passive income

Words and Money: Creating Passive Income Streams with Jocelyn Paonita Pearson

WM 051 Creating Passive Income with Jocelyn Paonita Pearson.jpg

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.
Ever wonder how to create passive income to live on less? This interview walks you through finding a rental property for passive income, self-publishing a book, and starting an online business with Jocelyn Paonita Pearson, founder of The Scholarship System

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.