Passive Income: 5 TRUTHS TO MAKE PASSIVE INCOME ONLINE (2021)

rootF IMG 60701c0956785

hey guys it's mark so let's talk about one of the most popular topics online making passive income online gurus are always talking about the laptop lifestyle honestly they look like they're living the dream and they can do whatever they want and they can live wherever they like they also don't have to answer any bosses and it's all because of this magical thing called passive income and they'll happily teach you all about it and their online course for only 2997. most of them are just trying to sell as many courses as possible so they don't tell you the truth about passive income so in today's video that's exactly what i'm going to do i'll teach you the bad as well as the good and all the things you should be looking out for and i'm not going to try and sell you anything at the end so you can just sit back and relax all i ask you to do is smash that like button for the youtube algorithm so other people can find this video there are lots of videos out there that tell you all about the new ways that you can make passive income i've made one myself but first guys it's really important that you understand the truth if you ever want that laptop lifestyle of sitting back on the beach drinking cocktails of watching the money just flowing then this could be the most important video that you watch today the first truth is passive income is definitely not a get rich quick scheme one of my favorite youtubers mr b spent years making youtube videos without anyone actually watching them he actually almost quit a thousand subscribers i actually quit youtube like i've been doing it for about two years um i had about a thousand subscribers but he decided to keep going and this is important when you're trying to do anything in life now whenever i'm thinking about giving up i like to think to myself that if this was easy everyone will be doing it so just knuckle down and work hard at it someone that doesn't understand passive income will always say that in the beginning mr beast was just wasting his time however all it took was just one viral video and this youtube channel exploded in popularity and people went back and they watched all his old content now he's spending millions of dollars on videos he's giving away huge amounts of money he's bought his own private island how about that and he wouldn't be where he is today without all the hard work and perseverance it's like a snowball effect it keeps growing and growing and growing many people go into it with completely the wrong mindset it's probably a lot to do with the word passive as it does kind of sound a bit like you haven't got to do any work setting up any passive income will require large amounts of time or money investment up front and this may not pay off for years down the line the magic of passive income is huge delayed compensation so the real difference between a job and a passive income is that instead of getting paid for your time you're getting paid for the value that you provide the internet has made this really all possible as you're able to help lots and lots of people all with the same information over and over again by going into this with a more long-term attitude you will have a much better chance of success you'll be doing the proper research you'll be doing all the planning learning all the skills that you need when i was looking to create another passive income source in my business ebay seemed like the perfect way to do it now it generates over fifty thousand dollars a month but it wasn't always that way the initial time of money and investment was huge i had to find and buy the products then i had to learn how the ebay algorithm worked and researched the competition not to mention hiring more staff to help me package all the products all in all it probably took me about a year to become profitable but once i did it was definitely worthwhile products that were listed years ago are still selling now it may look easy and quick from the outside but behind the scenes is where the real work happens you don't see all the late nights sacrifices struggles criticisms self-doubts and the risks that are taken the second truth is passive income isn't permanent i see a lot of people they do all the hard work and they build up a great passive income source and then they never spend any time on it ever again and they wonder why a few years later down the road is completely dried up one of my friends was making millions selling ebooks on facebook adverts but the adverts got more and more and more expensive and his profits started to totally disappear unfortunately he was too busy focusing on other things and before he knew it his passive income had been wiped right out and was costing him more money to sell the books than he was making in the first place this really isn't a set it and forget it method if you don't keep feeding the fire with the wood then eventually it's going to sizzle out and it's going to leave you left out in the cold youtube viewers expect new content real estate needs maintaining and the stock market can crash and online courses well they expect support once you've set up your passive income you change from being a builder to a supervisor although this involves a lot less work it still requires some work and also some of your time something i have to look out for in my business is of course the competition and i wouldn't be able to do that passively they'll always be trying to catch me up and if you decide to do nothing then you're going to be overtaken and you're going to be left behind so don't believe all the gurus out there that say you'll never have to work again nothing is permanent however with a few hours of work a week you're able to maintain it for as long as possible the third truth is school will never teach you passive income now this one might sound a lot like a conspiracy theory but hear me out our entire school system is focused on just one way of making money the whole point of exams and college is to sort people into jobs there are three different ways to make money you've got linear income otherwise known as a normal job you've got leveraged income which is when you own the business and people work for you and finally there's passive income where your time or your money works for you without you having to be there all the time now things are changing at such a fast pace and the schools can't keep up with everything once those textbooks are printed that information is just out of date the government also doesn't want too many people becoming good with their money as less people will waste their money on unnecessary items and the whole system could just collapse overnight when i've been taught the basics of maths by my teacher mr morrison i was bored out my skull in fact there was never any mention of money related subjects such as investing credit schools debt or wealth creation which is a little bit crazy because i'd have been really interested in the subject and motivated to learn more if they just showed me how it would relate to my future wealth a few years back the uk government actually introduced compulsory financial education however to be honest nothing's really changed this is because it's taught in such a boring way this stuff should be exciting it's the reason why i created the youtube channel there are too many people just draining the life out of the subject the internet has really become the best place to learn about personal finance and passive income but that also comes with its own risk like the gurus i was talking about before you have to really do your background checks on whoever is providing you with the information a big thing i would check is how they make their income lots of people online actually make passive income by teaching you how to make it that's a bit like saying to me i'll teach you how to make one dollar just give me two the fourth truth may surprise you a little because passive income probably won't make you happy just imagine you're making twenty thousand dollars a month in passive income and you only needed to work a few hours a week but what would you do i made myself a promise when i was 16 years old that i would work as hard and as smart as i could over the next 10 years over those years i built up a lot of passive income sources i invested in dividend stocks i created digital products and i invested in rental property but i didn't really think about what i was going to do next my whole focus was on making sure my passive income every month was more than my expenses so that i could be financially free when i finally achieved my goals i felt lost and i was not really as happy as i expected to be so i decided to go back to work but the difference this time is no one could boss me around with their money i could do whatever i wanted as i already had the money i needed i was nowhere near as stressed and not worried about where the next paycheck was coming from i also had a lot more time to spend with my family and friends and let's face it that's what this is all about so real happiness comes from what you do with the freedom that your passive income gives you the fifth truth is that passive income shouldn't be your only income source one of the main benefits of passive income is that you can multiply your time and the amount you can earn but as we talked about this before it isn't permanent so if you're entirely dependent on the passive income you are in a pretty dangerous situation if you remember a few years back on youtube pewdiepie caused what was known now as the adpocalypse which was when all of the big companies decided to pull all their adverts off youtube this was a huge wake-up call for a lot of youtubers because they relied on the money they received from having adverts on their video almost overnight most of that passive income just disappeared and the youtubers that were relatively unaffected were the ones that sold merch did affiliate marketing and sold digital products they realize that having multiple streams of income is the only way to protect yourself you never know when something outside of your control will impact your income thing i really like about having more than one income stream is being able to take risks that i wouldn't be prepared to take otherwise just the other day i bought a shop and all of its contents it had loads of products it was great it cost me a lot of money but i listened to my gut as i believe the products would be a great sell on my ebay store now this risk paid off but of course it could have gone the other way by having a safety net of multiple income sources it allows me to make the occasional mistake without it being a total disaster so creating passive income is hard but if you're willing to put in the work and the dedication then it can pay you 10x in the future now i'm going to leave the next video right up here don't click on it just yet make sure if you like the video to smash that like button and finally subscribe to the channel and ring that bell if you want to grow your well okay you can click on it now i'll see you on the other side

pexels photo 6248545

As found on YouTube

You May Also Like