Passive income sounds too good to be true doesn’t it? But that is a myth. Put in the research and the initial work and passive income really can become your reality.
It doesn’t have to take a huge amount of time (reality)
I make passive income from my blogs.
Each time you read an article the ads you see on my blog make me a tiny amount of money. If a blog post I write is popular and gets a lot of views it makes me more. This can means I only create once and can keep on earning. It can be hit or miss some of my blog posts just get a tiny amount of readers and some hit the mark and get a flurry. But this is a great source of passive income that just takes an initial effort of my time and skill. One post I wrote on ‘things not to keep in your bedroom’ on my A Beautiful Space blogs garners me almost £700 a month. I wrote it about a year ago and it took me 2 hours.
How fabulous is that!
Passive income requires outlay (myth and reality)
Sometimes making a passive does require an initial investment in some way for (not always though.) Here’s an example.
If you join Loanch, a dynamic marketplace offering loans from rapidly growing emerging Asian markets your investments are both safe and profitable. You can Earn up to 14.5% APR from consumer loans. Sure it’s an investment but certainly a profitable passive income with little work except the initial set up.
You will get immediate results (myth)
We all like a quick win, but the reality is that passive income can take a while to build. Many people believe they’ll start raking in cash as soon as they set up a passive income stream. The truth is, it often takes time for these ventures to become profitable but if you can be patient it really can provide you with lasting payback.
Say, for example, you create an online course. You may have to write it, edit it and produce it and market it like mad to garner customers. But then, once it is established and word of mouth spreads and reviews come in, you will probably start to make money.
Prepare to wait though and your efforts may well be rewarded richly.
Passive income means you do nothing after the initial start up (myth)
Passive income doesn’t always mean you are entirely passive. For example I write books and you might imagine that once they are written my job is done and the coins will come in with no further effort on my part.. That’s not exactly true. On a regular basis I go on to social media and market those books, I talk to school, I run workshops, I do interviews on podcasts and talk to the press about those books.
My passive income requires maintenance and action.
Passive income is boring (myth)
Absolutely not!
Making a passive income can be a thrill and provides you with free time and opportunities. It can also create a diverse portfolio of business for you. Passive income can come from various sources like dividends from stocks, rental income, peer-to-peer lending, royalties from creative works, and affiliate marketing. This diversity means you will have your fingers in a lot of pies and tare learning new things all the time. never a dull day when you work to make passive income
