Is £6000 spread out over 10 years a good paycheck for 6 months of work? No, I could easily have earned more money working at a job. The point of creating your first passive income stream isn’t to achieve that big payout right away. The point is to learn how to create passive income streams, so you can get better at it. Then you can create bigger streams as your skills increase. Don’t expect your first effort to be your masterpiece.
Today I can create new streams of passive income with a lot less effort than I had to exert say five years ago. The reason I can do this is because I put in the time to learn how to do this, and I’ve continued to refine my skills over time.
Don’t worry about how big your streams are in the beginning. If you can create a £50 per month passive income stream this year, I think that’s great. And it’s so much easier to do this today than it was back in the day, when I first started, so you have it much easier than I did. Your smart phone is probably 1000 times more powerful than the computer I used back then.
You also have me showing you the ropes along the way. I didn’t have anyone helping me at the time. Sometimes the people in my life suggested that I should get a job. They don’t say that anymore though.
Do set goals, but be patient with your progress. This is a skill that will benefit you your whole life. Even if you work on this for 10 years, there will still be plenty more to learn.
Our goal is to find multiple income streams, and the more passive the better.