Have you ever attended a Webinar on how to generate a Passive Income, about how to create a 1 million dollar business, about how you can become rich?
Well, the most part of them are simply held by people that are going to exploit you, your time, your money to build their own business.
It’s something I learnt years and years ago, when a persone that used to be a friend of mine asked me: “I have just generated one million from scratch”. I was so curious I asked how it could be possible and he just answered that I was too young from the entrepreneurial point of view. He glossed over. I kept thinking. I have had that buzzing thought in my head for years. And I finally got the result.
Not too bad. He was not in bad faith. But he actually made 1M$ from scratches.
So, what are you supposed to have to create your own passive income?
1 – Be aware of what you are doing. The biggest mistake is putting your money in something you do not knon and in something you would not to be able to produce a SWOT analysis on (Strengths, Weaknesses, Opportunities, Threats)
2- Be aware of too high ROIs. If you are suitable for the Condition 1, then you should be able to identify potential yields for the business you are entering. Can it be really so productive?
3 – If you are offered a commercial network, how much sustainable is the network fee? How much it is if compared to base fees for the customer?
4 – Passive income, must be really a Passive Income but keep an eye open. I know: Passive incomes make you dream about living on a beach with a Pina Colada in your left hand and your smartphone in the right hand to make selfies and brag about your lifestyle. This is usually not how it is going to end, and if it is working like that it can be likely to end soon. Passive income must be monitored, checking if they are still up to date and not becoming obsolete and if everything is working properly.
5 – How much is scalable what you are doing? Is it a passive income of 1$ per day or it can become something between 100-200$/day? How can you achieve it?
6 – Do you need specific skills for doing it? Keep in mind that passive income for no particular skills required will be likely to end soon (they may be scam) or you are going to put all your resources in the hands of other people in charge to create the passive income for you. And for a long perspective, this is absolutely not safe.
Have you already created passive incomes? What kind of passive incomes have you created?
Let me know in the comment, and I leave you here and interesting tutorial on how to create a passive income with cryptocurrencies.
