What does come to your mind when you hear “Passive Income”? Does it sound positive to you or negative? What kind of limiting beliefs (or empowering ones) do you have about generating passive income?
I believe that knowledge evolves over time. What was believed as fact a century ago may not be fact any longer. The twentieth-century ideas about generating passive income may not work in the twenty-first century. Various factors such as technological advancements, cultural beliefs, societal conditions, people’s level of understanding and acceptance, and collective consciousness affect the knowledge of a certain subject. Knowledge related to any subject, including online business and passive income models, needs to be updated, and so does the list of myths and facts related to that subject. The following is a list of myths about generating passive income in the twenty-first century. If you believe in any of the following you’d better upgrade your belief system and adjust your mindset so you can take the opportunities that knock on your door.
Myth #1: You do not need to work for generating passive income
This is not true. In fact, you need to work hard for achieving success. The amount hard work reduces over time once you have established a system and automated the process of generating passive income. Even in such case you still need to make some effort for maintaining the system.
Myth #2: Truly passive income is not possible
According to Wikipedia passive income is an income received on a regular basis, with little effort required to maintain it. Generating passive income based on this definition is truly possible as long as you have the right system in place and create a discipline for maintaining it. There are many people who are living a good life as a result of generating passive income.
Myth #3: You need a lot of cash
Not true! In fact, many passive income models that are profitable do not need lots of cash these days. You can implement your passive income idea with little or no cash thanks to the internet, online business models, and virtual systems.
Myth #4: There is no risk in generating passive income
There is always some risk associated with starting any business whether online or offline. This also includes passive income opportunities that are out there. However, without taking any risk you would not be able reap the hidden rewards that are waiting for you on the other side.
Myth #5: Any passive income idea/model works
This is a myth. There are lots of passive income ideas and models. Not all of them work for every one. You need to find your true passion and generate some smart passive income ideas that fulfill your passion. Once you follow your passion the money flows. So you need to find out what satisfies you internally. That is what will work for YOU.
Myth #6: You can just start it and then sit back for the passive income to flow continuously
Not true. Nothing comes easily over night. You need to work hard to achieve great success. However, when you follow your passion there is no such thing as WORK. You will enjoy every minute of it and you do not feel the passage of time when you focus on doing what you really love to do. Once you have all the pieces in place then you can sit back and observe how the system generates passive income for you.
Myth #7: Earning passive income is a full time job
This is not true. There are many people including me that have their full time jobs while running an online business that can generate passive income. Eventually, you can leave the job that you do not really love and spend more time on what you really love to do and generate lots of profit that creates inner satisfaction out of it.
Myth #8: You don’t need to be educated/smart to earn passive income
I agree that you do not have to have a college or university degree to generate passive income. However, you need to acquire the right skills and attain the right tools in order to achieve success faster. You also need to be smart enough in order to make smart passive income decision.
I hope that these 8 myths open your eyes to great opportunities that are around you for generating passive income. I encourage you to attend my FREE webinar “The Top 10 Passive Income Models That You Need to Know About” so you learn about the passive or residual income streams that are available and have been proven to provide ongoing passive income.
Register for this FREE webinar here
To your success,
Kamran Akbarzadeh, PhD
Founder of Passive Income Channel
