WARNING: Passive Income is a MYTH 99% of the time

Did you ever dream of ditching your job to sit on an island somewhere else in the world?

Passive Income2Who hasn’t right?

I know I have been guilty in my early years of sitting in a job I did not enjoy, while dreaming of sitting on a beach somewhere.

If only, there was a way?

Like so many others, my efforts turned to chasing a way to create passive income to enable me to leave my job and be financially free.

Unfortunately I soon realised, the harsh reality is that there is no magic formula…

The Spruikers

If you look hard enough, it will appear that everyone has the solution to your problem……. or should that be the problem to your solution!?!

These types of people will generally attempt to capitalise on this fantasy that 99% of us have.

In reality though, there is always some kind of self-interest here to benefit their own situation.

While I am sure, some of these methods may have worked for them personally, for the majority of us they will not.

If in fact, it does work so wonderfully well, why do they need people to be paying them even more passive income?

They often make it so appealing and give very little detail in how they are achieving these amazing results.

The Offers

Watch out for the pitch and remember if it is too god to be true, it usually is.

Here are some of my favourites;

“Buy 7 positive cash flow properties in 7 years and retire happy”

“Make $50,000 in your first month selling on Amazon”

“Create a 7 figure income in 6 months by doing chunk deals”

“Create a monthly income on the stock market from Day one” 

I know people who go from seminar to seminar hoping to find that magic bullet that will allow them to retire by the following weekend.

It won’t happen….. STOP chasing a Myth!

They are throwing thousands and thousands of dollars away and moving further away from what they have set out to achieve in the first place.

What the 1% do, to Create Passive Income

The first thing they do is work hard.

Work Hard Prerequisite To Success.Probably because they like what they do, it is a passion or a hobby or a life’s dream that they are pursuing.

For them, work is neither a chore nor a bore.

With the income they create, they prioritise, locking it away in high capital growth assets.

They sacrifice immediate cash flow as they recognise they do not need it while they are working and creating an income from their job.

They invest to create wealth so that some time down the track when they want to slow down or retire they have a big enough asset base to draw a passive income from.

That is how the 1% do it.

Conclusion

The harsh reality is that there is not Magic Formula to creating a passive income, no matter how easy it may seem.

FormulaPeople throw hundreds and thousands of dollars away chasing a formula that does not exist.

In many cases, with every step toward their passive income goals, they are taking one-step back and away from what it is they have set out to achieve.

They should focus on finding a way to create an income doing something that they enjoy.

They then have the ability to put their savings into higher growth assets that will build them a larger asset base further down the track.

Then when they want to slow down or retire, they have the passive income they need.

This is what the 1% understand and why they are so successful.

Sadly, many others will keep funding retirement for the spruikers and sharks, while moving further away from their own retirement dreams.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

Metropole

A perfect storm is brewing for our property markets in 2021-22, and you can trust the team at Metropole to provide you with directionguidance, and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award-winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
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Brett Warren

About

Brett Warren is Director of Metropole Properties Brisbane and uses his 13 plus years property investment experience to advise clients how to grow, protect and pass on their build their wealth through property. Visit: Metropole Brisbane


'WARNING: Passive Income is a MYTH 99% of the time' have 2 comments

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    December 17, 2020 John

    Even when you achieve the desired outcome it is still not passive – you have to spend money maintaining and time managing your assets, regardless of asset class – to keep the goose healthy and the golden eggs flowing. There is no such thing as hands-off passive income unless you hate your money.

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