If you have done any research on building a business or building “streams of income,” it is highly likely you have come across the concept of “passive income.”  The idea of passive income is offering something for sale or building a business that generates income forever after having only done a limited amount of work (or in some cases, without ANY work AT ALL!).

For most of us brought up with a wage-earning mentality where our income is directly tied to the number of hour we work; and where our only goal is to earn more an hour… meaning that we still have to work those hours if we want to earn… the idea of doing work once, but earning from it forever can seem like a fantasy.  But understand:  it”s not only possible, it”s actually the ONLY way the ultra-rich… become ultra rich.  And the secret!?  The secret is… you don”t have to be rich to begin using passive income in your life.

Understanding Passive Income

Because of how attractive the idea of passive income is, and because most of us in the world were not raised with the idea of passive income, there a large number of misconceptions of what passive income actually is.  False information abounds from people looking to sign you up for their system, people who want to pretend that they know even though they have never earned passive income and people who just want to sell you something.

Although there are literally millions of ideas and businesses that can earn passive income, most often the easiest means of building a passive income stream available to most beginners is making money from a website, a digital product or an affiliate product that you previously set-up. Whether your passive income comes from these or other sources, once set up you can sit back and relax while the money comes pouring in.  In fact, once a passive income stream is generating passive income you can often scale the stream up for even more income.  Regardless, the massive shift is no longer trading your time for money!

If you hope to build passive income, it”s important to dispel common passive income myths sold by those who do not really understand passive income and, thus, cannot teach you how to build it.

Passive Income Myth #1:  Passive Income is Not a Get a Rich Quick Scheme!

The first thing to acknowledge is that passive income streams are, in no way “get rich quick” schemes. Although there are passive income streams you can implement with very little or virtually no work… the amount of money you earn from any passive income stream is often directly related to either the amount of work it takes to set it up, the amount of money it takes to set it up, or how complex it is to set up.  And many passive income streams are not methods you can use to make money without putting in a decent amount of work and time up-front. The “magic” is that once that work is done your passive income stream earns money without further work but, ast least to start, you are still working for your income, the only difference is that you have done this work only one time.

Passive Income Myth #2:  It is Not Only Possible Your First Few Attempts May Fail… It’s LIKELY You Will Need to Fail to Learn

For you to succeed in building passive income streams it will be important for you to recognize is that of often takes time, effort and trial and error before you succeed. As you learn what it takes to automate income its possible your first few ideas either will not work or will not be the types of income streams that you want.  Nevertheless, being willing to experiment and put in work, even if any particular stream does not pan out to be your ideal passive income stream will contribute to your eventual success if you persist.

Passive Income Myth #3:  You Are Not Going to be A Passive Income Millionaire in a Matter of Months (or, Perhaps, Ever).

In the vast majority of cases, you should not expect to be making hundreds of dollars a day for some time (and, depending on the passive income stream, perhaps ever).

Instead, it will take time, work and a lot of patience to eventually get to the point of noticeable money coming in and even longer until you have an amount that makes much of a difference in your life  To be clear, at least in my book any money earned without trading my time for it seems a blessing… but if you start your passive income business model thinking that you will be able to quit your day job in a few weeks or months, you should expect to be disappointed.

“there are literally millions of ideas and businesses that can earn passive income.”— Mark Farmer, Founder, LifeSuccessEngine.com

Instead, the best way to think about passive income, is as a good way to add a little bit of extra revenue to your existing set up. Viewed in this way, your learning curve will not be disappointed even if you are only making $20 a week. That is still $80 a month and $960 a year – enough to go on a good holiday – even while you learn to earn more.

But if you persist, continue learning, continue taking action and trying ideas it is possible to eventually land on a “big hit” that will be your real cash cow. It takes time, it takes patience and it takes luck. But hundreds, thousands or tens of thousands of dollars coming in every day will make the trials and tribulations worth it!

Passive Income Myth #4: “Passive Income” is Really Only a Few Dollars, If Anything, a Month

Although learning the ropes of passive income may take time and effort, the fact is, once you have learned how to build it – and better: what passive income streams work best – you will find that working passive income models are often endlessly scalable.

Once you succeed in making passive income money and realize the pleasure of making whatever you are… you will often find that you are a able to begin increasing it.  Because you are not trading hours for money, that means there is no limit to how many times you can repeat the same business model over and over again.

The hardest dollars are often the first.  But, if you do not get quickly frustrated and give up on your passive businesses, you will find yourself able to grow them over time and watch yourself begin to make more and more money. Build sufficiently, it’s THAT that will eventually allow you to give up your day job.

Passive Income Myth #5: Not Every Form of Passive Income is For Every Person

The fact is, there are an unlimited number of passive income products and businesses you could build.  “Passive income” is either a particular type of product or a particular system of business, but once you understand the concept you will be able to apply them to the ideas and businesses that most interest you.

Not every passive income business interests every person.  And not every passive income product or business matches what resources of time, energy, interest or money you have readily available at this time.  So that not every passive income stream is for every person.

In learning the ropes it will be important that you evaluate passive income ideas and businesses based on your own interests, amount of time they require to begin and amount of available money some take to start.  Although not every passive income stream is for every person, it’s highly likely that there are – not only a few – but many passive income products or businesses that you can start, right where you are.  Finding passive income ideas that match your interests and resources will go a long ways towards supporting your passive income success.

Passive Income $uccess

Whether you are simply interested in in learning a new business skill, looking to add a small amount to your income for splurges or a vacation fund or serious about one day retiring from working day-to-day to tour the world, learning how do develop a passive income stream will offer you options and satisfaction in a world filled with limited options.  Building your own confidence and self-reliance in knowledge that you are able to build income streams to support yourself is probably one of the most important skills of the 21^st century.  Know that it IS doable.  That it is doable by YOU.  And that it simply a willingness to learn from those who truly know and take action while you build your own financial success!

If YOU are interested in beginning your journey to Passive Income sign up for this limited space, private, live, passive income webinar on Wednesday, November 17th at 7p PST.

• What passive income is (99% of what I see touted as “passive income” is ass-backwards wrong)
• Disprove the biggest misconceptions and myths of passive income
• How to figure out YOUR passive income idea or system
• How you’d actually BUILD your passive income idea or system
• Whatever else I can think of fitting into this ~90 minute presentation AND whatever else YOUR questions might pull out (THAT’s the big reason I’m offering this)

Space is extremely limited. Sign up now!