Do You Believe Any Passive Income Potential Myths?

Do you believe the myths about passive income potential? If you do, you are not alone. These myths are so common place that many people believe them as fact. Some have been around so long that you might even call them urban legends. Check out these myths and find out if you believe any of these falsities.

Myth #1: Passive income is nothing but a scam
When people start talking about passive income, all kinds of defenses go up. Immediately they are connected with bad pyramid schemes that never work. People have been burned so badly by “easy money” that anything resembling residual income is thrown out.

TRUTH: Before you throw out the baby with the bathwater, you need to see residual income as it really is. Take for instance your cell phone. You initially bought the phone but you pay a fee each month to use that phone. This is residual income. Anything that has a renewing fee is passive income.

Myth #2: You cannot have residual income online
This myth goes along with myth #1. People who believe in passive income through cell phones and other memberships think it cannot be replicated online. After all, they believe that you need a tangible object to create such income.

TRUTH: The easiest way to bust this myth is with E-Books. When you write an e-book, you only need to put it up for sale. Each time it sells, you receive a commission. Technically, this is passive income.

Residual income can be made by memberships as well. When you consider the membership fees for places such as Netflix or other online movie rentals, you can see how the income is residual. However, this can be done with any type of membership. Whether it is a service or a forum, it doesn’t matter. You collect a membership fee, and thus it is residual.

Myth #3: No one can teach you, you have to do it yourself
This myth is partially true. You do have to do it yourself, but that is as far as it goes. Since they have not succeeded, they do not believe it is possible to succeed.

TRUTH: People who have succeeded in harnessing the power of passive income can teach you how to get the same success. True passive income potential comes from being able to duplicate your efforts. Once you have come up with a successful strategy and can duplicate the process, you know you have succeeded.

When someone else has become successful, he or she can teach you how to duplicate his or her methods. This is, in fact, a powerful method to success. You can take months or even years off your learning curve by talking to successful people. They know the methods and the roadblocks you will encounter. By following their advice, you can avoid all the pitfalls and go directly to success.

Wealth creation sprouts from passive and residual income. With it, you can be your own boss, set your own schedule and write your own paychecks.

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