Imagine having multiple passive income streams that inject money into your bank account with little to no work on your part. Sounds great, doesn’t it?
While you can set up easy passive income streams and earn exponentially more, there are a few commonly held myths about passive income to dispel first.
Myth: The harder you work, the more you earn.
Fact: A passive income allows you to create something once and earn from it for years to come.
Myth: It takes money to make money.
Fact: You can set up passive income streams with very little overhead.
Myth: You can set it and forget it.
Fact: Passive income streams usually require some maintenance.
Myth: You can start earning today.
Fact: This business model is a long game that takes time before you’re earning a full-time income.
Myth: Just plug and play and start earning!
Fact: It takes work upfront, but this work will pay you back later.
Setting up a passive income and finding success takes some time and hard work. It’s a long game, but the eventual return on investment is well worth it. You can eventually quit your full-time job, or build income streams you can use for savings, retirement, investments, or as a buffer against economic uncertainty.
About The Author
Pat Simes is a Business Strategist, blogger and Founder of Innovative Business Solutions and Innovate Academy. She currently resides in the Midwest and is committed to inspiring and empowering entrepreneurs to transform their vision to reality.