Like all business models, passive income has many more failures than successes. However, it is the few that succeed by overcoming these reasons you fail at passive income.
- Unrealistic expectations
- Failure to launch
- Give up too soon
- No diversification
- Not enough effort
- Not learning the skills you need
- No money to start
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It is no wonder that so many will think they are going to get wealthy from passive income. All you have to do is go to YouTube and search for passive income. Countless videos are making extraordinary claims about their monthly payment. Is it true? Probably, but it didn't happen overnight. I am sure a lot of work went into their success and probably some luck. You need to set your expectations low to start. Make your goal be “I want to make $100 a month”. Achieve that and move upward as this is the more realistic approach, and it won't leave you disappointed. You know the saying, “how do you eat an elephant- one bite at a time.”
Failure To Launch
I find this to be the saddest reason for someone to fail at passive income. Maybe it is fear of the unknown or lack of knowledge, but these are incredible times to become an entrepreneur. The internet has paved the way for everyone to have a chance to build something. The trend is growing that people are tired of being a slave to corporations that don't appreciate them and desire to control their path. As mentioned above about the elephant- this is the first bite. Would you please take it?
Give Up Too Soon
I have referenced this numerous times in other articles, the 3 feet from the gold story from Napoleon Hill's book “Think and Grow Rich.” It is a story about a miner that quit but didn't know he was only 3 feet away from striking gold. This story has stuck with me and keeps me moving forward. I think it can do the same for you.
There are many ways to earn passive income. Don't limit yourself to just one because you may get discouraged if it doesn't produce enough income. Whatever your income goals are, you need multiple revenue streams added together to reach them. Maybe this is as simple as taking the money from one passive method and reinvesting it in another. Please don't get hung up on one thing like it's a job, and remember you don't have to start several at one time; instead, get one going and then add another.
Not Enough Effort
There is work required for all passive income activities. However, most will start their journey while working a full-time job. It isn't easy, but you have to carve out some time to build your passive income business. You can probably do this in a few hours a week, but you won't succeed if you blow it off. It is that simple. I can't tell you how to find the time, but you will find a way if you want it.
Not Learning The Skills You Need
You have to learn new things to be successful at developing passive income and learning, such as a website or constructing a blog post, or investing your money. The good news is there are plenty of free resources on the internet and YouTube. You can learn a lot just by reading and watching videos. Yes, many will be trying to sell you a course, but you don't have to or need to buy one. There is plenty of helpful advice that is free. I am not saying there is anything wrong with courses, but many are overpriced and deliver very little.
No Money To Start
Some passive income methods require nothing for getting started, such as car advertising and print on demand. Many require nothing more than a website which is a minimal amount. You can create most passive income methods for less than $100, so if you don't have that, you can save it up or sell some stuff to raise it. Selling stuff you no longer want or need is a great way to raise some cash. I am writing a post on this published in a few days, so watch for that. In the post, I posed the question, “what is the fastest way to raise $200?” I have sold some items and raised $165 so far in 4 days, and when I hit $200, I will publish the post.
I have outlined seven reasons you fail at passive income. There are others, but these are pretty common, and maybe by being aware of them, you can avoid them and make your passive income goals come true.