The Biggest Myths About Passive Income.
In this blog, I’m going to be telling you the truth about passive income. Now, this is the flip-side of some of the negative things you may have heard about passive income.
This is from someone who has worked in the business for more than twelve years, has accumulated various properties, has written books on property investing, and has preached countless pupils over the years. This is the truth about passive income.
1. Creating Passive Income Is Hard
This is the first thing I need to tell you: creating passive income is hard. If somebody tells you that you can earn thousands of pounds worth of passive income a month, I’d say that isn’t impossible, but it is extremely HARD.
Suppose you want to earn two-thousand pounds of passive income a month that is attainable, however, if you want to have five-hundred thousand pounds of passive income a year that is going to take a particular person and certain expertise and A LOT of hard work.
2. Passive Income Is Not 100% Passive.
The next thing I want to tell you is that passive income doesn’t mean that you do absolutely nothing for it. The definition of passive income is the money that is coming from little to no maintenance by yourself.
So, you would have to do a few tweaks here and there. You would have to stay in touch with people and stay on top of things.
3. Don’t Pursue Passive Income Alone.
Do not make passive income your only income source! Sure, passive income is great; however, there is nothing wrong with trading your time with money as long as you’re using the profits you’re getting from it in investment.
Imagine active and passive income as two oars of the boat. You row one oar that is the passive income, and you row the other that is the active income. You have both massive and passive. Massive is, you’re packaging deals, you’re trading your time with money. Then, you’re taking the income from there and put it in a passive income source to build your investment.
Here, we talked about passive income and gave a few insights into it.
Bonus tip: when you actually become financially free, you wouldn’t want to stop working because you would get so bored! Trust me, when I became financially free, I went climbing Mount Kilimanjaro, wrote albums, learned new instruments, and traveled. However, I got bored after some time, and I wanted to work! So, my advice would be to keep working on your dreams, and if you work on something you love, it wouldn’t feel like working at all.
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