W+M 051: An Interview with Jocelyn Paonita
Jocelyn Paonita Pearson is the founder of The Scholarship System, an online platform that helps students graduate college debt-free. Through her own journey of getting her entire college tuition paid for (and then some) Jocelyn was able to create more money-making opportunities to create passive income post-college. In this episode we chat about making money through rental properties, writing and self-publishing a book, and getting started down the path of creating an online business.
Listen to the show:
What we talk about:
- How Jocelyn got her entire college tuition paid for with scholarships (even got paid to go to college) and how she subsequently created a business around helping others graduate college debt-free.
- How graduating college debt-free allows you to put your money to work for you.
- What exactly is passive income?
- Why someone might want to write a book and how it opens doors from passive income to other opportunities.
- Why Jocelyn self-published through Amazon.
- How Jocelyn wrote her book while she had a full-time job.
Takeaway: Passive Income Through Rental Property
- Investing in a rental property so Jocelyn could live for free by getting her mortgage paid for.
- Logic behind what type of condo/home to buy for rental property (especially if you're living in it and renting out the spare bedrooms)
- Getting approved to buy a home without having a consistent income history.
- How Jocelyn was able to pay off her car loan so quickly.
- How to choose a place that is "rentable" and find tenants.
- Do you need to worry about if a home will increase in value?
- How to handle emergency situations if you don't live in your rental property?
- Why Jocelyn uses AirBnB for her second property and what that allows her to do.