Lets talk about how to make passive income, and debunk some common misconceptions out there…more information in the description. Enjoy! Add me on Snapchat/Instagram: GPStephan
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The first myth is that you need money to make passive income.
When it comes to making passive income, there are two strategies behind it:
The first option is to BUY your passive income
The second option is to spend your TIME creating passive income
If you want to buy your passive income, consider that every $100 you invest buys you anywhere from $3-$7 of passive income annually. But what most people HERE are interested in is spending their TIME, not MONEY, creating passive income. This could be creating and selling a digital product, drop shipping, amazon FBA, affiliate marketing, making YouTube videos, renting out parts of your house that you don’t use, the list goes on. If you don’t have money to invest, THIS is the best way to start. But keep in mind, when making passive income, you are paid in DIRECT relation to the value you provide – you cannot just get something for nothing.
The second myth is that passive income lasts forever: you set it up once, and you’re good for life.
I’d like to say that in 95% of situations, this is not the case – it will not last forever, at least not without a fairly sizable amount of risk that it disappears. From the way I see it, most passive income streams will be set up to run for a few months to maybe a decade – and then they need to be re adjusted and modified, or maybe they simply become obsolete and they don’t work anymore.
The third myth is that passive income is doing nothing.
And this is true. Kidding. People often see how much I make from real estate and YouTube and expect it’s all easy money where I just sit around all day…and sometimes yeah, I sit around all day, but it does require SOME work. For my rental properties, this is usually about 1-2 hours of work per month…this is making sure all bills are paid, rent checks are tracked, and expenses are calculated. So whatever income stream you take on, chances are it will require SOME level of work…even though it might not be much, in 99% of situations, it will be something. Some more than others, but regardless, by leveraging your time, you’ll likely make WAY more per hour of your time than you could in any other business.
The fourth myth is that you need to be an expert on something to make passive income.
This is absolutely not the case. For instance, when I started buying real estate…I was NOT an expert. I made many mistakes and learned as I went along, figuring out each step as I needed it. When making YouTube videos, I had no idea what I was doing…I watched other YouTube videos each time I was confused, figured it out, and then moved on. My point being, if you have a goal in mind, it’s not important if you’re not an expert if you have the self motivation to figure it out as you go along.
The fifth, and final myth is that passive income is easy.
And to be honest, it can be easy…once it’s already set up. But setting it up is hard and time consuming, otherwise everyone would be doing it. Earning passive income, in most cases, is really just like delayed compensation…you put in a lot of time and effort now with no pay, under the expectation that you’ll get paid all of it back plus interest in the future. Most people will not have the discipline to do this, most people want the immediate results and get frustrated when its been a week and they haven’t earned any money yet. Then they complain, they quit, and then try something else with similar results. And the same thing happens. But if you have the persistence to make it work, I have no doubt you’ll make it work…just do me a favor and have quality. There is always a market for quality, no matter what it is. Quality gets people coming back, quality makes you stand out, and quality gets happy repeat customers.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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The Book on Rental Property Investing: https://goo.gl/qtJqFq
thanks so much for the video. I was able to learn a lot. I recently started a blog because I like writing. Aside from being a passion, I also hope it can be a source of income. I understand better now. This will take time 🙂
Actually, there is a passive income that involves you doing nothing.
it's called welfare
1st time. Love it. Subscribed…
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ya but people want to make money starting with no money and putting in zero time and zero effort.
Please remove ALL music while you talk
it moves focus away from your vocals/talking
to the overpowering nature of certain frequency ranges of music
spending time to make money = active income… 😉 or what do you call work otherwise? It doesn't matter if you sell your time to a company or spend it on your own to create income.
The Millionaire Fastlane MJ DeMarco
Graham, what is the best way to make passive money while taking over the world governmentally, not economically?
Yeah, I'm trying to start a business, and I expect it to take years to work for me.
"Youtube might become the Myspace of the internet"
Graham… buddy… Myspace is on the internet lol
By the way, question, do you have a video or plan to make one on what you did to get the properties and renovate them to then rent out?
Will you please do a video entirely in the angry YouTube commenter voice
Every guy on youtube talking about passive income even has the same voice! Where do they make them?
bullshit and you know it…why all these fake tubers have a private "how to become rich" program trying to sell for 500 bucks.
I've watched other videos on passive income and they all describe it sooo easy. Thanks for making this video. I kinda want to get involve with this but it's better to know what to expect before getting in the mess.
Everyone talk about passive income but no one is talking about passive spending. Get rid of all your subscription services, tell your girl bye bye ( yes men, if your trying to make dough put the women aside, they are huge money drains )
Can you make a video what should I look at for when buying my first property?
The whole time investment thing is spot on. Most people think running your own business is easy. I've been running mine for about 3 years. I easily work 80 to 90 hours a week. I make enough to pay for what I need but not much more than that. Only in the last few months have I been starting to see a return on my time and money.
Network marketing is best platform of Passive income