As we embrace the digital era, more and more millennials are making their entire professional focus on passive income. The idea of sipping champagne at a fine-dining restaurant while making money. Now, that’s the dream, right? Is creating passive income really a plausible way to diversify your income stream? Meaning making money without lifting a finger.
The Big Picture Academy’s take on passive income is a bit different to most.
Everyone who is in love with the hustle is enthralled by the idea of making money passively. The ability to focus on the fun part of life while making money for doing nothing. But is that what passive income really is?
Fine-Dining, Boat Riding, And No Working Dreams May Come Crashing Around You
We see it all the time on Facebook ads marketing various products. Some even create a word-of-mouth about a particular webinar guaranteed to help you set up a completely passive way to make money while you can travel the world… first class.
Have you ever heard the saying, “If it sounds too good to be true…”
Welcome to the world of creating passive income. Now, don’t get us wrong – creating passive income is somewhat possible. But it requires far more work, and dedication than renown gurus would like to admit.
Here are some basic reasons why there is no possible way to make a ton of money passively without hard work.
Luck Is Created From Hard Work – How Lucky Do You Feel?
The idea of sipping a margarita on a beautiful beach somewhere in Greek isles may leave you with butterflies in your stomach and your mind clouded.
Okay, so let’s take this step by step.
Perhaps you have an idea for an ebook, you know it’s going to do well in a niche. You hire a second-grade writer to create the e-book for you. Wow, you already have the foundations down to creating passive income, right! Now all you need to do is get on Facebook, spend an hour or two making ads and you’re sorted.
But is that all there is to it?
What about changes in the market? Perhaps Facebook adjusts its algorithms, and your ads become useless. Perhaps your customer base gets tired of you sipping a margarita on the beach? Regardless, this dream life of putting in minimalistic work for freedom – it is a complete façade.
However, if you are willing to hustle. If you are willing to work day in and day out… to really put it all in – then yes over time you may just be able to get a steady well-paying passive income floating into your bank account.
Affiliate Marketing Or Commission Based Marketing – The Goldmine (Myth And Reality)
Affiliate marketing is a gold-mine when it comes to making money somewhat passively. All you have to do is sell another brands product, and you will receive a commission for that sale.
As an affiliate marketer, simple Facebook ads are not going to cut it. In order to grow a successful affiliate marketing campaign, you will need to connect with people, leverage your expertise. Most importantly of all – you will need to show your customers that you genuinely care about helping them.
Growing a successful affiliate marketing company will be a full-time gig. You will be working a decent couple of hours every day to provide value to your customers. Help them with their weak points, and build the trust that they have in the product that you are selling.
If you want to learn more about affiliate marketing, check out our post on marketing for Amazon!
The Best Remote Workers Out There Want To Feel Included In The Team
Here is an important point that does not get enough credit nowadays.The idea behind passive income is to build up a successful business with a high yearly revenue. Set up a team capable of handling all the day-to-day technicalities. All you need to do is check in now and then to ensure everything is running smoothly, and your paychecks are coming through.
The problem is remote workers, freelancers, and general talent – want to be made to feel as if they are a part of something. When you’re trying to get away from it all and relax on your exotic paradise island – well, it jams up the teamwork wheels.
As your business grows, you will need to higher individuals that are ambitious, and constantly working to improve their skills. This will help you 10x your ‘passive income’. But a $5 per hour freelancer, is not going to cut it. After all – you get what you pay for.
Creating Passive Income Is It A Myth Or Is It Something That Can Be Done?
Personally, I believe passive income is a myth. It should be classified as any normal income. After all, you are still going to have to put hours, and hours of work into the project to ensure that it is successful in the long-run.
If you want to find out more about where to start, and what techniques you can use to make ‘somewhat passively’ get in touch with me on Facebook. Don’t be afraid to shoot me a question, I would love to help.
I created The Big Picture Academy to help people escape the rat race of life. If you really want to make your dreams happen, check out my Youtube channel. We have great tips, a advice for solopreneurs looking to make big changes in their personal and professional lives!