Making passive income isn’t as difficult as some might assume. On the contrary, although it does take some work to set up passive income streams, it’s entirely possible to make easy money on the side in a variety of ways. This blog has covered many of these strategies.
That said, not everyone who tries to set up reliable passive income streams actually succeeds. There are many reasons why this is the case. Some people mistakenly believe that they’ll become rich from passive income and abandon their goals once reality sets in. Others misjudge how much work or research they’ll need to do to start earning extra money with little long-term effort. In some cases, people merely choose the wrong passive income strategies.
This isn’t meant to discourage you from trying. You can boost your chances of success by preparing accordingly. One way to do so is to listen to what those who’ve successfully earned a passive income have to say about the topic. Quotes worth remembering include:
“Even with Smart Passive Income as successful as it is now, the first six months were really tough because I didn’t have an audience. There were a few people reading and a few people leaving comments and the same people leaving comments. There was no growth. Because I just enjoyed writing so much, I kept doing it and then a year and a half later, it got to the point where it exploded.”
-Pat Flynn, entrepreneur and passive income expert
Pat Flynn is a well-known passive income success story. He was preparing for a difficult test that could earn him certification that would make him more valuable to potential employers in the field of architecture. He decided to help himself commit to a study program by writing a blog about his study habits. He monetized the blog via advertising after it attracted a large readership and self-published an ebook study guide that he promoted through the blog.
These efforts were so successful that Flynn switched careers and now focuses on teaching others how to develop passive income streams. However, in this quote, he describes how when he first started that business, it took him a long time to get the attention of customers. This highlights the importance of understanding that setting up passive income streams can take time. Additionally, because Flynn describes how he was able to stay motivated because he enjoyed the work, this quote clarifies that sometimes earning passive income doesn’t necessarily mean that you don’t need to continue to work at it any longer once a stream has been established. If the work is genuinely enjoyable, then the income that it generates is essentially earned passively.
“Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
-Warren Buffett, famous investor
Although Warren Buffett was technically giving advice on how to become a smarter investor here, his words apply to any passive income strategy, and not merely investing in the stock market.
You’ll find that people who become successful in earning passive income often value education. Whether they’re investing in the stock market, writing and selling a self-published book, or renting out properties on the side, they take the time to make sure that they thoroughly understand their chosen strategy before taking action, and they prioritize constantly learning more about relevant topics even after they start earning money. Doing so is key to earning even more passive income in the future.
This is a very important point. People who fail in their attempts to earn passive income often do because they simply don’t know enough to develop proper strategies. Fortunately, by making the process of learning new information every day part of your lifestyle, you’ll be less likely to fall short of your financial goals due to a lack of knowledge.
“Emphasize strengths, don’t fix weaknesses.”
-Tim Ferriss, author of The 4-Hour Workweek
This quote may seem like it conflicts with the message of the one above. After all, isn’t reading in order to gain more knowledge a way of “fixing weaknesses”?
You could argue that’s the case. However, in this quote, Tim Ferriss, who introduced many people to the idea of earning extra money on the side to enjoy greater personal freedom through his book The 4-Hour Workweek, isn’t saying we shouldn’t strive for self-improvement at all. What he is saying is that when developing a passive income strategy, you need to be realistic and leverage your natural strengths instead of trying to earn money through a strategy that doesn’t align with your skills at all.
Keep all of this advice in mind as you pursue passive income. These stories are proof that it is easy to earn a lot of extra money easily. You should listen to them if you want to achieve the same degree of success.