Today I share my 5 truths about making passive online. I reveal many beginners’s expecation vs reality with their passive income ideas. Busting myths about passive income ideas like YouTube, Dividend stock investing and Real estate.
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The first Truth is: Passive income isn’t a get rich quick scheme! Setting up any passive income stream will require a large time or money investment upfront and that may not pay off until years down the line. The magic of passive income is huge delayed compensation. By going into it with a more long term attitude you will have a much better chance of success. You will do the proper research, planning and learn all the skills you need.
The second truth is that: Passive income isn’t permanent. This really isn’t a ‘set it and forget it’ method. Once you have set up your passive income you change from the builder to the supervisor. Although this involves a lot less work it does still require some of your time.
The third truth is that: School will never teach passive income. 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. They don’t mention that having a job shouldn’t be your only way of making money. There are 3 different ways to make money: Linear income otherwise known as a normal job. Leveraged Income which is when you own a business and people work for you. And finally passive income where your time or money works for you without you having there be there all the time.
The forth truth may surprise you a little: Passive income probably won’t make you happy. My whole focus was on making sure my passive income every month was more than my expenses, so I could be finacially free. When I finally achieved my goals I felt lost and not as happy as I expected.
The 5th truth is that: Passive income shouldn’t be your only income source. One of the main benefits of passive income is that it can multiply your time and the amount you can earn. But as we talked about before it isn’t permanent so if you are entirely dependant on that passive income then you are in a pretty dangerous situation!
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– Hi 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 could do whatever they want and they can live wherever they like. They also don’t have to answer
to any bosses, and it’s all.
because of this magical
thing called passive income. And they’ll happily teach you all about it on their online course for only $2,997. Most of them are just tryna 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 gonna 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 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, MrBeast, spent years making YouTube videos without anyone actually watching them. He actually almost quit
at 1000 subscribers. – I actually quit YouTube. Like, I’ve been doing
it for about two years..
I had about 1000 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 would 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, MrBeast was just wasting his time. However, all it took
was just one viral video and his 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 kinda 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 upfront. And this may not pay off
for years down the line. The magic of passive income
is huge, delight 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. But 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 $50,000 a month. But it wasn’t always that way. The initial time and money
in investment was huge..
I had to find and buy the products, then I had to learn how
the eBay algorithm worked, and research 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, criticism, 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 it’s 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 are being 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 gonna sizzle out and it’s gonna 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 set up your passive income,.
you change from being a
builder to a supervisor. Although this involves lot less work, it still requires some work
and also some of your time. Something I have to look
out for in my businesses is, of course, the competition, and I wouldn’t be able
to do that passively. They’ll always be tryna catch me up..
And if you decide to do nothing, then you’re gonna be overtaken and you’re gonna 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 are 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 in 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 (blows) outta 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 was being taught the
basics of mass by my teacher,.
mister Morrison, I was
bored outta my skull. In fact, there was never any mention of money related subjects such
as investing, credit scores, debt, or wealth creation, which is a little bit crazy ’cause I had been really
interested in the subject and motivated to learn more
if they’d just shown 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 were too many people
just draining their 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 risks. Like the gurus I was talking about before. You have to really do
your background checks on whoever’s 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 $1, just give me two.” The fourth truth may surprise you a little ’cause passive income
probably won’t make you happy. Just imagine you’re making $20,000 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 gonna 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
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 you can multiply your time and the amount you can earn..
But as we talked about this
before, isn’t permanent. So if you’re entirely
dependent on a 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 videos. Almost overnight, most
of that passive income just (blows) disappeared and the YouTubers that were relatively
unaffected were the ones that sold merch, did affiliate marketing.
and sold digital products. They realized 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 believed 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 10 X 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..