In a perfect world all of my income streams would be passive.
I would be able to sit back and collect money from multiple, passive incomes while sipping a margarita on a beach.
It is definitely possible to create passive incomes but I believe in order to build a sustainable business, you are going to have to diversify.
A combination of passive and active incomes is what I am going for in order to build my desired income of $10,000 a month.
So what the hell do I mean by passive and active income? I’m glad you asked and here is the breakdown:
If the economic downturn has taught me anything it’s that everyone needs multiple streams of income in order to stay afloat. I am in complete charge of my financial destiny and the way that I maintain this is by having money flowing to me from all directions.
Formulate A List
So my plan is to create an income portfolio that includes both, active and passive income streams. Before I could really create my portfolio, I took some time to brainstorm a list of ideas for both, passive and active incomes. Here’s what I have so far:
Passive Income Sources
I know that as I go my passive income sources may change. Just like a job or side gig, your feelings about a passive income stream change or quite frankly, dry up. I have compiled a list of passive income streams that I plan on pursuing over the next 6 months. Once I have a great system in place, I will then be able to put them all on auto pilot but of course, they are all active sources in the begining. There will also be a few a more sources added to the list as I go.
- Ebook Sales
- Affiliate Marketing
- Info Products
Active Income Sources
There are many ways to make active money online but my goals is to make money things that I love. Doing any kind of work that I do not like will cause me to feel trapped and that wasn’t the reason why I left my full-time job. Below is a list of income sources that I not only have a passion for but I am also able to make a great deal of money from with the right plan in place.
- Freelance Writing
- Virtual Assistant Services
- Coaching Services
Test Each Source
Now that I have selected my income sources, it’s time to test each one to see if it has staying power. Most of the income sources I listed have been tested in some capacity but I want to test how much money I really can make without killing myself.
You want to take the time to test your the items on your income source list as well. What I mean by testing:
- Go down your list and state WHY you’re interested in the income source in the first place. Is it because you’ve heard that you can make a lot of money or do you have a desire to do work in that particular arena?
- Are people already making money in your selected niche? In the words of Tony Robbins, “Success leaves clues,” if other people are making money then you should have no problem joining them.
- Try working on the source for at least a week. If you can stick with the project, keep going because it means that you are on to something. If you cannot find the motivation to get it done, you may be procrastinating or maybe you’re just not into it. Don’t beat yourself up or try to force yourself to complete a project you could care less about.
- How much time is taking you to complete the project? Does the income source have growth potential to match the time spent? Basically what I mean is, will you be able to reap your benefits if you put 5 hours a day into the source? Now I know that success is not guaranteed for every project but like I am learning with Probux, I am going to have to spend at least 20 minutes a day clicking on ads until I can see the true benefit. Does your project offer a decent return on the time invested?
Create A Plan
Once you’ve gone through your income source list and scratched a few things off and got clear about the things you want to accomplish, you are now ready to formulate a working plan. We will go into detail about creating an action plan in next week’s post.
Until then, what projects made the cut on your income source list?
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