it's because they don't have a plan they don't have a plan in place how the money is going to help them in their passive income planning so it's very important to have a plan and when you have a plan then only then you can go out and consider leverage that we discussed and maybe that's going to help you fund your plan another vital important thing is to have goals know why you want what you want know how that's going to help you if you don't have a goal then nothing is going to get you there because you don't you don't even know where you're going so you just do things and when you're in a in a situation in a mental state of just doing things most probably you're not going to succeed with your passive income planning so if you want to succeed with this if that's important for you make sure you have the right discipline thank you for including me in your passive income life foundation looking forward to seeing you in the future days of the challenge you