From $52K in Debt to $100K/Month in (Almost) Passive Income

about episode 225:

August 19, 2021

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Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another...

Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion's share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another...

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Passive income can come in many shapes and sizes. Sometimes it comes in the form of rent checks, stock dividends, or simply business income. Deacon Hayes has taken the business income route multiple times and is still cashing the checks from his hard work years ago.

But before his businesses, Deacon had to get out of debt.

Deacon did whatever he could to pay off his debt. He delivered pizzas and resold furniture, all while working full time. Once he was out of debt, he decided his passion was in teaching others how to get rid of their debt, so he became a financial planner and started his website, Well Kept Wallet. His story was so well received that he was brought on to record with Fox and tell their audience about his debt-free journey.

Deacon left the financial planning world after realizing he didn’t want to just help the rich, but the average person who still struggled with debt. To subsidize his business, he started a website building business, but later automated this and kept the lion’s share of the profit while doing very little work. He started an SEO (search engine optimization) business and did the exact same thing. Then as Well Kept Wallet was bringing in massive revenue numbers, he did the same, hiring another worker to fill his role so he could focus on what he loves.

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Get Tickets to BPCon 2021:
https://www.bpcon2021.com/
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Watch Some of Deacon’s TikToks:
https://www.tiktok.com/@thedeaconhayes?lang=en
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Check Out Well Kept Wallet:
https://wellkeptwallet.com/
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Tiffany Aliche’s 10 Financial Components to Become ‘Financially Whole’:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-187-tiffany
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Episode 225

Show notes at: https://www.biggerpockets.com/moneyshow225

0:00 Intro
2:17 Paying off $52K in Debt
7:07 Making the Pivot to Become Debt-Free
11:20 Foreclosures, Short Sales and Land Leases
16:49 Strong Financial Foundations & Creating a Brand
22:44 Putting More Work into Well Kept Wallet
28:43 Turning a Full-Time Business Into FI
45:46 Self-Worth and Free Time
51:51 Making Videos and TikToks
57:30 Deacon’s Finances Today
1:01:54 Famous 4
1:06:16 Reviewing an Impressive Debt Payoff