Wealth Without Wall Street: 3 Steps to Freedom Through Passive Income

by Joey Muré, Russ Morgan

Passive Income > Monthly Expenses = Financial Freedom

Doing the “right thing” with your money used to mean hard work, aggressive saving, and 401(k) investing. The end result—your prize for years of labor—was a retirement that would last forever.

But things have changed.

If your goal is to live on your own terms now and spend your days doing what you want with who you want, saving and traditional investing won’t get you there. But there is a path—one that you control, without relying on anyone else. In Wealth Without Wall Street, Russ Morgan and Joey Muré, founding partners of the Wealth Without Wall Street movement, introduce a conceptual, three-step process for becoming financially independent. They dissect Wall Street’s appeal and show how understanding your goals, developing a plan, and enlisting support will help you build the life you want. There are no good or bad investments, only good or bad investors. Learn the type of investor you are and the options you have to become independent, in control, and happy with your finances and future.

194 pages, Kindle Edition

Published April 2, 2024

Reviews

[Fanchen Bao]

The only way to have passive income is to sell courses on passive income.

— Confucius (maybe)

Joke aside, I find this book more of a sales pitch than a genuine guide to personal financing. There is good advice but also some dubious claims that have made me go “huh??”. For the dubious ones, the explanations are vague or non-existent such that even if they make sense, they still sound like scams. This is understandable, if not condonable — the authors need to sell their passive income coaching service to the readers; it is against their financial interest to make sense of everything in the book.

The funny thing is that the book being vague is both its weakness (less useful from an educational point of view) and its strength (encourages critical thinking). In order to make sense of what is said in the book, either to verify or disprove it, I have spent a lot of effort researching and learning the stuff that I normally would not be interested in. The last time my critical thinking was this challenged was during the prep for the GRE exam. Trying to argue with someone is indeed a very strong motivator.

For a more detailed breakdown of the points I disagree with the book, refer to the review on Medium.

[Joseph Huston]

Could help open some eyes

I am a little too old to start the Infinite Banking Concept, but I amazing planning to try some of the other ideas presented here for producing income, beyond the two long-term rental homes and the one short-term rental home I already own. I also invest in real estate in my self-directed IRA, after rolling over my TSP into it. So you could say I have followed a more convention path than what is outlined here and I have done okay with it.

[Ryan]

Building Income Streams

This book is a true cornerstone for your library of ways to build multiple income sources outside of the traditional Wall Street method.

As you read this book, you will begin to understand financial freedoms you never imagined. You will then be able to make great decisions to help you determine what income path you want for your future.

[Max Pruger]

PI > ME should he taught in every grade school

Nice book about passive income using the backdrop of IBC. Practical recommendations on how to get started on your journey to financial freedom and build passive income to exceed monthly expenses.

[Cory Wallace]

There is a lot of good information in this book. Betting your money on Wall Street is not the answer. This book shows you there is a better way.