How passive can passive income REALLY be? Is it even possible, or is all the talk just – well…all talk? There are lots of people teaching how to make passive income these days, and in this video I uncover 3 myths so that you can learn the truth behind them, better equip yourself so that you cannot be over-sold by the hype, and understand really what’s possible.
There are a lot of different definitions of passive income. Earning money without additional work is possible in areas such as rental property and investments made in the stock market, however even those aren’t truly passive.
And all of it requires some soft of initial investment.
With that said, I prefer to create a different kinds of passive income stream that can become an even stronger asset in your income portfolio: creating an online business.
The initial monetary investment to get an online business up and running is much less (relatively speaking) for considerably much higher potential return. I’ve been building online businesses since 2008, and initially I had just spent $6.95/month to get a website up and running.
Where a lot of people fail when building online businesses is in the investment not of money, but of TIME. Time, patience and also hustle and hard work are required to find a problem and build a solution to solve that problem.
At the core: all good businesses solve a problem.
And even then, it’s not going to be passive at the start. It’s going to be VERY active to get everything up and running, and only when you learn how to create systems, and/or build a team to make those systems work for you, then you can begin to see some passive income.
If you’re interested, I recommend you watch my video about 3 different passive income models that you can choose from:
Other links and resources mentioned in this video:
THE SMART PASSIVE INCOME PODCAST (Subscribe Below)
SPECIFIC EPISODES WHERE PEOPLE ARE MAKING PASSIVE INCOME:
Episode 37 with Lain Ehmann (Scrapbooking): http://www.smartpassiveincome.com/session37
Episode 283 with Cassidy Tuttle (Succulents): http://www.smartpassiveincome.com/session283
Episode 122 with Shane and Jocelyn Sams (Football Coaching and a Librarian Resource): http://www.smartpassiveincome.com/session122
Episode 152 with Cole Joseph (Photography): http://www.smartpassiveincome.com/session152
Episode 165 with Susan Petersen (Moccasins): http://www.smartpassiveincome.com/session165
Episode 299 with Mykou and Touger Thao (Language for Babies): http://www.smartpassiveincome.com/session299
Episode 237 with Lauren from Girly Knits (Knitting): http://www.smartpassiveincome.com/session237
And there’s a lot more where that came from. Please subscribe to the YouTube channel if you haven’t already for more tips to help you start an online business and build your first passive income stream (after building an active one, first).
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Want to learn more about the smart way to make money online and start a successful online passive income business (without ripping people off or being dishonest)? Then make sure to visit the Smart Passive Income getting started page below:
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