Property Passive Income Myth...Busted
Many people out there especially in the property education sector sell the dream of passive income and this conjures up the image of sitting on your backside whilst money just drips into your bank account night and day. Well let me tell you something right now… these people are lying to you.
To obtain true ‘passive income’ you have to do one of two things…
1. Invest your own time first, to learn a skill that will eventually lead you toward passive income OR….
2. Invest money into an asset or something else, that will give you a return on your money
There is no special life-hack that will give you a genuine passive income for doing nothing. To earn money passively means that you don’t exchange any of your precious time for money.
When you exchange your time for money this is called ‘active income’ commonly known as a ‘day job.’ You get up in the morning, you go to work and you exchange your time, in return for money (salary). Most of us do this, but understandably most of us, would also like more money for less work. We are human beings; we will always find an easier way to do something or seek out an easier path.
But be careful, next time you see a property course being sold, offering you passive income, you need to understand that passive income is only the result of learning a skill or strategy that can lead to a way of generating you a more passive income. But initially it’s going to be a whole load of hard work with hours of learning, making mistakes, improving your game, tweaking your approach etc.
Oh… and there is very little by way of instant gratification. So, it may take a while… not the 7 days the numpty property guru told you it would take when they pitched you the course.
My issue has always been the ‘get rich quick bullshit’ that many course providers hang their hat on, you know the type… ‘become financially free by tomorrow’ and all that utter tripe.
That’s what it is. Utter tripe. Don’t get sucked in to people selling you a dream… based on the ultimate end result (financial freedom). Understand property is an amazing sector and there are many ways to earn money and many strategies and some can give you a more passive way of earning money.
Some of these strategies may suit your personality and your situation. Some may not be your cup of tea. Think about what you want, WHAT YOU really want to achieve…. and don’t just chase the end goal and visualise the end result.
If I was going to climb Everest next year, I would know that I would need a lot of knowledge-based training, a lot of preparation, I would need to be organised, I know for a fact I would need to be prepared for tough testing times. I also know the only way to succeed is to be prepared for and accept that the trip to the summit would not be straight-forward and as easy as it sounds on paper.
So, by that same token, don’t be thinking your path to financial freedom, or earning ￡5k a month or ￡10k a month is going to be easy and that some property course, will give you a golden ticket and easy route to the prize. It won’t. Be realistic and be aware.
The prize of more income and a more passive income is possible via using various property strategies but don’t ever expect an easy ride and don’t ever expect it to take you five minutes. Expect failures, expect tough times and expect it to test you. Property is no ‘get rich quick scheme, it’s a get rich quicker than a day job option’. Those who succeed will be those who are wired to jump the hurdles.