The 20 Biggest Lies About Becoming A Self-Made Millionaire

By Shannon
The 20 Biggest Lies About Becoming A Self-Made Millionaire

Most people want to be a millionaire someday. Those people comb the internet for advice on how to succeed.

But that information isn’t always realistic when it comes to reaching your financial goals. We decided to break down a collection of lies you may have been seen about becoming a self-made millionaire.

Some people believe that you need to earn passive income. Credit: Shutterstock

20. You Need To Focus On Earning Passive Income

While it is true that many millionaires earn passive income, most people oversimplify the process. We hear stories about how some millionaires are earning money while they sleep, and it seems completely unfathomable for a normal person to get there. The truth is that passive income truly is possible, but it takes years of working 60-80 hour weeks before you can be in a situation where money is rolling in on its own. 

Passive income is money that you earn without working for it. Credit: Shutterstock

The belief that passive income is the one and only way to become rich can get people into trouble. This is how so many people fall into scams, or they buy online courses that cost several hundred dollars. It is never as simple as it seems, and it is usually a secondary part of their real job. For example, a YouTuber can make passive income from selling merchandise, books, or affiliate links. But they had to build a following before they could do this. Instead of hoping to immediately start making passive income, young people should focus on developing their careers instead. As time goes on, they may develop opportunities to earn passive income.