T. Harv EkerI teach you how to master the inner game of wealth - because if you don’t win there, you don’t win anywhere.

Passive Income found in a Volcano!

Name: Passive Income found in a Volcano!
Uploaded: 2012-11-26T17:28:10+00:00
Duration: 59 s
Channel: T. Harv Eker
Description: T. Harv Eker recounts an anecdote about a man, George Buttle, who bought a volcano island (reported purchase price $20,000) after earlier mining…

26 Nov 2012 · 1 min

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T. Harv Eker recounts an anecdote about a man, George Buttle, who bought a volcano island (reported purchase price $20,000) after earlier mining companies failed. The government later negotiated a compromise making the island a conservation area while allowing the owner to license access and photography; Eker reports the owner earns about $500,000 per year in passive income from boats and helicopters visiting. The story is used to illustrate the power of passive income.

Questions this video answers

George Buttle.

$20,000.

Approximately $500,000 per year.

It was made a conservation area while the owner retained licensing rights for use and photography.

Chapters

So the interesting thing about this is talk about passive income. So all these other mining companies came in here and bought the whole island trying to do sulfur mining. Had lots of debts and problems and never was worth it. Finally, Canadian company pays $20,000. They have big, big problems. This one of these guys, George Buttle, comes in and buys it off of them, basically for hardly any money. I think they only paid 20,000. And then decides that he's not going to do anything. Just holds on to this. They said, why do you want this volcano island? He said, because, I don't know, thought it was a good idea. So just wanted a volcano island. And there was one around, so he bought it. Turns out that the government tried to buy it from him. He wouldn't sell it. So they came to a compromise. Now it's a conservation area, but he still gets licensing every time it's used and pictures. And every time the boats come in and helicopters come in. The guy makes half a million dollars a year sitting on his butt because he owns a volcano island. Now, talk about passive income. This is it. I'm looking for a volcano.