5 Myths About Passive Income You Can’t Afford To Believe
Have you ever bought into the belief that having one solid source of income will provide you the security and the safety that you're seeking? I know I did too.
Hello, American dream~
This is the American dream that we buy into. We buy into this belief that when we go to college, we get a good paying job and we work for 30 years, we're going to feel great; we're going to feel safe; and we're going to feel secure. But if the pandemic has taught us anything, it's that having one source of income is far too close to having none. This is why I am such a big advocate for increasing your revenue streams because you get to literally change your entire world. You provide a level of safety and security that you can't get from just one revenue stream. You provide the ability to have location and time freedom. And truly, the benefits are endless. And so today, what I want to talk about is I want to talk about the myths related to passive income that you can't afford to believe.
1. It’s Too Much Work
The first myth when it comes to passive income is that it requires too much work to create passive income, so you might as well just do your regular work and make it an active income. The truth is, building up to the point of creating passive income does require work. But when you find something that you love and something that you're passionate about, it doesn't feel like work.
For example, when I wrote my very first book, Quick Tips for Busy Women, I had already been speaking at a small group about the process of how to increase productivity. I was already really passionate about it because I was living it and it changed my life. And so when I wrote that book, it didn't feel like a lot of work - it felt really exciting!
I felt really lit up. I felt really motivated to be able to have an impact on the work that I was doing. To answer and respond to that myth, it does require work upfront. But once you've committed to that work, it continues to pay you again and again and again. And if you find the right source of passive income, it's not going to feel overwhelming or exhausting. You'll feel lit up and excited about it as well.
2. You Get Something and They Get Nothing
The second myth is a big one: you basically get something for them getting nothing.
As a person who's one of my top values is impact, I totally do not like the idea of giving something that feels scammy or doing something where people aren't getting value. Because of this myth, it prevented me from even coming up with ideas or beliefs about why I should bring passive income to my business.
Now I'm so grateful that I've shifted my mindset about it. And what I want to do is help you to do the same. The reality is you can give value actively and passively just as effectively.
An example: I have a course called the Book Writing Bootcamp where I teach people how to write books. I did the exact same thing when I was working one-on-one with people. But there’s only 24 hours a day, and even though I really was excited and lit up about it, I couldn't work 24 hours a day. That would exhaust me and I wasn't going to show up with the right energy.
But through my course, I can reach an endless number of people with the same level of impact. Truthfully, what most people won't tell you is that you can have a far greater reach and a far greater impact if you make passive income something that you prioritize as well.
3. You Can Set It and Forget It
The third myth is that once you have your passive income in place, you can set and forget that revenue stream. This couldn't be further from the truth. Now, you could technically do it, but then how is that income going to continue to go?
How is that income going to stay up to date? For example, I'm always looking to bring my clients new information that provides the transformation that they're seeking in my courses. If I'm getting outdated information, that's not really going to support them moving forward. In one of my programs, the Elevate Method Coaching Certification Program, I bring a ton of information about the science of mindset and the way that our brain works, and the communication styles and patterns. But as science continues to progress and expand, I also want to stay in the know so that I can support and have a great impact on the work that I'm doing with my clients inside of that program.
Don't allow yourself to buy into the idea that you can set and forget that revenue stream. You still want to monitor how it's going and you still want to adjust what's working and how you can do more of it, what's not working and how you can do less of it. When you do that, you are going to make sure that you have a top-tier passive income stream, which really takes the game to the next level.
4. It’s Only For Wealthy People
The fourth myth is that passive income is only for wealthy people. Because a lot of times people believe that you have to have a lot of money to be able to have passive income.
And I will be the first to admit that when I wrote my first book, I didn't have a lot of money and I started from nothing. I worked my way through the process of learning how to do it. And then that book provided opportunities for me to bring in money that I took back and gave back into my business and then was able to continue to scale and grow my passive income source. A big misunderstanding when we think of this myth is that people think the only source of passive income is real estate, and you don't have to make such a significant investment into real estate or something hefty like that.
There are other ways that you can bring in passive income that doesn't require you to spend a lot of money. With that said, passive income is not only for richer, wealthy people. Passive income is for those who desire to have an impact as well as create time and location freedom. And I'm trusting that if you've made it this far, that's you.
5. It’s a Pyramid Scheme
Finally, the fifth myth that you cannot afford to believe regarding passive income is that it's some sort of pyramid scheme. I see a lot of these, like, network marketing programs and offers that people buy into, and then they start to feel like everything in the business space is some type of scam or some type of scheme.
The truth is, making passive income does not have to be a part of a network marketing company. It is not always tied to a pyramid scheme or a scam. You can literally make passive income off of your own passion, off of your own expertise, off of your own gifts.
As you can see, there are so many myths related to passive income that will keep you stagnant, that will keep you stuck in your tracks. And I definitely was one of those people.
But something so profound and amazing happened when I wrote my very first book. I made $50 in royalties passively, and I remember as a single mom thinking, "oh my goodness, where else could this go? What else could I do?" And I wrote my second book, and my royalties expanded from there, and I created a course, and from there that literally significantly changed my perspective on passive income.
And that is why I am such a big advocate for supporting people just like you that are ready to take their passion and profit off of it passively. If that's you, you're in great company because I have a workshop called Passive Profits where I teach you how to do just that. If you are tired of showing up for every dollar that you earn, you're tired of normalizing burnout and you're ready to create that freedom that you deeply desire and deserve while still increasing your income and your impact, then this is where you need to be. I look forward to seeing you on the inside!
