We all want passive income. We all want to make money while we sleep. Yet none of us do this. None of us truly have “passive income” at its core definition. How many people do you that actually earn money 24/7? And no a couple of dollars off Adsense doesn’t count. I’m talking about sustainable passive income. The passive income that someone like Tim Ferriss is able to generate while traveling the world. Not many. In fact, those that do earn passive income, do so by telling others how to earn passive income. I wanted to discuss the fallacy of passive income…
A major fallacy with passive income.
Earning money off Adsense, text links, or affiliates, while you sleep may seem like passive income but it really isn’t. Why is blog income usually not passive income? Think of all of the work that you had to do to get your blog off the ground. Also think about what would happen if you just stopped working on your blog? Would anyone show up? Would your supposed passive income remain the same? It would all change. We may think that we have passive income because we earn money while being idle, but this is just like getting your paycheck from work when you’re not actually on the job.
Passive income should be a distant goal.
You need to go through the steps. The income phases that is. If your first goal is passive income then good luck to you. That’s like walking into a gym on day one and saying that you want to be a bodybuilder. It doesn’t work like that. You next to go through the phases to see if you have what it takes to be successful.
I recommend that everyone should start with freelancing. Freelance work will allow you the opportunity to:
Expand your reach.
More eyeballs will start to notice you when you freelance. Whether you decide to become a freelance writer or a freelance photographer, you will get your name out there. By getting your name out there you’re slowly building your brand. When your brand is strong, you can begin to productize and release your own “passive income” products (eBook, courses, etc.). Without a reputable brand name, who will buy anything from you?
Improve your work.
You need to become the best in the world at what you do. An average writer will sell an average amount of products. Remember that average is just as close to the bottom as it is to the top.
Passive income myths.
If you want to lay on the beach all day then go for it. Just don’t expect to make $341.67 a day like they promise you in those commercials. You might make a few dollars. The average person with no experience CAN NOT earn a fortune from passive income. If you wanted to get started with passive income tomorrow, with no capital upfront, then at the most you would make a few dollars a day. You need an established skill set. You need some capital. Passive income will never just appear. It doesn’t matter what your passive income source is. These rules apply to every form of passive income.
/end passive income rant.