No matter how proud you are of your success, you always need to be careful about where your self-publishing career is heading toward. Despite the possibility of passive income, self-publishing always comes at a risk of being forgotten about, rejected, or “canceled” for disappointing your audience.
Watch out for these mistakes:
Mistake #1: Too Many Side-Hustles
Trying to do too many things at once can be harmful for several reasons
You may not earn enough income simply because you’re shifting focus from one job to another too quickly.
There’s simply not enough time to follow through with commitments as you should, so you end up ruining opportunities instead of benefitting from them.
Doing too many side-hustles can be exhausting and cause burnout. It can also cost you your health and result in a low immune system, which is hard to recover from.
Mistake #2: Expecting Results From Self-Publishing Too Soon
Many authors expect to launch a blog, a website, or publish an e-book and be able to live off passive income within the following months. This often isn’t the case. If you overly rely on the prospect of passive income for your future, you might end up disappointed.
Instead, plan to work toward your passive income for several years. You’re free to stop working or retire only when you make enough savings and are able to finance not only comfortable living but also insurance and security funds.
Mistake #3: Misrepresenting Yourself to Boost Passive Income
This is seen far too often: A young, good-looking person who is claiming to live in a mansion and driving a Porsche.
Even if you own the trinkets, you know the truth is different—that you’re funding your upscale lifestyle from debt, and you essentially live paycheck to paycheck to pay off loan rates. Don’t pose as a millionaire.
People are quick to learn about misrepresentation, and in reality, the most powerful audience members are actually quite stingy when it comes to lifestyle; they don’t brag with wealth but instead invest in savings and financial stability.
This is also the kind of person who invests in knowledge and reading the most. They are most likely to enjoy your inspired works, so don’t put them off by pretending to live a lifestyle that you can’t yet afford.
Don’t gamble your opportunities away! Be patient and work devotedly, and your passive income streams can become reliable and viable within a couple of years.
You can go too far with side-hustles and risk doing a poor job or suffering burnout. In this case, you can lose even more money on medical bills than you earned with your work.
Let some time pass before you start relying on passive income for living. Passive income is unpredictable, and there’s always a chance that it will go away. Because of this, you shouldn’t quit your daily job if you’re not absolutely certain that you’re financially safe.
Finally, never misrepresent yourself. Be open about your personality, lifestyle, wins, and failures. People will appreciate that and trust you more as a result.
#passiveincome #gig #financialfreedom #entrepreneur