Thoughts on finance: The truth about passive income

So you’ve seen some videos and social media ads. Perhaps you follow a few people who claimed their secret to financial freedom doing the bare minimum that can generate thousands in passive income. The truth is that most of these schemes are clickbait and scams. Yes, maybe some programs can help you generate some income, but realistically, it would take time to see tangible results, which means you may end up losing more than you invested in. Nevertheless, passive income is now a successful buzz phrase that draws people in. Why would we not want to passively make thousands while we’re on holiday in Grenada? Be mindful, though. The clickbait doesn’t end with ‘passive income’. They come in the words of ‘make money working from home’, ‘let me show you how I make an income selling Amazon products’ (they probably made a penny) and ‘join my online course to learn how to make money day trading. Do we dare? I think not.

Yes, you can make money passively in life, but my goodness, it takes time, effort, meticulous planning and patience. How many people do you know who made loads of money trading overnight without investing a lump sum in their portfolio? How many people do you know who make massive profits selling products on Amazon without investing time, money and effort? How many people do you know who make a decent income quickly selling books online? It is very much possible, but if you go to the sellers’ pages and do some research, you will see that they’ve been in the game for a while. And if they haven’t, they had a large sum of money invested in their online visibility. So…shortcuts. But everything comes with a price.

Furthermore, if you open your eyes to see what these schemers (yes, I call them schemers) are trying to sell you in ads and clickbait, it’s far from the knowledge of how YOU can have financial freedom. Successfully selling the course to you makes them earn ‘passive income’, but the knowledge and information they give on the courses are often basic. To be clear, I’m not trying to knock anyone’s hustle, each to their plan however, what is not right is that most people prey on the naive individuals who are just starting out in the ‘make money online’ game.

Contrary to what most people might know or agree to, I always say that if you’re serious about self-employment and achieving financial freedom, then put effort into the skill you’re good at and already doing for free. If you’re not willing to do it for free, it means you don’t even have a connection with it. Then you won’t be motivated to wake up and work on making money out of it. For example, blogging, being a fashion and beauty influencer and podcasting is a hot trend. But what happens when you don’t have the motivation to learn how to brand and market yourself or your work? What happens when you half-arse your projects and lose consistency because it’s not actually what you really want to do? You won’t make an income out of it. Don’t be fooled. Most people create a social media fantasy to entice your attention and purse. Working on projects that are of substance and making a tangible contribution to the world takes effort.

So what should I do now then? You may ask. Well, take some time out by yourself and reflect on your strengths and weaknesses until you figure out what you love. Then research your field, think about the budget you will need and how you can acquire it. And put your creativity into work. Finally, have a tunnel vision, connect with like-minded people and hit the gas. ‘But there’s loads of competition?‘ Really, are you everyone’s accountant knowing what people make each day? You perceive there’s competition and blockages because you’re in a scarcity mindset. If you want to be self-employed, you need to have a strong sense of connection to yourself and an abundance mindset. Yes, there’s competition, but they are NOT YOU. They don’t have your flavour and swag honey.

So work on your outlook and focus on what you bring to the world. Be authentic and watch the blessings and success align for you. Whenever you feel blockages arise, take some time to explore what needs to be addressed inside and out. Set your boundaries and get going at your own pace. Remember, always do your research. Now, if you would like to know how to embark on the journey of self-reflection to succeed in entrepreneurship, read my book Make Words Your Friend: How to use the power of motivational language to achieve your business goals and succeed in your creative ventures. An easy guide. (Understand The Power of Your Mind). See what I just did there? If you don’t get it, reread the post.

Until next time.

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