In case you are not entirely sure what passive income is, it’s money that you didn’t have to actively work for, according to the dictionary.
However, it is not entirely true because there is the stage of setting up your passive income source and that takes time and effort.
A more fitting way to describe passive income would be to say that it is income from a source that you have set up in the past that no longer requires you to trade time for money whilst it is still bringing you income. In some instances it can easily be scaleable.
Passive income sources come from things like investing in shares, property, businesses that don’t require your presence, or in some service businesses they are the elements that are automated.
Passive income is the best source of income that you could have to win back your time and give you more time to live the life you desire! It sounds pretty straight forward, yet it is the form of income that most never master.
Why is that?
Fear is a massive show stopper
Fear is the killer of all dreams. In the case of setting up passive income, there are plenty of fears to be experienced depending on your venture.
It ranges from the fear of what others may think of you for choosing a certain passive income source or making money with seemingly no effort to the fear of letting go, and the fear of failure, the list goes on.
Fear is a wonderful thing. We created it back in the caveman days to keep us alive, but in this day and age most of our fears are the reason we aren’t achieving much at all in life.
What you need to know about fear is that, if you don’t deal with it, it will keep festering in the background and it will paralyse you from taking action and achieve your goals.
By dealing with it, I don’t mean just go ahead and do what you are afraid of. That is just avoiding the issue in a different way. Instead, figure out what the fear is about. Question it. Is it really about you? Is it well-founded? Is it realistic? Is there a way that you can overcome it – i.e. if you are worried that your venture will fail, complete due diligence before you take any further action.
Whatever you do, do not let fear stop you!
It feels ‘wrong’
See, once your passive income source is set up, it will still require work to ensure you stay on track or even increase the income overtime. But it doesn’t require HARD work, which is really in-conflict with many people’s beliefs about money.
The training that 90% of the population receives is to work hard, get a job, get a mortgage and retire when it is time to do so, hoping for the best. When you find that you can make money without hard work, then two things can happen.
One is you find yourself sabotaging your passive income. The other is that you start questioning the old belief. If you can keep finding supporting evidence that making money is easy, you can turn over this old limiting belief and find that your resistance to passive income will disappear.
When you are seeking perfection, you end up finding yourself procrastinating, and, as such, you are cutting yourself off from opportunities that may bring in passive income. There is no such a thing as perfection!
If you are investing in property, there will always be something that doesn’t quite ‘look’ how you wanted it to. Rather than wait for the perfect deal, see if the imperfection on this deal could potentially be an opportunity to make it a better deal.
If you seek perfection in your online set up, could you consider getting started now and improving things later?
When you are working on your passive income source, search for excellence and never perfection! You could be doing yourself out of thousands of dollars while waiting.
I just can’t believe it
So, you got your first passive income source. It took time, effort and dollars to get set up and now it’s there. Delivering results. Even though you can see it with your own eyes, you worked hard for it yourself, you’ll say – ‘I just got lucky!’
That simple statement undermines your efforts and your achievements. It diminishes self-esteem and self-belief, and stops you from creating the next opportunity, finding the next income source and may be even sabotages this one.
Be proud of what you have done! You did it! You did awesome, and it is working. You better believe it! So instead of diminishing your own efforts, celebrate, and get ready to go again with a new phrase: How can I replicate this?
Do you know how to make passive income? Share with us in the comments.