Today I share my 5 truths about making passive online. I reveal many beginners’s expecation vs reality with their passive income ideas. Busting myths about passive income ideas like YouTube, Dividend stock investing and Real estate.
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The first Truth is: Passive income isn’t a get rich quick scheme! Setting up any passive income stream will require a large time or money investment upfront and that may not pay off until years down the line. The magic of passive income is huge delayed compensation. By going into it with a more long term attitude you will have a much better chance of success. You will do the proper research, planning and learn all the skills you need.
The second truth is that: Passive income isn’t permanent. This really isn’t a ‘set it and forget it’ method. Once you have set up your passive income you change from the builder to the supervisor. Although this involves a lot less work it does still require some of your time.
The third truth is that: School will never teach passive income. Our entire school system is focused on just one way of making money. The whole point of exams and college is to sort people into jobs. They don’t mention that having a job shouldn’t be your only way of making money. There are 3 different ways to make money: Linear income otherwise known as a normal job. Leveraged Income which is when you own a business and people work for you. And finally passive income where your time or money works for you without you having there be there all the time.
The forth truth may surprise you a little: Passive income probably won’t make you happy. My whole focus was on making sure my passive income every month was more than my expenses, so I could be finacially free. When I finally achieved my goals I felt lost and not as happy as I expected.
The 5th truth is that: Passive income shouldn’t be your only income source. One of the main benefits of passive income is that it can multiply your time and the amount you can earn. But as we talked about before it isn’t permanent so if you are entirely dependant on that passive income then you are in a pretty dangerous situation!
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*Some of the links and other products that appear on this video are from companies which Mark Tilbury will earn an affiliate commission or referral bonus. The Info in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.