The Myth of Passive Income
Story time....
I've been building businesses online for over 2 decades now. And the one theme that has been popping up since I began this journey is...
Financial freedom comes from passive income!!!
Authors have made millions selling books about the topic. Internet marketing 'gurus' have become rich by pitching this dream. And I'm sure if you have taken a stab at trying to build any online business before...You've heard the speech!
It's a unique situation for us on the blockchain as well. We are, after everything is said and done, entrepreneurs! In every sense of the word. We believe that there is more out there than the traditional world promises, and we show up every day and we BUILD!
Here's the problem...
We have fallen victim into the 'passive income myth' here on chain as well and let me explain what I mean.
There are 2 types of 'income' you can generate when you start building businesses online.
Passive income
Active income
And we have been taught since day one, that the true power in building long term financial success comes from multiple income streams passively.
This actually is quite true. The issue is they never seem to mention the first part of this equation to get to...Passive!
It's active!
If you are building anything online, a business or even your reputation and stacks here on the blockchain...You need to be ACTIVE. Which means, showing up every day and putting in the work.
Whether it's through content creation or engagement through comments, you can't just show up once every third Sunday of the month and expect to see those seeds you planted grow. You have to, put in the work.
And the 'passive income crowd' will be quick to sell you a dream:
"Buy this product, it'll build passive income for you!"
"Invest in this token, you'll earn 383937% APR!"
I call bull!
But what I do see, working in my 4 plus years of being on chain and 2 decades of building business online is this...The more ACTIVE I am, the more PASSIVE income I start to earn!
You see, the active income begins to feed your passive income streams but you have to add fuel to the fire. You cannot again, show up once in a blue moon and expect instant riches.
This stuff takes time, energy, effort and yes, dare I say it...Even a bit of capital to get it going. Think about one of the greatest passive income opportunities right here on Hive...The HBD Savings Plan!
To earn, $20,000 a year in passive interest income, you will need $100k worth of HBD in your savings account. That's fantastic but WHAT are you doing to earn that 100k?
Are you being active?
That's the secret to all this stuff. You MUST feed your passive, by being active at first. And then...Let the promise of passive income become a reality!
And until we can live off the passive, I don't know about you, but I plan on being VERY active here on chain and in my businesses!
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You can get to a passive level buts it's just like in real life where you have to work your way up to that point through effort.
But just like in real life, most people don't want to put in that effort and expect everything for nothing.
It never works that way.
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It's remarkable how many people think they can just show up and it magically happens for them. Mind blowing in fact.
Of course, you have to work hard to fill the well. You have to create the sources of income first and then invest wisely to protect your capital and earn the famous passive income.
In fact there is no passive income, wealth management is also a job and full time.
Oh I dont think I'll ever kick my feet up and take the passive route...I'll always be active lol
I do really want to be an active user of this blockchain and to be a part of this so called community. I will do my best to learn more about this. Iām now going to 5 months using this platform. Hoping to be same as you are @jongolson in the future. Thanks for the support you have given to those newbies like me and for sharing topics that gives us knowledge about this platform.
For sure, thanks for swinging by. And if you have any questions, let us know how we can help!
Thanks a lot @jongolson, I will. š
You're not wrong.
Even if life gets busy, you still need to push to make the time to be ACTIVE to make that PASSIVE income. Thanks for sharing!
!PIZZA
!HBIT
!CPT
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Thanks for the tips and for stopping by :)
I wish my dad were rich but since that's not the case, I need to do the work to reach to that level. Even then bare min work has to be done to maintain that passive income. Money comes with bigger problems but I am okay facing them. āļø
Let's hustle our way to the up.
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That's the only way to do this stuff! You are on the path for sure!!
Saved this to my notes.
Great way to put it :)
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I know if I'm lazy and sit back, my family doesn't eat. So it's motivational to get active every day...Plus, I love this stuff lol
Hold on. Any room for negotiation to increase a little bit on this 383937% ??
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LOL Maybe if we are super lucky...We can get a bump!!
Sure! I actually had a token at some point that had something like 2 billion APR for days. Too bad it was a rug pull and couldn't swap it for anything.
I really want to be a part of this community and I will try as much as possible to pit in my best to make it work,am a learner that need help and support please š I stand to be corrected if I made any mistake @jongolson
Nothing better than building in the Hive community. It's very accepting for everyone who adds value to it!
That's very correct @jongolson
Looking forward to your support and mentorship because there are so many things I don't know here @jongolson
very true and therefore im getting to work on CTP to try and get the business aspects working.
thanks for bringing us back down to earth.
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Just a reminder that you get out what you put in. And when you are giving value, you'll always win!
!CTP
You need to be active to even be able to think about passive income on the blockchain. Even if you take fiat money and invested in crypto, you had to work for this money first. I agree that both come hand in hand. The more active I am, the more I also see my passive income grow.
It's crazy right...It's like that saying, the harder we work, the luckier we get!
That's very true.. you gotta be seriously active for a long long time before you can even think about any sort of passive income
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Yeah I mean I'm almost 5 years into this stuff...And still not comfortable yet. It's years and years of commitment!
the road to retirement is full of grinding I guess :P
Absolutely! And when you love what you do, it's worth the grind!
I think for writers, there is no such thing as "passive income". They have to keep on writing till they reach to the point where they write "harry potter" and sell that for royalty. I feel royalty and the staking, delegation seems to be the only passive thing and the income is not that big, just days go by with job like output from it.
For the rest, every large amount is in active income. There is literally no way out of this. You may find that there are people who make money off doing active work on anything that is lucrative in the trend. For some reason not everything can be turned into passive or automation either.
Trick is - just show up and keep moving as long as your hands and knees make you stand up.
Great point. I dont know if we will ever retire lol As long as our hands and knees work lol
100% true as work and time is required to make the passive income a reality. The funny thing is I don't see this as passive income as it will become more than that once you see the potential. The $50 becomes $100 meaning you work harder as you see the results and all of a sudden the $1000 will be within reach. When I thought of passive I honestly meant $200 or maybe $300 per month but that is too easy now and the targets are so much higher meaning more work which is thankfully pleasurable.
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It's crazy how quickly it can snow ball...Like you said, 50 becomes 100 VERY quickly!
!CTP
šš» Good point Jon and very true: to get passive income from staking rewards or dividends etc you need to be active first to earn the money to buy those assets you need (stocks, cryptos).
I love dividend income. I think it's fantastic. But to reach a living with that, you have to have a bunch of it lol Might as well build it actively!
šš» Exactly, the cover you living expenses with dividends you need at least 500k well invested. And thatās only enough if you live rather frugal. So letās say a million dollar.
Well You have to earn that first or start investing early to let compound interest help you over the years. No way round activity here. š¤·š¼āāļø
The grind is real and only those who are showing up every day can be well informed and aware of greater opportunities that come with being active.
It is fast how things move here which is why it pays to be active and earn little cents that will add up in the long run.
Passive income is something we all desire, but only a few are ready to put in the work every day.
I'm not yet on the active nor the passive side but it's not impossible if I keep showing up every day and learning more about what's going on here.
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It really starts to stack, the more effort we put in. The problem is people give up way too quickly!
Thanks for stopping by!
You are very correct my friend I has happened to me before now I almost gave up my growth was slow and I receive low vote on my post so fill like to give up but a faithful friend told me to continue in my own little way and here I am today pushing on, like a Proverb that says, if you can not š run, you walk š¶, if you can not walk crawl, if you can not crawl you role,just keep moving one day you shall get there @jongolson your post really inspired me and I promise to put in my best
I completely agree. You either need time or money in order to get enough passive income to retire. Your efforts in earning more income obviously speed that up and you need to be active enough to make that a reality earlier.
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For sure. And sure, down the road you may be able to sit back and enjoy the fruits of our labor. But until then...We grind!
!CTP
Try Nodle Cash app, they give out passive income just by using their mobile app, simple as that.
Oh there is always a catch lol
I used to think it's hard to earn passive income. Now I realized it's still hard but achievable. You just do it gradually, read a lot of posts and research. I earn about 1 hive daily on average, sometimes if I put in more hours I get more. There is courses that require you to pay $300, which guarantee you so much weekly. But these are just marketing tricks for you to release your money. To earn passive you need to keep on working at it, step by step and see what works for you !
That's brilliant stuff...Now you push and double it. 1 becomes 2 Hive quickly and then you double that...Slowly, you continue to build this stuff by being active here every day!
!CTP
As I like to say: passive income is built actively.
Very true, and wise words!
No such thing as a free lunch eh?
ha ha ha Nah, and if there is I haven't found it yet lol
@jongolson your statement "I don't know about you, but I plan on being VERY active here on chain and in my businesses" sounded so amusing to me, but yet very true. Thanks.
Glad you enjoyed it!
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Very good points. Pretty much with any passive income stream there still requires some amount of work to run and manage it or upkeep it. What your really doing is not exchanging time for money anymore and instead your producing more with less activity because the one thing we are all short on and have the same amount of is time.