Passive income is what a lot of people think of as ‘living the dream’. If you’re earning a passive income, that means that you’re making money from either cash flowing investment, or something like a website, digital product, or an affiliate product that you previously set-up. Now you can sit back and relax while the money comes pouring in! Potentially you can scale this business to become very wealthy but either way, you get to benefit from no longer trading your time for money!
At least that is what all the talking heads on social media are screaming at you about. But is it really like that? Are you really heading for a life-time of making money while you relax on beautiful yachts?
Yeah... Let's talk about the real truth about passive income.
This is Not a Get a Rich Quick Scheme!
The first thing to acknowledge is that this is in no way a ‘get rich quick’ scheme. This is not a method you can use to make money without putting in the equivalent amount of work and time up-front. You are still working for your income, the only difference is that you’ve done this work ‘up-front’ as it were.
The other thing to recognize is that this takes a lot of time and a lot of trial and error. In the vast majority of cases, you should not expect to be making hundreds of dollars a day for a long time to come. Trust me, this is a realization I am having now during these hard times, haha.
Don't Quit Your Day Job... Yet...
It will take time, work and a lot of patience to eventually get to that point where you are making hundreds a day, but it can be done. If you start your passive income business model thinking that you’ll be able to quit your day job right away, then you should expect to be very disappointed.
Instead, the best way to think about passive income, is as a good way to add a little bit of extra revenue to your existing set up. Try to think of ebook sales or clicks on adverts as ‘extra’ income and as a way to improve your overall salary. Or even just getting started with a blog on Hive is a great way to get started as you earn crypto that can be saved and staked for passive yields.
This way, you won’t be disappointed even if you’re only making $20 in ebook sales a week. That’s still $80 a month and $960 a year – enough to go on a little adventure, or keep compounding it for even more gains in the future!
But more importantly, once you start making this money and you enjoy making that much, you’ll find that it starts to increase. If you don’t get quickly frustrated and give up on your passive businesses, then they will grow over time and start to make more and more money. Again, another lesson I am learning in my own journey.
That’s how you successfully grow your passive income and it’s what will eventually allow you to give up your day job. This kind of thing is like running a marathon instead of a sprint race, so you have to learn to be as patient as possible, not only with the process, but with yourself!
The other great thing about passive income models is that they are endlessly scalable. Because you aren’t trading man-hours for money, that means there’s no limit to how many times you can repeat the same business model over and over again.
Making a profit from selling an ebook on Amazon? Then why not make another? And another? And another? This way, you can multiply your sales over and over again. Same goes with any other form of passive income. It can be as simple as just investing in an interest yielding investment that you use as a savings and just keep putting money into it every check. When you look at something like HBD where you simply put it in your Hive savings wallet and earn 20% APR. And if you keep adding your post and curation reward savings in your wallet, it keeps growing.
Keep On Hustling
Keep up these habits and eventually, you’re almost sure to land on that ‘big hit’ that will be your real cash cow. It takes time, it takes patience and it takes luck. But it’s worth it! The biggest piece to remember is to just not give up. Keep trying and keep putting yourself out there in the world in ways you can earn passively!
Don't give up on yourself and your dreams! It may not come overnight, but if you keep consistent, and just keep at it, it will happen faster than you think!
To quote the Rolling Stones:
No you can't always get what you want, but if you try sometime, you just might find, you get what you need!
Keep calm and Hustle on!
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