The Passive Income Triangle
The three elements of a passive income
You may have heard of the passive income triangle, or the 3 factors in achieving a passive income. I thought I'd outline what they are below:
1. The mental side
The mental side of the passive income triangle relates to the knowledge you need to achieve passive income. Do you have a system to follow? Do you have the knowledge and tools to follow the system? Are you clear on what the system is?
2. The physical side
The physical side is the actual 'doing' part. Although the goal is to achieve an residual income with minimal effort, you have to do something to create it in the first place. Whatever the system, some initial effort is required.
3. The emotional side
The final factor is the emotional barriers that may prevent you from maximising your results. For many, a passive income is simply not possible because they just don't believe it's possible. They create mental barriers that prevent them from completing the first two sides of the triangle. They give up too soon, or they stray from their chosen system because of a lack of confidence.
Even if you have addressed the mental and physical sides, you may have some sub-conscious blocks to fulfilling your potential. I think the most common barrier is probably some form of guilt. Would you feel guilty about receiving money for minimal effort? Perhaps you harbour a fear of failure? Maybe you think people will laugh at you when you tell them what you're doing?
A quick search on Google will certainly help. You'll find hundreds of success stories from people who "just did it". They removed their barriers, followed (or created) a system, and reaped the rewards. I am a firm believer in making your own luck. Whilst I believe there is an element of chance in every aspect of life, I don't think it hurts to try and load the dice in your favour.
