There Is No Such Thing as Passive Income
Summary
- I believed real estate was a passive way to make money because a friend suggested it. But when I saw her team of 40 people, I realized it involves a lot of work.
- Even with a management company, you still have to be involved in buying deals and other tasks. This does not feel passive.
- managing a team, especially as large as 40 people, requires active involvement and effort.
- Making money will almost always require some level of work and commitment.
Video
How To Take Action
I would suggest implementing strategies that focus on understanding the true nature of any business venture, especially if someone portrays it as passive. Here’s how:
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Research First: Before jumping into something like real estate or any new business, do your research. What might seem passive could require a lot of work behind the scenes.
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Assess Commitment Levels: Evaluate how much time and energy you can realistically commit. Knowing that making money requires effort can help you make informed decisions about how you want to invest your resources.
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Start Small: If you're interested in exploring new ventures, begin with projects that require a smaller scale of involvement. This way, you can learn the ropes without feeling overwhelmed.
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Embrace Active Involvement: Understand that even "passive" income streams, like real estate, usually require some level of active management. Being prepared to take on responsibilities—even with the help of a management company—is crucial.
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Build a Reliable Team: If your venture grows, consider the size and management of your team carefully. A smaller, efficient team might be more manageable and allow you to focus on strategic tasks.
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Continuous Learning: Keep learning from those who have experience in your area of interest. Their insights can save time and help avoid pitfalls.
By keeping these points in mind, you’ll be better prepared to handle the demands of making money in any field. It'll help balance your time, effort, and expectations.
