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On his website, he hoses down expectations that passive income is easy money, stating:"Earning any type of income online requires a lot of hard work, a lot of patience and a bit of luck, too. "In the end, Trzeciak set up an online marketing solutions business, PixelRush. "We decided it's something that we're going to need to put as a long-term goal and focus on a business model which enables us to generate income in a more traditional sense. "The'myth' of passive incomeTo some people, the word"passive income" has become synonymous with an income that you can earn without any effort.Deanne Carter, national sales manager of JDL Plans, has been to countless financial seminars and coached hundreds of people in investment and wealth strategies.

But what they don't tell people is that in order to do that you truly need to do some work." "The whole thought of a four-hour work week which sounds marvellous. The people who have that kind of lifestyle there's a lot of work they've done in the background to get them to that position. "Carter thinks it's an attempt most people are not ready to place in.She claims that hankering for a"magic bullet" often arises when people believe they ought to be farther forward financially.The danger is they can set their trust in get-rich-quick schemes, or kid themselves that passive income streams are"set and forget" and don't require any effort to maintain.Lacey Filipich, 33, knows exactly what it is like to live the passive income fantasy.

In 2001, at the age of 19, instead of buying a vehicle, she used her savings to buy a two-bedroom unit in the Brisbane suburb of Taringa. She lived there for two years while she finished her university studies and allowed the second bedroom to another student. "At university, folks thought I was crazy, but it worked out cheaper than renting a room for me," she says.Within four years, the unit was putting money into her pocket and the equity provided a stepping stone to other property investments. "Having had that one quite good beginning early in life has made a big difference to me in terms of being able to generate more passive income from more rental additional hints properties," she says.Her brand new venture, Money School, involves teaching others how to follow in her footsteps and she plans to direct money into shares in future to secure income flows from dividends.While it's become easier as she's accelerated along the learning curve, she acknowledges there's work involved. "You do need to become something of an expert about real estate in your area and what costs are doing," she states.

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You need to commit a reasonable bit of time. "She's developed a"short fuse" for underperforming agents when there's a vacancy or when a tenant isn't taking good care of the property. "That's probably been the biggest learning: that if you allow that fester, you're giving off a great deal of your earnings. "Filipich has found ways to reduce tax-time demands.

Now, she's a separate bank account for every property. At tax time, she downloads the transactions and also a spreadsheet totals everything. "I simply go through and check it. "Jennifer Elliott is the founder and chief executive of Integrity and Values, a leadership coaching company. She has created another kind of passive income via her business, but is scathing of the idea that people can easily tap into an online passive income stream.

To actually make it's not simple," she states. "When you set a product online, you've got to have an extremely clear way of how you will drive visitors to it. "Her own passive income stream comes out of a fully validated psychometric tool which measures integrity and direction, which she put online in 2000.

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The online tool evolved out of a tried and tested paper version.Nor did it arrived at a low price. "I have literally spent $500,000 to get it to where it is," she's says.This year, she's been transforming her novel, The Power of Focus, a goal-setting guide that has already sold 15,000 copies, into an online application.

What forced me to do it was I offered out of books," she states. However, she adds, it's a job that's taken the entire year.She probably sums up the successful path to passive income best when she states:"It is about monetising what you do well already. "Loading.

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In February 2007, Pat Flynn was working in an architecture firm making $38,000 a year. He mulled boosting his earning power by getting an architecture license, but the process would probably take six to eight see this page years. When he learned about getting a credential in sustainable design and environmentally friendly building called Leadership in Energy and Environmental Design (LEED), he decided to go for this, as no one in his department needed it.

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