Lets talk about how to make passive income, and debunk some common misconceptions out there…more information in the description. Enjoy! Add me on Snapchat/Instagram: GPStephan
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The first myth is that you need money to make passive income.
When it comes to making passive income, there are two strategies behind it:
The first option is to BUY your passive income
The second option is to spend your TIME creating passive income
If you want to buy your passive income, consider that every $100 you invest buys you anywhere from $3-$7 of passive income annually. But what most people HERE are interested in is spending their TIME, not MONEY, creating passive income. This could be creating and selling a digital product, drop shipping, amazon FBA, affiliate marketing, making YouTube videos, renting out parts of your house that you don’t use, the list goes on. If you don’t have money to invest, THIS is the best way to start. But keep in mind, when making passive income, you are paid in DIRECT relation to the value you provide – you cannot just get something for nothing.
The second myth is that passive income lasts forever: you set it up once, and you’re good for life.
I’d like to say that in 95% of situations, this is not the case – it will not last forever, at least not without a fairly sizable amount of risk that it disappears. From the way I see it, most passive income streams will be set up to run for a few months to maybe a decade – and then they need to be re adjusted and modified, or maybe they simply become obsolete and they don’t work anymore.
The third myth is that passive income is doing nothing.
And this is true. Kidding. People often see how much I make from real estate and YouTube and expect it’s all easy money where I just sit around all day…and sometimes yeah, I sit around all day, but it does require SOME work. For my rental properties, this is usually about 1-2 hours of work per month…this is making sure all bills are paid, rent checks are tracked, and expenses are calculated. So whatever income stream you take on, chances are it will require SOME level of work…even though it might not be much, in 99% of situations, it will be something. Some more than others, but regardless, by leveraging your time, you’ll likely make WAY more per hour of your time than you could in any other business.
The fourth myth is that you need to be an expert on something to make passive income.
This is absolutely not the case. For instance, when I started buying real estate…I was NOT an expert. I made many mistakes and learned as I went along, figuring out each step as I needed it. When making YouTube videos, I had no idea what I was doing…I watched other YouTube videos each time I was confused, figured it out, and then moved on. My point being, if you have a goal in mind, it’s not important if you’re not an expert if you have the self motivation to figure it out as you go along.
The fifth, and final myth is that passive income is easy.
And to be honest, it can be easy…once it’s already set up. But setting it up is hard and time consuming, otherwise everyone would be doing it. Earning passive income, in most cases, is really just like delayed compensation…you put in a lot of time and effort now with no pay, under the expectation that you’ll get paid all of it back plus interest in the future. Most people will not have the discipline to do this, most people want the immediate results and get frustrated when its been a week and they haven’t earned any money yet. Then they complain, they quit, and then try something else with similar results. And the same thing happens. But if you have the persistence to make it work, I have no doubt you’ll make it work…just do me a favor and have quality. There is always a market for quality, no matter what it is. Quality gets people coming back, quality makes you stand out, and quality gets happy repeat customers.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq