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The allure of “passive income” has captured the attention of many online, particularly on platforms like TikTok where influencers tout the idea of making money without having to lift a finger.
With so many people sharing tips and success stories online, it’s easy to get caught up in the promise of financial freedom. But is passive income really as rosy as it seems?
Today in The Conversation Canada, Jake Pitre from Concordia University takes a closer look at the growing passive income trend and unravels some of the myths surrounding it.
Pitre explains that it’s essential to approach these opportunities with caution and skepticism. While some influencers may claim to earn six figures through so-called passive income, the truth is many of these ventures are anything but and require significant effort. Owning a rental property, for example, is often peddled as a form of passive income.
He writes: "Get-rich-quick schemes are nothing new, and the ones currently being shared by 'finfluencers' are typically rife with pitfalls, from a complete lack of regulation or accountability, to blurring lines between regular social media content and advertisements."
Also today:
All the best.
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Eleni Vlahiotis
Assistant Editor, Business + Economy
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Given the current state of the economy and governmental policy, it’s unsurprising that so many are lured by the appeal of passive income.
(Shutterstock)
Jake Pitre, Concordia University
The idea of passive income is often glamorized, but the reality is that many of these ventures require significant effort.
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