The idea of making money while you sleep probably sounds too good to be true. Some people think of passive income as an effortless way of making money, while others think of it as a myth.
None of the two notions is accurate, and passive income demands plenty of dedication, hard work, perseverance, etc.
Is passive income a myth? Passive income is not a myth. People are making millions, if not billions, by participating in passive income investments. For instance, famous Asian billionaire Jack Ma (Founder of Alibaba) made his billions by investing in a B2B platform at a time when people thought it wouldn’t work. Other examples include Oprah Winfrey, Jeff Besos, and others.
To be successful at making a passive income, you have to be willing to take risks and come up with out of the box solutions to challenges.
Besides, you must also be willing to put in the work, conduct research on the market, identify customer needs, and fill in niches in the market.
The next section covers some of the myths and misconceptions associated with making passive income, some examples of entrepreneurs building a living off passive income streams, and some tips on how you can do it yourself.
Disclaimer: We do not suppose to offer financial advice in any way; we are not your financial advisors and have no legal certification on the same. All the content including materials, information available on this site is for general information purposes only. (source).
Now that we have that out of the way let us consider some common passive income misconceptions, myths and other ideas.
#1 Passive income is easy
Some people wrongly believe that passive income is an easy way of making money.
Some time back, a friend who was explaining some of the benefits of passive income stated that “ all you have to do just start, and then wait for your idea to start making you money.” After starting my venture, I found the advice to be extremely misguided.
There is no easy way of making money. Most of the passive income ideas that fail in the early stages probably do so because their owners thought that it was simple, and when things get complicated, they give up.
Passive income streams are very demanding. Some income ideas might require a considerable amount of capital, while others might demand plenty of time. Either way, do not expect any sound passive income source to be a walk in the park.
#2 You require money to start a passive income stream
You might have heard people complain about how expensive it is to begin a passive income venture. Some people think that passive income is only for the rich, the wealthy, etc.
They cannot be more wrong. Anybody can begin and succeed in creating a passive income source, even when they have limited capital.
Some passive income sources don’t need money to start. You can utilize assets at your disposal to make money without having to spend extra.
For instance, Print on demand, Airbnb, Renting out your parking spot, flipping items on eBay, etc. are some excellent passive income ideas for people with limited amounts of cash.
#3 You only need an idea to make it work
Another common misconception on passive income includes the notion that all you need is an idea to make money. Well, having a plan is essential when making passive income, but there is much more to it.
For example, some passive income ideas may not be ideal for your location, and some maybe outdated or prone to mishaps.
Deciding on a passive income source is an intricate process that demands research, including studying market trends and understanding what your customers want.
Even after deciding on your passive income source, you have to put in the effort to actualize the idea and make it successful, which is usually the hard part.
Some people have become successful by investing in passive income ideas from real estate, eCommerce, books, etc. Here are some examples of successful people who make their living from passive income:
Jeff Bezos
The outspoken founder of Amazon ranks highly among the wealthiest people in the world (source). Jeff earns his money through eCommerce platforms.
His brainchild Amazon is one of the most successful online platforms that connect people globally. He attributes his success to patience, commitment, and hard work.
J.K Rowling
J. K. Rowling is a famous book author widely known for her Harry Potter book series. What most people don’t know is that she grew up in a humble background, and at one time even signed up for welfare.
Her books were rejected by publishers almost 12 times before she finally got a chance to share her imagination with the world. Today, she earns income from royalties paid by film producers.
Rick and Jim
Rick and Jim are the faces behind income school. An online course on how to make passive income within two years.
Rick and Jim left successful careers to collaborate on passive income ventures. They now share secrets to their success through online training courses.
You can check out their latest project 24 courses for tips on how to make money through various passive income sources.
Other examples include Oprah Winfrey, Joe Rogan, Ryan, Grant Cardone, Tony Robbins, among others ( Source.)
Passive Income Tips
Now that it is evident that passive income is not a myth and that it is possible to make a passive income, here are some tips to help you get started
It is essential to conduct adequate research before settling on a passive income source.
Settling on a passive income idea takes time. Don’t rush.
Choose a passive income idea that you are comfortable with.
Settle for evergreen content
You have to understand that passive income takes time before you can start earning. It is not a quick-fix solution to your money challenges.
For more information on passive income, check out beginnerspassiveincome.com
Related Questions
Is passive income a myth? No, passive income is not a myth. You can make passive income if you have the dedication, commitment, and patience that the form of income demands.
How Can I make passive income? There are many sources of passive income. Some of the most popular include eCommerce, Blogging, YouTube, Airbnb, etc.
Is passive income a reliable source of income? Passive income can be a constant source of income for the long term. Some passive income sources, such as blogging, eBooks, can continue to generate revenue long after you post the content.
Comments