Many people think that passive income doesn’t require any work or requires only a minimum effort. It’s crazy because they want to earn hundreds or even thousands of dollars without dedication, commitment, and much work. It seems to them that they can grow their wallets without skills. It’s true – especially during a conversation with digital nomads who hope to steal some money by encouraging people to invest in fake offers.
If you leave the scammer community, every person will tell you that if you aren’t an experienced specialist in a specific industry, your chances of getting a passive income are nearly zero.
When you think passive income is investing $100 and earning $500 with 1-hours work daily, this article is for you!
Check why passive income isn’t passive!
Reason 1: Passive income requires EXPERT SKILLS
You should be an expert in a specific industry to generate passive income effectively.
For instance, to successfully invest in crypto, you should give yourself months or even years (depending on your industry skills) to test and plan proper strategies. This field also requires reading many books and hearing hundreds of hours of podcasts.
Investing without knowledge = loss!
You should spend more time learning than investing at the beginning of your adventure.
When wanting to earn a passive online income,you should base your decision only on your skills and ideas!
I don’t recommend using any dedicated websites to earn passive income because this is related to an initial investment for the intermediary. Consequently, you’ll “invest” $100 with a probability of getting more money.
The reality is entirely different.
In real life, you’ll check fake charts every day, and finally (e.g., after a month), you’ll be able to withdraw less than you invested or earn only a few dollars (this is the best scenario).
The individuals who give you crap that you’ll earn $500 monthly by spending only one hour daily on work want to steal your money and time.
The special offers don’t exist.
Only skills guys.
Reason 2: Passive income requires TIME
Are you dreaming about writing a book or even creating a course and getting thousands of dollars in passive income? It’s 100% possible for many of us.
Where’s the catch?
You should spend time on the complex process of creating, including:
- Taking research;
- Writing a book or creating a course;
- Preparing graphic design and structure for a book or your course;
- Finding websites through which you can sell your course/book;
- Creating your website (as an additional way to sell more pieces);
- Planning a social media marketing strategy and implementing it.
Many of us can create a comprehensive online course or write a book, but nothing will want to buy your stuff if you don’t have loyal followers!
Getting to your target group is very time-consuming. In that case, you should spend many hours weekly sharing relevant, unique, and exciting content on YouTube, Pinterest, Facebook, LinkedIn, and your blog.After a few months (or more), you’ll gain the first followers who want to buy the course or book.
After a few months of publishing quality content, you can get the first hundred or maybe a thousand followers.
Will all of them buy your course or book? Of course not.
For instance, when a YouTuber has 1,000 subscribers, realistically, a maximum of several dozen people probably buy something from him.I think that only 10% of followers can purchase something from a creator. It obviously depends on the given industry.
Reason 3: Passive income requires CAPITAL
You don’t have to spend time getting to followers if you have money. You might only write a book, create a course (or assign), and invest in social media marketing. However, that type of promotion isn’t always cost-effective. There’s a high probability of getting a minimal return on ad spend (ROAS) – especially if your course/book is average.
To earn a satisfying passive income, you should create an excellent productand advertise it with influencers, PPC campaigns, etc.
And in that case, you can achieve passive income… but you should invest a lot of money.
Reason 4: Passive income requires MANAGEMENT
People think that passive income is only a one-time commitment.
Absolutely no.
Owning a flat or house can get a satisfying passive income by renting, but sometimes (e.g., when the renter decides to move out), you should do a renovation, etc. It costs you time to manage and money to buy new furniture and many other things.
That’s the same case when you consider gaining passive income from courses.If you won’t update your online courses, sales will constantly decrease.
Identical situation with passive income from blogging. Suppose you already have 300 blog posts because you bought a quality and earning affiliate blog at a reasonable price. The investment will return next year, and you’ll earn easy passive money for completely nothing.
Is it that simple?
Unfortunately, not because Google’s algorithms love fresh content. If your blog pieces aren’t up-to-date, you’ll lose your ranks. This is why organic traffic to your website will be smaller, and your earnings from affiliates will be worse.
So, without your engagement, any project aiming at passive income won’t be successful (unless you’re an investor with a ton of money).
Reason 5: Passive income requires SCALING
If you’re not moving forward, you’re going backward. That’s all.
Some of your projects for passive income won’t work. The next of these will no longer work because your competitors will create better solutions.
It’s normal.
Consequently, you should prepare additional courses (from little competitive niches) and write new books or test new advertising solutions for your products.
What’s more, if you have your affiliate blog, in addition to updates, you need to create new entries regularly. Doing this will scale your blog and get more money, but it isn’t 100% passive (also, not a few hours). It’s a lot of work, including a.o., preparing the content strategies, updating content, creating new entries, etc.
Is passive income not passive? Final thoughts!
Without a perfect business plan, thousands of dollars monthly, and many years of experience in a specific industry, no income will be passive because you must commit.
To earn money with a maximum of a few hours of weekly engagement:
- Delegate all tasks to your team;
- Monitor tasks implementation;
- Hire new people to your team;
- Learn new things about your industry;
- Give your team new ideas to beat your competitors.
Finally, from my standpoint, you can get a lot of money from passive income streams, but you should consistently work, regularly update your strategies, learn new things, and scale the company with new products or services.
You are naive if you think you only invest $100 and get $500 or more by investing in digital nomads’ ideas. On the Internet, we have plenty of scam offers.
I recommend basing your decision only on your skills and wisdom and working hard for at least one year until you earn your first $100 passive income.
You might consider, for instance:
- Running a blog;
- Creating a YouTube channel;
- Preparing an online course;
- Writing a book or e-book;
- Launching a niche subscription box service;
- Renting out equipment or gear you own;
- Creating and selling stock photography or video;
- Developing a mobile app with in-app purchases;
- Investing in peer-to-peer lending platforms;
- Buying and leasing out domain names;
- Selling digital templates or design assets;
- Earning royalties from writing a song or producing music;
- Creating a Patreon account for exclusive content;
- Automating and selling an online marketing service.
There’s a lot of work ahead of you, but if you stopped believing in nonsense from fake gurus and online scammers – the first step is already behind you.
The time to work is now! Give yourself a minimum of a few months and work consistently to earn first dollars from passive income.
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