Taking action to create new passive income
Over the past two months I’ve spent time learning about different types of passive income and how I could apply the three main types to my own financial goals. This article the wrap up of a five part series about how I plan to generate a revenue stream using passive income sources. Read all the articles in the series here:
- What is Passive Income?
- Should I Write Books?
- Should I Teach using Online Courses?
- Should I Create a Productized Service?
- Decision Made: My Passive Income Adventure Begins – that’s this one!
I think I showed my hand on this decision throughout the series. After the first week of research into writing books as a way to generate income, I actually started taking the steps needed to begin writing. The other two research projects weren’t wasted effort…. but hold on a minute. I’m getting ahead of myself so I’ll take a step back and go over my thought process and where I’m headed next.
As you know I’ve already written a book about my weight loss journey. It’s called Journey to a Healthier Me and you can get it on Amazon and some local bookstores. Throughout that book I elude to a method of setting big life goals and how I achieved many of the ones I set back then. I’m still setting big goals – as you can guess from this website. The way I approach this goal setting has become a way of life for me … but many people ask me how I do it and want to learn from me.
So I’ve decided my second book will be about just that. Dream bigger dreams, turn them into realistic goals, and work every day – step-by-step – to achieve those goals until one day you look back and realize you’ve achieved your big dreams. I’ll teach you how to approach those dreams one by one and how to turn your biggest of dreams into a set of manageable goals that snowball into big dreams coming true.
One of the things I keep reading and hearing over and over in my research into writing books is that if you’re only in it for the money that you’ll end up disappointed. I absolutely agree! Even though I keep talking about this project in the context of generating a passive revenue stream, I also know that writing books alone will never make me a billionaire (or even a millionaire). I’m writing because I have something important to share. I’m writing because I enjoy it and I want to share what I know with the world – even if nobody pays much attention to what I have to say. I’m writing because I want to, need to, have to write. The financial part will be a bonus for me.
But what about the teaching and products part?
Don’t worry, those will come too. But since I’m still working a full time job and still running a successful graphic design business I need to budget my time and energy. So for now I’m focusing on this next book and I’ll figure the rest out as I go.
And now what?
I actually started writing this article about two week ago. But then life too over while I was preparing for an 11-day vacation (which ends tomorrow). So the article had to go unfinished while I took time away to rebalance and refresh. The vacation has been awesome and has been exactly what I’ve needed after a very long and stressful few months of work (both day job and business). So here I sit on the patio of my hotel room, overlooking a lush Floridan gardenscape just steps from the ocean…. ready to get back into the swing of things with regular updates here.
In the past 10 days (has it really only been 10 days??) I’ve not only outlined my next book, but I’ve also started writing it. I’m well into chapter two and hope to finish that up by tomorrow and jump right into chapter three while I fly home tomorrow evening. No messing around for me!
My first book took me three years to write and publish — mostly because I set it aside for a long time and almost didn’t even bother finishing it. Looking back, I suspect a lot of that was fear. But this book will absolutely positively NOT take me that long to complete.
I know this website is called “Dreams with a Deadline” and, in theory, I should be assigning a deadline to this next book. But I’m not going to do that just yet. Once I get back home and establish a writing routine and get into the groove of writing every day at the same time – I’ll have a better idea of a timeline. Don’t worry, I’ll keep you updated and you’ll be the first to know when the book will be ready for reading!
Has this series helped you look at passive income in a different way? Have you set some goals of your own? I’d love to hear about them. Please leave a comment below, or drop me a note. Can’t wait to hear what you’re doing.