Just what are the roadblocks to your success at having your income be passive? While most passive income strategies are easy and low-cost for entry, why aren't more people living the easy life on a beach somewhere?
The number one reason is not even trying. Most people never attempt anything, so they never achieve anything. Fear of the unknown and lack of knowledge keep most in their day jobs until they retire. If we explore the things that are holding people back, we can learn to avoid them.
Table of Contents
Top 6 Roadblocks To Success
- Fear of the unknown
- Lack of knowledge
- Give up to easily
- Expectations are too high
Details Of Roadblocks To Success
Fear Of The Unknown
Facing ones fears is one of the biggest hurdles in life regardless of what it is. Usually, though, the fear subsides when we meet it, and most of the time, you realize after the fact that it wasn't that scary after all. Unfortunately, the circumstances often force us to face our fear, and we have no way to avoid it. A good example is when you are forced to do a presentation at work. Public speaking is one of the biggest fears many have and affects 75% of the population.1 But once you have done it, you feel relieved, and you realize nothing terrible happened. Most people won't remember a thing about your presentation. I had a boss at one time that had an expression about fearful situations, “what's the worst that can happen? They can't eat you”. That has always stuck with me.
Lack Of Knowledge
When it comes to passive income the not knowing what to expect makes people uneasy. The best way to overcome this is to learn about the thing you are trying to do. The more you know, the more comfortable you will feel. Once you have gained some knowledge, take the first step. Once you take the baby step, your momentum will carry you forward, and before you know it, you're all in.
How did I learn about passive income methods? YouTube videos. I have watched so many informative videos, and along with internet searches, I learned how to do things and how not to do them. Of course, you have to take the information with a grain of salt because many of the videos promote their courses or systems, which sadly makes it very spammy. But if you keep looking, you will find helpful bits of information you can use without buying a course.
Most people are not lazy. They have jobs and work eight hours or more per day. But asking them to put in a few hours of their “off” time to build a passive income stream is like asking them to babysit your kids. They don't want to. In this case, the desire for success has not exceeded the pain of achieving it. In other words, their “why” for starting a business is not big enough. All I can say is do a little research and take a couple of small steps and realize you can fit this in. It is worth it in the long run, but if you just can't be motivated, well, enjoy your 47 years of working.
This kind of goes with lazy, but it is probably a more accurate depiction. You have a good job paying job, and you're pretty good at it. You don't like your job or the people you work with, but you do it because you need the money to pay bills and support your family. You are comfortable, and even though you want something better, you don't want to be in an uncomfortable situation, and you sure don't want your paychecks to stop. What do you do?
First of all, stop thinking about this as an either-or situation. You can generate passive income just like a side hustle. All you need is to put in a little thought and activity, and you can start building. Over time it may just give you some much-needed extra income, or maybe it replaces that job altogether, but you must get out of your comfort zone and make it happen.
Give Up Too Easily
If you are beyond the first four hurdles and have taken the plunge, what holds success back from you? Many who start businesses, blogs, affiliate marketers, and print-on-demand businesses give up way too early. Passive income is a long game, and if you quit, you will miss out on all the benefits. As you have researched YouTube and seen countless videos telling of the incredible incomes, you wonder where is mine? Like all things in life, the few hit it big quickly, almost like winning the lottery. Unfortunately, you and I are not those people. For the rest of us, you have to put in the work, make mistakes, restart, make more mistakes, and then gradually become successful. Welcome to reality.
Expectations Are Too High
The thoughts of passive income generally come to those that are looking for a better life. Corporations have abused the workforce so much over the past fifty years it has left us wanting more out of life, more financial security, more time freedom, and financial independence. The good news is the internet has created untold opportunities for anyone to create their financial security. People are waking up to the fact that there can be a better life for them, especially after all the pandemic lockdowns. So what is the problem?
Too high of expectations. Most people want to replace their job, and they want to do it now. The problem with this is that it takes time to build up your passive income, and you have to have patience. Sadly, many will quit their job, plunge headfirst into their endeavor, and quickly realize it was a mistake to leave. (this is what I did). You should expect to start small and never quit your job unless your “other” income equals or is more significant than your regular job.
The roadblocks to success discussed are now out in the open,, so you can analyze your situation and hopefully help guide you to passive income in an intelligent manner. There are many methods to achieving passive income, and I highly recommend you look at my article “How To Make $10,000 A Month In Passive Income“. Passive income is a worthwhile pursuit, and I encourage everyone to go for it.