Time is the great equalizer. In the grand scheme of things, you don’t get much more of it than I do. On average, we only live 80 years.
No wonder many of us are scrambling to free up more time. We realize that if we want to accomplish our life goals, we need to spend less time making a living. Passive income seems like a great solution.
While passive income is achievable, it’s not as easy as other bloggers make it out to be. Myths perpetrate through lazy blogging. Some of us have swallowed these myths with gusto.
Here are five you should probably quit believing.
1. You Need a Bunch of Money to Make Passive Income
Brian Clark turned Coppyblogger into a $7 million company with a mere $1,000. Now that might seem like a decent sum to a few of you out there but think of the ROI on that investment.
Granted, Clark spent over ten hours a day blogging just to make his dream a reality. But money doesn’t always beget money.
You could spend $8 a month on your blog and still make a passive income from it. This merely takes research and some virtual elbow grease.
2. You Can Keep All Your Eggs in One Basket
Imagine a basket full of precious eggs worth thousands of dollars each. You set the basket on the counter while you go to do something else. The cat comes along and rubs against it knocking the whole thing to the ground.
You’ve just lost all your precious eggs.
Passive income isn’t always the most stable form of income. Something could happen to sour your audience against you. Your Google ranking could tank because of an algorithm change.
You need multiple sources of passive income. This could come in the form of YouTube videos, various blogs, various drop-shipped products. It doesn’t matter, just diversify.
3. It Will Make You More Money Than Active Income
Anyone who says you absolutely make more money with passive income streams than active income streams is a liar. The four-hour workweek is possible, but you’d have to move to a third world country or go into real estate.
Active income, especially when you’re selling a unique skill such as photography, will always make you more money. The thing with passive income is that it could totally supplement your active income streams.
Remember when we talked about not keeping all your eggs in one basket? Even active income could dry up. See 2008 Recession.
Passive income could get you through tough times if your “real” job begins to tank.
4. You Can Just Post And Sit
Passive income isn’t immediately passive. You do have to put in the work just like any business. This means research and marketing.
You first have to make sure that people will buy what you’re selling. And even if you’re “just building a blog,” you’re still selling something.
Niche down. Don’t generalize. Specialize.
If you run a blog about running, niche down into trail running or marathon training. And once you’ve completed your research, be sure to open every social media account on the planet.
You are going to spend an inordinate amount of time posting on social media. Get used to it. Find a social media automation platform and spend a little to save yourself some time.
5. You Have to Be an Entrepreneur to Make Passive Income
You don’t have to be Brian Clark to make some passive income. No matter how little you make from a blog, a YouTube channel, or an e-book, you’re making passive income.
You don’t need a million dollar idea to make passive income a reality. You just need a passion and the willingness to work hard for a while.
What myths did you swallow when first reaching for passive income? Let’s continue the conversation in the comments below.