Passive Income – Why everyone fails

The whole concept of passive income is something that has interested me for such a long time, the ability to make money while you sleep is incredible. Until you quit your job or you don’t have a job you will never realize how important passive income is. You could work for a company for 10 years, and spend 15 hours a day working for them and then at the end of 10 years you can literally have nothing to show for it. Once you leave that job there will be no more cheques in the mail and you will be forced to live off what you have made whilst being there. Then you compare this to someone who also works at the same company for 10 years, they were a diligent worker and very smart and efficient. When they left work for the day they went home and worked on their side hustle. Whether it was writing a book, writing articles for their online blog, editing videos and vlogs etc they went home and hustled till they fell asleep. After 10 years of doing this, Employee B has so much more to show for it, he has 10 years of content that he can use for the rest of his life and it has been gaining traction since he started. After 10 years he has plenty of view and has monetized his traffic to generate a passive income. When he leaves his job, the passive income from his side hustle will be able to support him. This is unlike Employee A who has nothing to show for his 10 years. Please keep that in mind- this is something that happens to so many employees out there and no one ever realizes it. 

Passive Income - The Hardest Part

What is the hardest part? 

Starting is definitely the hardest part of this whole process. You just need to pick up a pen, a laptop or a camera and begin. Everyone always makes excuses as to why they cant do something, I’ll start tomorrow, I don’t feel well, I am a bit tired – if you are serious about this and not be held to a job for the rest of your life then you just need to start. You have absolutely nothing to lose and everything to gain. After you do it for a little bit you will start to find it gets a little easier, however you may not have any traffic yet, no one could be interested in what you are doing. Regardless you need to keep pushing on and give it the effort it deserves. Yes it might not be for everyone but you really need to try your 100% best and then you can see where the ball rolls. This is in contrast to writing a couple articles or videos and then giving up based on the work being to hard for you to do. Don’t just put in 25% and hope it works – let me save you the time now, it wont work and then you will have just wasted the time and minimal effort that you have put in.  Nothing worth doing is ever easy, other wise everyone would be doing it. Embrace the challenge, enjoy the fight and keep pushing – make sure you pay attention and learn from your mistakes. 

Passive Income - Why everyone fails

Seek advice

There are heaps of people out there who will be happy to help you out along the way, whether they are friends, family, or experts. Everyone if asked nicely has nothing to lose by offering to help out. If you need help with writing content then you can ask for help, if you need a new website design then people will give you a hand. Don’t be afraid to ask for help. 

Never give up 

Once you are started and you have been pumping out articles or vlogs, and you are writing for a complete ghost town, don’t take it to heart. Just keep persisting, as the traffic will eventually come if the quality and value offered is there. People don’t want to be scammed, and they will be able to make a very quick assessment of whether they think they will be scammed or not. So make sure your content is very genuine and offering solutions to problems that they may be seeking. If you are a few months in and still minimal views just keep going, pages and videos can take up to 8 months in order to get traffic, and views. Keep this in mind and make sure you are conscious of the long play and not some quick and easy way of making money. 

Why people give up?

Most people out there have tried to make passive income at some point in their life and generally it doesn’t work out for them. The reasons they give up and turn their attention elsewhere is due to their short attention span and ability to be easily distracted. I think a huge part of this is to do with social media, where every 5 minutes people are checking their phones to look at their instagram and facebook feeds to see what the latest is. Instead of being able to sit down and crunch out some work they are back and forth between their social media platforms, they see someone on a holiday or with a brand new car and they instantly change their mindset to something different. People with focus and desire will get the results they want – its proven in just about everything we do in life. So pack the phone away, create your content, publish it and check your social media in predetermined times and not sporadically throughout the day causing easy distractions. 

Passive income

Those people who get it right

There are so many people who get it to work in the end, ranging from any number of YouTube stars, bloggers.

Check out Smart Passive Income– a website created by Patt Flynn who was forced into a Plan B due to a redundancy early in his career. Since then he has been able to work diligently away on his website and it has created him a passive income beast.

Similarly another website called Dumb Passive Income– a website created by Matthew Allen who fits in his blogging around his full time job as a truck driver. 

YouTube’s Income School has developed 8 different websites from scratch and has created some serious passive income through these sites.

There are so many other people out there to check out but these were just a few that I constantly look at. 

In summary – you just need to get started, be consistent and work hard and over time you will start to see some opportunities to generate passive income.

Want to read more?

If you are like me and want to read all there is one generation of passive income, then follow this link through to my Top 30 Passive Income Ideas. Here I list out similar ideas to the one above, and go into detail explaining how to generate passive income through them. 

I also have my Top 10 Passive Income Book list that I save you hours and hours of reading and take the very best lessons I learnt from each book.