I'd rather give up entirely than make these mistakes again…

Most people fail at passive income — not because they don't try, but because they keep making the same critical mistakes. I know because I made almost all of them myself at some point.

After spending a year building 12 passive income streams, I learned exactly what holds people back. Today, I'm going to help you avoid those pitfalls so you can succeed even faster than I did.

In the end, I'll also share how to multiply your income streams and market your ideas to build true long-term financial freedom.

Allow me to help you save 10 years of struggle. Let's go learn exactly what to stop…

1. STOP thinking passive income is impossible.

The biggest blocker isn't money, time, or knowledge — it's mindset. If you believe passive income is a scam, you'll never take the first step to making it real.

I get it. The internet is flooded with headlines screaming, "Passive Income is a Lie!" But here's the funny part — those articles and videos are literally making passive income off the very people they claim they're "saving."

They grab your attention with a sensational claim, rake in ad revenue, plug their own courses, or sneak in affiliate links. They use clickbait to earn a buck while telling you you can't do the same.

The truth? Passive income isn't a myth — but it isn't magic. It takes effort but millions of people are doing it successfully.

Instead of falling for the negativity, seek out information from real people who have done it. Ask them what worked, what didn't, and what they wish they had done differently.

2. STOP thinking passive income is easy.

Yes, passive income is real. Yes, you can build it. But no, there's no easy button. If there were, trust me — I would've found it and smashed it until I broke my hand!

Most people think passive income is "making money while you sleep". This has misled an entire generation. Sure, you can earn money in your sleep but you also make money while you sleep with a salary — nobody calls that passive income. You still have to show up and deliver, or that paycheck disappears.

Passive income is no different. It's not about doing nothing — it's about earning a disproportionate amount of money compared to the time and effort you put in. With a salary, your income is fixed. With passive income, your earnings can scale beyond your time. That's the real secret.

Stop looking for shortcuts. If someone really had a foolproof, no-work-required system to make unlimited money, do you think they'd be selling it to you for $47?

Most people fail because they don't stick with their plans long enough. Your first dollar might be the hardest, but each dollar after that gets easier. And then, eventually… easy.

The real enemy isn't hard work — it's impatience.

3. STOP waiting for the right idea to come to you.

Waiting for the perfect passive income idea is like waiting for lightning to strike. It won't just appear out of nowhere — you have to go find it.

Successful people don't sit around waiting for inspiration. They immerse themselves in the world they want to master. They go down rabbit holes, read books, listen to podcasts, and follow creators who are actually doing it.

Here's a quick hack: Create a new email, YouTube, or Instagram account dedicated to the topic. Only follow people in the space. Engage with content about passive income, business, and investing. Within days, your algorithm will start serving you endless insights.

But even with all that knowledge, nothing beats action. The biggest reason people fail to build passive income? They never actually start.

When I set my goal to build 12 income streams in a year, I knew I couldn't afford to "think" about it. I had to move fast. Each month I gave myself one week to research, two weeks to take action, and one week to reflect, pivot, and promote. Plus, I never took more than one day off in a row — because an object in motion stays in motion.

If you're stuck, ask yourself: Am I making this a priority? Am I making the time for it?

4. STOP letting fear hold you back.

Fear is the biggest dream-killer out there. Fear of failure. Fear of looking dumb. Fear of wasting time. And yet, the only real failure? Never trying at all.

"Success consists of going from failure to failure without loss of enthusiasm." -Winston Churchill

Thomas Edison tested 10,000 different ways not to make a lightbulb before he got it right. If he had let failure stop him, we might all still be sitting in the dark!

Every failure gets you one step closer to success. Each mistake teaches you something. Each setback gives you clarity. But most people never get there because they let fear win before they even start.

And don't let other people's negativity hold you back either. Nobody is judging you for trying. If they are? Their criticism is likely their own insecurity or jealousy talking. Their doubts reflect their limitations, not yours.

Even small action beats no action. The first step is the hardest, but it's also the most important. Take it. Then take another.

5. STOP trying to copy someone else's success story.

It's tempting to look at success stories and think, "I'll just do exactly what they did." But the reality is their path worked for them. It likely won't for you.

The world is full of "I made $100K doing this one thing" success stories. But what they don't tell you is that they had a specific skillset, unique timing, and a different network (or even luck that made it work). Copying their strategy step-by-step doesn't guarantee the same results.

I wrote a book detailing my strategies month-by-month, step-by-step. But I reiterate results will vary and that you must make it your own.

Seek out different formulas but carve your own path. Find a strategy that actually fits your skills, interests, and lifestyle. If you hate writing, don't blog. If you have zero passion for real estate, don't buy rental properties.

The only way to truly stand out? Be you. You are 1 of 1. There's nobody else with your exact mix of skills, experiences, and ideas. The more you lean into that, the more successful you'll be.

Bottom line: Research and iterate. Make a plan and create goals. And get after them — your way.

6. STOP assuming people will automatically find your product or service.

"If you build it, they will come" never works. Nobody will show up or buy unless you give them a reason to.

It doesn't matter if you're launching a YouTube channel, an eBook, an online course, or a business — visibility = income. If nobody knows about your product or service, they can't buy it. It sounds obvious, yet so many people skip marketing altogether.

Here's the truth: Marketing isn't optional. It's essential.

With thoughtful strategies (and a little creativity), you can get your work in front of the right people without feeling like a sleazy salesperson.

My book came out over a month ago, and I'm still promoting it. Why? Because if I don't talk about it, who will?

Full disclosure: part of why I was inspired to write this article today. It's not-so-secretly a way to tell you to go buy Passive Income Resolution on Amazon!

I dedicated two full chapters of my book to free and paid marketing strategies because I know firsthand how critical they are. I would know — my full-time job has been in digital marketing since 2012.

Create, then promote (you can even do it in reverse). Share your enthusiasm. Find creative ways to get seen, get clicks, and get sales!

7. STOP relying on one passive income stream.

If one passive income stream makes you money, imagine what 7 could do.

Your first passive income stream likely won't be your best. In fact, your first attempt might not earn a dime. Even if it does work, competition can come in and sweep away your audience. Algorithms change, trends shift, and streams dry up.

That's why you need to stay ahead of the curve — skate to where the puck is going. (Thank Wayne Gretzky for that wisdom.) Stack your streams. Create parallel sources of income that build on each other.

One way to do this is by repurposing content. If you write an eBook, turn it into a paperback and hardcover with a couple of hours of work. Then record the audiobook. Take chapters from your book and turn them into YouTube videos. Repurpose those into Medium articles.

I do all of this — usually in reverse. I write YouTube scripts → turn them into articles → transform those into books. Within my books I plug my courses, other books, and my YouTube channel. Everything I create feeds into something else.

The average millionaire has at least 7 income streams. This is the one time in life when you should aim to be average!

8. STOP failing to reinvest your earnings

Passive income isn't just about making money — it's about growing money.

A big mistake I see? People finally earn a little passive income, celebrate, and then… do nothing with it. They let the cash sit there, or worse — spend it on something that doesn't fuel future growth.

If you want to scale, you need to reinvest.

I reinvested my first $500 into a better camera and microphone for YouTube. I paid for editors and book cover designers to level up my books. When I earned that money back I put it into ads to gain exposure and reviews.

Even with investing, I set up my earnings to reinvest automatically so my cash is never sitting on the sidelines.

And I don't just do this with money — I reinvest my time.

• In 2021, I released a second edition of my first book after realizing it had a growing audience.
• In 2023, I rewrote and re-edited my first finance course to improve it.

With my Passive Income Resolution challenge in 2023, I proved you could make money without money. But if you want to scale? You must reinvest — your earnings, your time, and your energy — into what's working.

9. STOP ignoring your skills and interests.

To set yourself up for passive income success, start by matching your skills with your interests.

It sounds obvious, but so many people chase random money-making ideas without thinking, Do I even enjoy this? Am I actually good at this?

The sweet spot is when you find an income stream that merges both — something you're naturally skilled at and genuinely interested in. That's where you'll find your unfair advantage.

Here's your homework:

• Make a list of your skills.
• Make a list of your interests.
• Then research passive income streams that combine them.

This works in reverse, too. When you get excited about an opportunity, do a gut check: Does this actually match my skills and interests?

If you hesitate, the answer is likely no.

If you pick something you hate, you'll quit before you see results. If you pretend to be an expert in something you're not, people will see through the BS.

Passive income isn't about forcing yourself into a niche simply because it makes money. It's about leaning into what you're good at so you can create something sustainable — something that doesn't just make money but actually excites you to keep going.

If you enjoy the process, you'll build something that lasts.

10. STOP quitting your day job prematurely.

Many people assume they need to go all in, quit their job, and burn the boats to be successful in passive income. But that's not how most people — myself included — actually do it.

I've been building passive income streams for 7 years. Yet, through it all, I've never seriously considered giving up my 9-to-5.

Why? Because my job gives me:

• Security — I don't have to stress over every dollar my passive income makes.
• Freedom to take risks — I can experiment, invest, and iterate without fear.
• Authenticity — I can build products, services, and content I'm passionate about, not just because I have to make a sale.

Without my job, I'd be desperate to make passive income work. Instead, I get to reinvest paycheck money into my projects, helping me create better products and move faster.

Don't get me wrong — I dream of quitting someday. I even wrote a book about retiring early called Save Half, Retire Fast. I know financial independence is achieved when your passive income covers your expenses. But I'm not there yet.

My retirement accounts are my foundation. Passive income is my cherry on top.

Don't rush it. Build wisely. Scale smart. And when the time is truly right, you'll know.

FINAL THOUGHTS

I feel like I just spent the last 10 minutes scolding you! But I wasn't really talking about you specifically. If you made it this far, chances are, you're already serious about passive income and you're willing to put in the work.

I'm excited for you for that! It's an exciting, fun, exhilarating journey when done right!

Fear grabs attention more than any other tactic so I had to lean into that! But I do hope you found at least one or two valuable takeaways and you actually feel more optimistic than when you started. Let me know if so!

If you did have a light bulb moment, I know for a fact you'll get value out of my new book Passive Income Resolution. It's officially my best book launch ever, hitting #1 bestseller in multiple categories! It's very exciting to see it's resonating with people who are serious about building real, sustainable passive income.

The book walks you through 12 specific case studies — what worked, what flopped, and what I learned — with over 100 photos, actionable insights and a list of 101 passive income ideas to help you succeed even faster than I did. If that sounds interesting, go check it out on Amazon. I promise it's the kick in the pants you need to start building your passive income, your way.

Frankie Calkins (M. Ed) is a Digital Marketing Director by day. On nights and weekends, he's an author, YouTuber, and course creator. He lives in the Seattle, Washington area. Contact: frankie@themoneyresolution.com

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