Here is a truth I am slowly realizing: getting to a nice level of passive income has a high up front cost, either in time, or money, or both.
In other words, if you want to supplement your income with passive income, you have to either invest a lot of time (in order to build something that continuously pays over and over again) or money (so that it keeps accruing massive interest or dividends).
That’s it. You either put up a lot of cash or a lot of effort and then you sit back and reap the rewards. If you want to make money doing nothing then you have to have some initial time or money invested in order to get there. There is no free lunch.
This is both a good and a bad thing. It’s good because most of the world is too lazy to reach out and achieve an automated business or passive income streams, leaving the pickings ripe for someone like yourself. All it takes is the right attitude and determination to make it through the agonizingly slow start up time of building something that pays you repeatedly. But obviously, it’s a lot of hard work.
Note too that most passive income streams are smallish, especially in the beginning. It takes a long time before they become respectable in size. I have worked for about two years to build a $300 dollar per month stream that is mostly passive. To me this has definitely been worth it, and it is the recurring income that is so valuable to me. I would not sell off an asset like that for almost any price (unless I could reinvest the money to create even greater passive income).
My existing passive income is my safety net. It is growing bigger by the month and soon it will eclipse my day job income…probably within 2 years or less. The cost of that was in writing thousands of blog posts and spending hundreds of hours building links to my websites. That is a very high cost to someone who wants to sit around all day and watch television and play videogames, which is why most people simply won’t do it. Those who do will reap the rewards.
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Hi Patrick, You are so right combine laziness and impatience and its no wonder that most people give up! Im lazy too – but Im prepared to work hard now for the long term payoff!