Here We Share Our Ideas On Passive Income
PASSIVE INCOME – The internet trend lately have been crazy over the idea of passive income – where you earn money with minimal to zero effort.
The concept of passive income is making money with less effort so individuals can spend more time with themselves instead of actually working. It has been made famous by many entrepreneurs and there had been several classes that offer to teach about establishing a passive-income generating business.
Related: Check out this list of income-generating apps that are available in 2019.
The idea is really catchy, but is it real? Can someone really make so much money with so little effort?
Basically, yes, passive income does exist. But establishing one takes some work. It is not really as simple and easy as most gurus say it is.
It also requires your focus and full dedication of your time and it would take some money for investments. You also have to make sure you put your investments in the right places.
Here are some myths about Passive Income everyone should be aware about:
YOU CAN “SET AND LEAVE” AN INCOME STREAM
This is the most common misconception about passive income. The idea that you could set up a steady income stream and leave without additional work. Establishing a blog, or instructional e-book products in online stores would still require some work. You would have to work on constant updates and post regular content for your blog to continue being relevant. You also need to check on people’s feedback and questions when you decide to sell an online course. Basically, it would still require some personal input.
IT ONLY TAKES A WEEKEND TO SET-UP
No it doesn’t. Putting up an income-generating source that could really last would require so much work, time and planning to set up. You would have to consider so many things before you could start earning with a steady income stream. You would have to find out a good niche, set up a website (if it’s online) and create high quality content.
REAL ESTATE IS A VERY SAFE SOURCE OF PASSIVE INCOME
Many people believed that investing on properties would be a great financial decision as the rates of home and property values increase annually at a rapid rate. But really, having to manage repairs, renovations, having to deal with terrible tenants and other expenses are some of the things you need to consider when investing in a real estate business. Successful real estate management, is not actually passive as it would take much work.
These are just a few myths about passive income as mentioned in the article from Entrepreneur.
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