The aim is to have your money deposited into your bank accounts while sitting on the beach.
You don’t need a job anymore since you’re done with your current one. Bosses that are terrible are becoming a thing of the past. You know money will deposit in your bank account every month, no matter what, and you won’t have to stress about it again.
But, hey, that’s just a wish. What is the truth of the matter?
First and foremost, maintaining most passive income will require effort. You’ll need to do some things to make sure money keeps coming in each month unless you’re a trust fund kid or getting dividends from a multi-million dollar stock portfolio.
Second, spending all of your time partying and no time accomplishing anything gets really old, really fast. Twenty somethings I’ve known who made seven figures and thought they would party the rest of their lives found out that never ending partying with never ending hangovers gets old, fast. Then again, if that really is your dream, then more power to you.
But here’s the secret to passive income that most people miss entirely:
You must first work in order to earn passive income, which is money that arrives to you without further effort.
After a week of working for $20 per hour, you get a check for $800 if you go to work at that rate.
However, before you start seeing returns from your passive income, you might spend weeks or months working.
There is no free ride on passive income.
Passive income, on the other hand, comes after you do the work.
I see so many newbies who think passive income means get rich quick, and nothing could be further from the truth.
It’s going to take a lot of effort in the beginning.
It becomes a lot simpler to set a goal and then put in the time each day to get nearer and nearer to that goal when you change your mentality from “get rich fast” to “do the work now, get paid for a long time later.”
That’s why action is the first step toward passive income.
Here’s an example of the best possible version of this: Noah Kagan.
Before expenses, Noah earns $357,000 in passive income… per MONTH.
Take a minute to think about that.
In this video…
…As an entrepreneur and YouTube star, Noah shows off his passive revenue channels. A lot of his income streams aren’t passive, as you can see. Watch closely. Rather, they are the cumulative result of years of hard work and dedication that have now allowed him to step back and earn this income despite his desire.
If he hadn’t worked his tail off, he couldn’t have made this much money “passively.”
Key Takeaway: Passive income requires work upfront.