Is There Such a Thing as Passive Income?

| October 22, 2018

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“Passive income” is a popular term right now, and it includes a wide range of income streams from rental properties, membership services, book or ebook sales, and more. Everywhere you turn online when seeking information about earning money online or building your wealth, you hear about passive income and how it’s the ultimate goal for someone wanting to build their wealth. While passive income is a great way to build your wealth if done correctly, the term “passive income” is misleading, and many people misunderstand what passive income truly is because of the word “passive” being used. This misunderstanding has been a source of frustration for those seeking an easy way to earn more money.

Passive income is real, but term “passive income” can be misleading because there’s nothing passive about building a passive income stream. Passive income is simply an income stream where you don’t trade your time for a specific amount of money. It is not time or project based. It takes a lot of hard work to build an income stream from nothing into what would be considered a passive income stream. It also takes a lot of work to maintain a passive income stream so it continues to make you money. You must proactively build and maintain a passive income stream if you want it to continue to earn money for you for a long period of time. The more work and attention you give to an income stream, the more money it will make you.

A lot of people hear about passive income and think that it’s a get rich quick scheme where you don’t have to work hard to earn money. They think that they can get an income stream started and just ignore it, but this couldn’t be further from the truth. If you start an income stream and then ignore it, most likely it will earn money for a short amount of time and then it will begin to earn you less over time instead of more, but if you nurture an income stream it will continue to earn you money and help you continue to build your wealth.

Passive income streams require work, but it’s worth the work to begin to see income streams working simultaneously and enabling you to stop trading your time for a specific amount of money. If you don’t get into the trap of thinking a passive income stream will allow you to be passive, you can reap the benefits of multiple passive income streams. Over time you will be able to create systems to maintain and build your passive streams of income, and eventually, you’ll be able to hire others to work parts of those systems for you. That will free your time up to work parts of your business that require you to do them or the parts of your business that you excel at. You will be able to invest your time, money, and other resources into the parts of your business where you’ll see the most return. If you’re good at writing, you could hire someone to do customer service. If you excel at building relationships, you could hire someone to create content. There’s not just one way to build passive income streams, but you must realize that you can’t be passive and see success.

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