Miracle Morning #69
Date: Tuesday, 6/9/2015
Time I slept: ~10:00 PM
Time I woke up: 4:30 AM
What’s up everybody! This post is the third in the A Software Engineer’s Journey to 7-Figures series, where I share my personal and professional journey towards a 7-figure income. To read my previous post, see below:
As I share my journey with you, I aim to be as authentic and transparent as I possibly can, in order to make it more enjoyable for us and so that we all realize what massive effort, struggle, and time it takes to gain extraordinary results. In fact, in order to achieve as much transparency as possible, I made an account on Complete last week. Feel free to give me a follow if you’d like to keep up with the tasks of my every day life as a software engineer, gamer, otaku, WWE fan, baller… and tons of other titles I like to give myself!
Before I begin, I’d like to repeat that at the end of each post, I will share a resource for you to take away and learn from. Each resource will be one that has had an impact on my personal and professional life. If you check the resource out, I would love to hear your thoughts about it! Feel free to post a comment with anything from your thoughts, to the best tip(s) you took away from it.
Anyways, here is where I (finally!) brief upon passive income.
Imagine a lifestyle in which you earn money 24/7. A lifestyle in which you no longer trade time for money. A lifestyle in which you are home with your loving and supportive family. A lifestyle in which you are with your beautiful significant other, playing together with your kids at their favorite playground. A lifestyle in which you enjoy vacations to Japan, or Hawaii, at any time. A lifestyle in which you can invest in your current or future children’s educations, in cash. No credit cards. No debt. No financial worries. A lifestyle in which you generously invest in those around you and their dreams, dreams that are or aren’t like yours or mine. A lifestyle in which you live life on your own terms.
Imagine your bank account growing as you’re driving home from your office (or in many cases, taking public transportation like I am). Imagine it growing as you’re laughing with your family at the dinner table. Imagine it growing as you’re sleeping!
To me, that’s what passive income is: earning money through one or more streams that don’t require your time. It’s that simple.
Of course, if we look at this concept with a critical eye, there’s absolutely no way we can believe anybody who says “you can make money without having to work!” Technically, that person is right. But realistically, that person is wrong.
Here’s what I mean: in order to achieve a passive income, we have to invest an extraordinary amount of time. But we must understand that it’s exactly that time investment that will create not only more time for us in the future, but more money via one or more streams of income. Through extraordinary time investments, we can focus on building one stream at a time that will net us a constantly increasing passive income. The trick here is to invest our time into our work now, so that we don’t have to invest our time into work for the rest of our lives.
Here’s are some simple examples, all of which can be accomplished before and after our day jobs:
For my fellow developers: let’s invest the next 12 months into making that app, so that we can send it to the App Store/Google Play and passively earn money through app/in-app purchases.
For my fellow writers: let’s invest the next 12 months into writing that book, so that we can get it onto Amazon and into stores and passively earn money through book sales. And realize, we can also publish an eBook and record an audiobook. That’s already 3 extra streams of income for us!
For my fellow gamers: let’s invest the time now to learn how to earn money for playing video games. (Twitch, YouTube partnerships, starting a blog, etc.)
For my fellow anime watchers: let’s invest the time now to learn how to earn money for watching anime. (YouTube partnerships, starting a blog, etc.)
For the rest of us: let’s invest the next 12 months into that idea we have in our heads now (after thinking it through!).
There are countless opportunities for generating a passive income. And I realize that we might not all have the mindset to “work” towards a passive income. But I want to challenge our thoughts a little bit, just in case I can spark a fire within us.
Why not pursue at least one more stream of income? Why not earn money through what we love to do outside of our day/night jobs? Why not earn more money so that we can later provide the best for our families?
If we do it right, we won’t have to view the journey as “work”, or another “job”. If we do it right, it becomes much easier to work on building something out of what we love to do. And if we do it right, we won’t have to allow it to interfere with our family, friends, hobbies, and current jobs. In fact, if we do it right, it will be enjoyable! If we’re smart with how we manage our mental and physical well-being, and how to invest and multiply our time, we can still make time to do what we love to do the most. So, what I’m trying to say is, we can strive for a goal like this while still enjoying the life we currently have.
To achieve a passive income, the only thing we have to invest right now is time. But as I said, if we invest the time now, we don’t have to invest the time later.
In the next two posts, I will share my “Vision Wall” and my 10-year life plan towards a 7-figure income and a fulfilling life. I will also brief over the best productivity tips I have learned from my mentors (and best-selling authors!) Peter Voogd, Hal Elrod, and Rory Vaden. Stay tuned on Twitter, and until the next post, have a good one!
P.S: If passive income interests you, there’s no better person to hear it from than the man who’s been writing and speaking on passive income for years: Pat Flynn. I am sharing below a podcast episode between him and Hal Elrod, both whom I really admire from afar. Share in the comments below what you took away from it, and what ideas you have for generating a passive income! I’d love to hear about what’s in your future!
Also, if you’d like to ask me a question or get in touch with me for anything at all, please feel free to e-mail me at firstname.lastname@example.org, tweet me @JourdanB21 #AskJourdanB, or leave a comment! I always get back to my followers! After 5+ questions, I will compile a blog post for each series of questions and shout each of you out, if you give me permission of course :).