The idea of quick and passive income has been a popular one for many years, with people seeking ways to earn money without putting in a lot of time or effort. The concept of passive income is simple: you earn money from your investments or other sources without actively working for it. I'm fairly certain the pandemic popularized this idea further somehow through lockdowns and loss of income. There was a renewed awareness of how important time is versus office hours spent hating one's job away from family. This caused many to make a deliberate shift to shirk the office desk in search of something that will give the gift of time and money. However, the reality of passive income is often much different from what people expect.
One of the biggest problems with people looking for quick passive income is that they often fall for scams and get-rich-quick schemes. These schemes promise easy and fast returns, but they are usually scams that are designed to take advantage of people who are looking for a quick and easy way to make money. Many of these scams involve investment opportunities that are too good to be true, and people end up losing their money instead of making it. You could be saying to yourself 'well why would anyone fall for scams until they're bankrupt? Well, it's human nature as experts explain why we can't help ourselves. It's similar to the gambler's fallacy 'this time, it will be different! Let me just try one more time.' Unfortunately, just like in gambling many people don't fold while they're ahead. They go all in and the house of cards falls apart.
Another problem with people seeking quick passive income is that they often lack the knowledge and experience needed to properly invest their money. Investment opportunities that promise high returns with big shiny displays of wealth on social media are very enticing for those seeking to turn a dollar into a yacht overnight. Proper investing of course requires a certain level of financial knowledge and understanding.
Without this knowledge, people are more likely to make poor investment decisions that result in losses. What's interesting is the case of people who invest in characters like Sam Bankman Fried who had the support of many high-profile people in whose case it was a 'get richer' scheme as they were some very wealthy celebrities. On the other hand, those who trusted Andrew Tate's get-rich-quick schemes via his 'Hustler University' were after the lifestyle he promised and displayed. I'm not here to judge, but if anyone was surprised it was actually a pyramid scheme, I'd like to refer them to the name of his so-called university.
But if I have learned anything in this life it's that the two golden rules are:
There is no such thing as free money.
If it's too good to be true, it is.
Generally, people who are looking for quick passive income often have unrealistic expectations about the amount of money they can make. The reality is that earning passive income takes time and effort, and there are no shortcuts. I often listened to Eric Thomas while training for a marathon and I can still hear him say "if it was easy, everybody would do it!'
"If it was easy, everybody would do it!'
Building a passive income stream often requires a lot of hard work and patience, and it can take several years before you start to see significant returns.
I chose to write this as someone who offers services to people who wish to start an online business using Shopify as either their main business or a side hustle. The difference is that I make no claims to getting rich quickly. I offer knowledge of tools and business guidance that is sustainable with measured results that can be applied on a long-term basis to business or to workplace skill advancement.
Don't get me wrong. If I found a highway exit sight that said Financial Freedom this way, I'd certainly consider taking it while the Google map voice reroutes and tell me that I'm now on the wrong path and I need to reroute to what I had planned!
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