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Is Passive Income a Reality or a Myth?

By The 1-Hour Workweek 3 years ago3 Comments

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Building Passive Income Sources is the dream of most Online Marketers and even Offline Entrepreneurs. But what does Passive Income mean? Well, as you have heard or read before, there are two types of income – the Active Income and the Passive Income or also termed as leveraged income. We get active income when we are working for it or we render service to get such income. On the other hand, having passive income means you earn money even while you are sleeping, travelling or spending time with your loved ones- no work involvement. Who would not want that? Of course most of us, if not all will surely want that kind of income where don’t need to work hard to get the amount we need to enjoy the quality of life we’ve been dreaming of.

Some people who really liked the thought of earning passive income tried to build their own sources but then they failed and then most of them claimed Passive Income is not real or a myth. Some said it is impossible to have passive income because all income generated by the person no matter from what source it comes from still requires some work involvement. Well, they say passive income is a myth because they took the term passive income literally- where there is no work involve. Actually, building sources of passive income is not as easy as counting 1 2 3. To build streams of passive income, you need to dedicate and invest your own time, effort, energy or even money in the early stages, once it is already built and generating you an income where it requires you to work no more, then that’s the time we can consider it as passive income.

People who claimed passive income is a myth stated that even if your business or source of money is generating you passive income, it will still require you to maintain it or manage to maintain it. For example, if someone owns a website where there are products and services being sold, once it gains the massive traffic it needs giving it so much customers and sales, it then gives the owner huge income even when he is not attending the site for days or months. But then, he will need to manage the site for some time in order to keep it continually generating an income. So it will still be an active income because there is still work involve. But come to think of it, these days outsourcing and hiring a team to do all the work for you are very common, and that would mean taking all management responsibilities from you. It is then called leveraging. To continually earn passive income means letting money work for you or let other people work for you.

Sadly, because of limiting beliefs, other people kept in mind that Passive Income is very very hard and some even think it is impossible to have that income, that’s why they didn’t even try to start building their own source of passive income not knowing that setting up a Passive Income can be learned.. and with that they already failed by default.

shutterstock_261562937Passive Income is real. There are so many living proofs that passive income is real. The myth about passive income is the belief that there is never work involve or there is very little work needed when in reality it requires upfront hard work and determination. You just need to persevere to build sources of passive income then once it is successfully built, you can hire people to work for you to maintain it or you can use money to generate you more income through investments. Another myth about passive income is that you need a lot of money to build streams of passive income when in reality money can never be a guarantee of building a successful source of passive income. The probability that a person will be able to make passive income from her business or any endeavour has more to do with the attitude and mindset and not with the money being spent or even the kind of business being put up. It’s more on positive mindset and the determination to reach the goal no matter what. People who mostly fail to build successfully streams of passive income are people who never believe in passive income and people who quit, people who never dared to continue when difficulties arose.

And if you are reading this article, you are surely interested on generating passive income. Go ahead! Remember, there is greater risk in not trying. Instead of being leveraged and instead of continually building the dreams of other people (your employer), why not start building your own dream and make it a reality.

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About

 The 1-Hour Workweek

  (60 articles)

I’m Tarence Wade, M.D. Even though I’m trained as a medical doctor, I’m also known as “the wealth doctor”. I teach network and online marketers how to save time, save energy, build health & happiness and create multiple streams of residual income…with my 3 step success formula. I have taken over 50 internet marketing courses. I have read and listen to many books and audiobooks…and I have attended at least a dozen seminars in the internet marketing space. I have spent the last 8 years, over 6,000 hours and more than 1.6 million dollars of my personal income as an online marketer figuring out a success formula that generates me multiple streams of passive income that works for me and that will work for you as well. And I’m here to show you how.

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