Passive income ideas. Everybody wants the easy way out but hardly anyone is willing to work hard. I’m going to be blunt and to the point here. What really is passive income? Simply put, passive income is income that is received on a regular basis (cash flow, dividend payments, etc) with minimal to no effort to maintain it at a certain level.
So, is the hype real? Can you lay on the beach and get your passive income ring in thousands of dollars? I’m here to break the news to you: it ain’t real, my friend. Here’s the bottom line. No matter how passive your income is, you still have to put in the time and effort to maintain it.
There’s only a small percentage of the population that truly has passive income. These are people that invested in the early stages of Facebook, Instagram and Twitter for example. Their investment went 500X without much effort. But, what’s the percentage of that out of the entire population? Perhaps 1%?
There are only two areas that historically have been classified as true passive income:
1. Real Estate as Passive Income
Real estate is a form of passive income although I tend to disagree slightly here as there’s still work involved, even though you may have a property management company involved.
2. Investment in the Financial Markets
Another form of passive income is investment in the financial markets, predominately in the stock market. Does it pay off? Historically, data shows that it does if your expectations are checked at the door.
So does passive income exist? Yes it does but it has to be practical. Does it require work and effort. Yes it does. Is passive income truly passive? No.
Let’s look into it in more detail as this topic fascinates me. There are literally thousands upon thousands of “experts” that go on YouTube and claim their latest system hack or automated business that made them rich. Perhaps is true, that 5% really made it. And making it is all relative here. But guess what? Their success wasn’t achieved overnight. It’s the grind in and out every single day that gets someone closer to their financial goal.
Let me ask this: if you know what works and you’re making thousands every single day, why would you share that with everyone over YouTube and then link to your eBook that you’re selling? I bet that most people that know what works keep that to themselves.
And to be honest, here’s what works: hard work, focus and perseverance.
Do me a favour. Keep your money in your pocket or invest it wisely in your business.
Don’t give it to a lot of these people that are selling you a dream.
So what does actually work when it comes to “passive income ideas”. Build something around your passion. I realize is very cliche and that some may say, following your passion is not the right thing, following the dollar is. Listen, I’m OK with that philosophy for the short term if you want to cash in on a trend/wave, but it will not get you far. By far, I mean a solid business that will keep going and provide value 5 years or 10 years from the start date. Know this; it’ll take time and discipline but eventually you’ll get there.
Here’s a plan of attack to achieve that financial goal that you may have:
1. Keep Working At Your Job
More than 70% of people are dissatisfied with their job. Don’t believe me? Here’s the latest findings from J.T. O’Donal on Inc. on Why People Hate Their Job. That’s mind blowing. But guess what, you’re not alone. At least you have a goal now. Create wealth for yourself and your family. Keep working to cover your basis necessities and start working on what matters: a business for yourself that you’re passionate about.
2. Invest Your Savings Into Your Business
Don’t be flashy with your money. Material things don’t matter. Experiences do. Invest your money into your business.
There’s never been a better time to start an online business. You can start a proper online business for less than $100 today. How many beers have you bought last weekend at the bar? I bet you spent over $100. Facebook, Instagram, Snapchat and Google Ads are an amazing tool to get your business in front of your target market. Use these amazing platforms wisely.
3. Know Your Financial Goal
What does success look like? Is it an extra $2,000 or $20,000 per month? Know your financial goal clearly so you can transition from your job that you hate to a business that you enjoy working on.
Reality Check
You’ve been searching for passive income ideas. I get it. You want passive income, I also get that. But the reality is; you’re not going to get it unless you are very focused, disciplined and keep on grinding. I’m not telling you how to do it but the basic building blocks, if you’re willing to listen are:
Know How You Spend Your Time
Are you watching endless videos on YouTube or are excited about a new TV series coming up? Dose that eat up 1 or 2 hours of your day? Think about how much work you could have gotten done. Content, planning, connecting. It takes time and effort to become successful. Use your time wisely.
You Gotta Really Enjoy the Journey of Entrepreneurship
You have to live and breath it. Otherwise, everything will at one point become boring. If you don’t enjoy the hassle and the chasing of your goal, might as well stay at your job that you hate.
Again, we live in a time where it’s never been easier to start an online business. Would it be easy? No. But hard work and perseverance will pay off, not in a month or two, but in years. If you’re willing to put in the work, the rewards are there.
Please, don’t be spending your hard earned cash on buying the latest eBook that promises you thousands of dollars per month with the coolest automated money making scheme. Passive income ideas are nothing but a dream.
Even the ones I mentioned here, real estate and stock investment require effort and time. Why would you think that thousands of “experts” want to sell you a dream? So, you can finance their cars, bottles and models. Do you really want to do that?
