The trend of creating a source of passive income is hot right now. Everyone is talking about it. And it has got even more oxygen after Tim Ferriss published his New York Times Bestseller, “4-Hour Work Week.”
While the concepts of the book are truly amazing and highly pragmatic, many people misunderstood them. And thanks to the fake online gurus, a lot of myths about passive sources of money have been circulated all around the world.
And they’ll really hurt you.
In this article, we’re going to talk about three of those most common myths and debunk them.
So, let’s get started.
You Can Forget It Once You Set It
Probably one of the most common myths of the passive income is that you can literally forget after you generate it. But let me tell you one thing, my friends. It’s not true. And whoever told you that you’ll continue to generate income even after you forget it is lying.
Whether you’ve created a new blog, a coaching class, or an online store, you still need to watch over them even if they’re steadily making you money. For example, let’s say you’ve created an online store that’s earning you $2,000 every month now. But that doesn’t mean that it’ll do that forever.
You still need to watch over it, look for the trends, adapt and set the ads to keep it running this way. And that will take 10+ hours every week.
You still have to actively maintain it in order to keep it running smoothly.
You Can Generate A Passive Income Source In A Weekend
If you ever stumble upon an internet guru who claims that you can generate a source of income on a weekend, just run away from them. Run as fast as you can from them. They’re the real scammers who’re giving you false hopes just to sell their online course. And it’s useless.
Just think about it. You can’t possibly create a legitimate source of income in mere two days, can you? For example, you can’t just create an online store, add products, take it to live, and expect customers to flood in. That’s just not how it works. Setting the online store was the easy part. Now, you need to grind weeks and months to create a perfect marketing plan and apply it.
And you can’t do it on a weekend. Don’t be discouraged if the money isn’t coming fast. Keep working on your project and give it all you have(Not all your money, it’s your time). This way, you can truly create an asset that pays you dividends every month.
All You Need Is One Source Of Passive Income
Fake internet gurus would say that all you need is one source of passive income. And that’s just one of the most dangerous advice you will ever hear.
Do you know the old saying? Don’t put all your eggs in one basket? Well, you should do the same with your passive income too. You need to diversify.
For example, let’s say you’re a newbie in investing in the stock markets. Now, you won’t want to put all your money into one stock. Because it’s fine if the stock goes up, but you’ll lose all your money if it totally crashes down. So, it’s a good idea to diversify your portfolio and invest in different stocks. So, even if one doesn’t perform, others will keep you afloat.
Similarly, don’t put everything at stake by putting all your investment in one source of income, create multiple sources of passive income and you’ll be good to go.