 Seven myths about passive income you can't afford to believe. Passive income is money you earn in a way that requires little to no daily effort to maintain. For instance, you can rent out a property or invest in stocks, dividends and the likes. The idea is after investing your money or your time into a particular project, say building a house to rent it out or writing a blog so that when you have started gaining massive traffic and engagement, you can now sit back to enjoy the reward that comes from these. Warren Buffett, an American business magnate, investor and speaker once said and I quote that if you don't find a way to make money while you sleep, you will work until you die. To become financially free, it is important to create both an active and passive stream of income. However, when it comes to creating a passive income stream, there are a few misconceptions and myths we need to debunk so that we can work with the right information and knowledge of what we are doing or what we are about to do. In this video, I'll share with you 7 myths about passive income streams you can't afford to believe. This I believe will help you become a successful person. If you're new here, consider subscribing so that you won't miss other interesting videos like this. 1. You can easily set and then forget a revenue stream. The idea of passive income sounds very easy. Our definition of passive income is income that is received regularly with little effort required to maintain it, so we easily mistake it as getting rich quickly and getting something for nothing. Here's the thing, passive income still requires you to be active. For instance, imagine writing a blog and building to an extent where you have a good number of visitors and engagement level daily. Do you just forget about the blog because you now have a good traffic and constant visitors? Of course not. If you do that, you lose the visitors, cite traffic and engagement level as well. Also, say you have a property to rent. That you have acquired the property doesn't mean that you automatically attract people to rent the space. Besides, you will be responsible for maintenance costs now and then. Just acquiring a passive income stream may be easy, but it doesn't mean that running it will be easy. Even if you delegate people to handle different aspects of the acquired project, you still need to supervise things to make sure that you stay on top of your game. This means that contrary to what people think or say, passive income isn't an easy set and forgetted kind of income generation. Instead, you set it up and stay on it. You need a lot of money to start earning passive income. While this may be true for certain passive income streams such as getting a property, it isn't true for some others. For instance, you can invest in the stock market but as little as $1,000. Similarly, you can start a blog $8 per month for web hosting. The thing is that to generate a great return on your investment, you have to be willing to do a lot of background work so that you can use your limited resources wisely. 3. It only takes a couple of days to start generating passive income. Maybe it takes only a couple of days to decide the stream of passive income you'd rather invest in but it sure takes more than a couple of days to build something that will end up generating a steady income for you. To invest in stock or perhaps purchase a property, you need to take your time to do a lot of background check after which you'll spend a couple of days putting things in order. For instance, say you want to build a house that you can rent out, it will take a couple of days to build that and some more time to get the perfect occupant. And even if you want to lease a property, it will also take time to get the right person. Also, in the case of building a blog or a vlog as well, buying a domain name isn't all there is to plug in. You'd have to learn about browser catching, SEO, permalinks, how to write good content, uploading quality pictures, how to run ads and a bunch of other stuff. So you see, it takes a bit more time than we think. 4. It is easy to generate passive income online. Online businesses seem to be portrayed as one of the simplest businesses to run thanks to an era of social media and other technological inventions. So, creating a passive income online shouldn't be difficult as well. But hello friend, like any other form of passive income, an online passive income stream isn't easy. Yes, you may end up generating a lot of money, but the initial investment isn't as easy as you think. For instance, creating content, design, strategies, online promotion and the likes for your blog page or online real estate business doesn't come easy or cheap. 5. Passive income is permanent. Financial freedom is defined as the point at which your passive income exceeds your expenses. However, the floor of this definition is that it makes us believe that passive income is anything but permanent because a source of income, regardless of the kind of source it is, can dry up at any time. For instance, when Instagram changed their algorithm a couple of months back, some social media influencers lost a lot of money because their engagement level dropped again because it is passive doesn't mean it is permanent. 6. Real estate is the safest form of passive income. With home and property values increasing at a rapid rate, one would automatically assume that real estate is the safest form of passive income. However, real estate and property management can be one of the most difficult forms of passive income because property repairs and updates dealing with bad tenants and other expected expenses can eat their way into the income one expects to generate. 7. You only need one solid income stream. Because we define or better still, we make ourselves believe that passive income is the money we earn in a way that requires little or no effort. Hence, we think it is money generated from one source of income only. Imagine a blogger who makes money via running ads, only compared to another who earns money from selling his products or services. Do an affiliate marketing, running ads, offering online courses at a small rate and a bunch of other stuff that can help him generate more money. Which of both bluggers will earn more money? Of course, it is clear that the second blogger will because he is putting all his eggs in one basket. Passive income can be generated via different sources and everyone is allowed to operate and try as many sources as they are capable of handling. Don't be limited by your definition of passive income. You can make as much money as you want as long as you know how to do that. Thank you very much for watching our videos. We'll like to give you another interesting video for you to enjoy next, or before then our team will be very happy if you can like this video and share it with your friends on social media. If you're new here, don't forget to subscribe, so you won't miss other interesting videos like this. Look at your screen now to see two other videos we handpicked for you to enjoy next. We love you.