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The idea of passive income is understandably appealing. You do a few small tasks and hey presto, you generate tons of income forever.
It’s often sold as ‘the secret method’, a ‘hack’, or ‘this one thing you need to do’ to magically generate money in an endless loop. “Buy my secret formula for £999 and you’ll be able to print money.”
Don’t fall for it. The idea of passive income is a lie. Why?
- It’s too good to be true. Mum was right.
- It’s a way to sell overpriced courses, books and information that don’t work.
- If you had a foolproof method for making money hand over fist, why would you sell it?
- It’s expertly designed by marketing geniuses to separate fools from their money
- It’s a distraction from what you should be doing
Some investments or ventures can generate income with minimal ongoing effort, but they are few and far betweem. The idea of completely hands-off income streams is unrealistic for most people.
Building a sustainable source of passive income requires significant upfront work, whether it’s creating valuable content, developing a product, or setting up automated systems.
Passive income streams still require ongoing monitoring, maintenance, and occasional adjustments to remain profitable. It is crucial to approach the idea of passive income with a realistic mindset, understanding that while it offers potential benefits, it is not a guarantee of effortless wealth.
