Nothing infuriates me more than reading articles that passive income is a myth. I am telling you it is not a myth and why.
I think everyone can agree to make money passively is the ultimate goal. We all want to have a nice income that arrives consistently and without effort or thought. The difference of opinion may rely on the interpretation of passive.
Table of Contents
Passive Income Is Not A Myth And Why
Does It Require Work?
Many skeptics of passive income like to rely on the literal definition, saying, “even stocks require monitoring, so it's not passive.” (I imagine this said in a whiny voice). Okay, yes, I concede 100 % that passive income requires work or at least 99% of the time. Of course, there are things like social security, trust funds, REITs that don't but let's assume we are talking about the majority.
I doubt you can find any article anywhere that implies passive income is magic and happens without work involvement.
Is It A Scam?
This one gets me. I don't know why anyone would say this, but I suspect doubters are confusing hard with scams. Passive income is hard work and requires risk. There are some passive income methods that you can start for free such as Print On Demand. You can sell printed items on Teespring, and it costs you nothing. However, there are other ways, such as blogging, affiliate marketing, or even starting any business, that will require some money to get started. It may be $100 or $1000 or more, depending on what it is.
I can tell you from experience that people who fail to put in the work and don't have success usually label something a scam. Passive income cant be a scam because it's not a thing; it is a result—a result of reward from hard work and risk-taking.
Why Is There Any Doubt?
In my opinion, it is because of expectations. We see YouTubers making millions of dollars doing what seems to be the simplest of things like reviewing toys, and countless Gurus are telling you how you can make large amounts of money, and it is so easy. It makes it seem scammy. But if you cut through all the noise and ignore anyone trying to sell you some super expensive course, you will find in the end many passive income methods are pretty simple. Just change your expectations to how I can make $100. Then keep building on that. Passive income is a result. Put in the work first and get the reward later.
Entrepreneurs fit into one of three categories.
Those That Immediately Hit It Big.
These are the ones we all see, and it gets our attention. But, unfortunately, this is like trying to win the lottery. Yes, someone always does it, but your odds are astronomical against it being you.
Those That Are Extremely Succesful
Highly successful entrepreneurs are more common but what you see is the result. You don't see the years of hard work, struggles, and perseverance that it took for them to get there.
Those That Haven't Made It Yet
These are the new starts and those that are on their journey to the next level. Think of this journey like a funnel. Fresh starts are the top at its widest part, and passive income is the small end. Many people start at a wide position and, over time, will funnel to passive income. So put in the work and don't quit. That is the key to reaching a successful level.
Obtaining passive income is a worthy cause. It is not an overnight get rich scheme; it is no scheme at all. Passive income is something to strive for because, as I said initially, we can all agree it is the ultimate goal. Your success depends on you and the quality of the work you put into it. So don't listen to the naysayers, have realistic expectations, and never, ever quit.