One of my favorite writers, Steve Pavlina, is currently publishing an excellent series of articles which walk you through creating a stream of passive income. Passive income is a stream of money which continues to create income after you’ve finished the work to set it up.
One of his suggestions was to post your goal where you can see it every day. My goal is:
I am now successfully creating a new stream of passive income by September 30, 2012, that generates at least $50 per month on average and endures for a minimum of 10 years, and I’m doing this in a way that delivers strong value for many others around the world.
I’m posting my passive income goal here to commit to it publicly. I plan to finally monetize Art Outlines, an idea I had last year.
This will be my second passive income stream. Although I’m already making $150-400 per month with my first business, Ye Olde Gangster letterpress cards and my current travel project will also eventually create passive income, I’d like to reach the point where I can sustain myself comfortably without needing to work or have a job.
It’s not that I don’t want to work.. quite the contrary. I love to work: to actively push my mind, learn, create, and share. And without the pressure to earn money actively on a daily basis, I can work and live completely on my terms.
That brings up one of Steve’s biggest points: defining your reason for creating a passive income stream.
“Suppose you really get there. Suppose you cover all your expenses and then some with passive income. Then what? What will you do with your time? And will you be truly happy doing that, year after year and decade after decade? Or will you feel even more lost than you do now?”
So, he suggested to answer the following question. I did, below.
How would you choose to live if all of your expenses were covered by passive income, and you didn’t actually have to work to pay the bills?
Cook a lot at home, using high quality ingredients and taking my sweet time to hone new recipes. Invite friends for dinner and host fabulous dinner parties. Join a dance class and/or work on my own dance show. Travel every month (as little as a couple days or as much as the whole month), while maintaining a home base. Set up my home base as a beautiful little studio apartment in Berlin with few but high-quality items. Include a well-equipped art studio for printmaking, drawing, and letterpress that I can use whenever I feel like. Continue making Ye Olde Gangster cards without the pressure to make money. Open a small art gallery below my flat. Set up a second home base in San Francisco. Visit friends & family in LA regularly. Purchase travel tickets without flinching at prices or buying in advance. Work on my Big Idea (can’t say more about it yet other than it’s a tangible object to inspire the masses), partner with investors, and invest substantial money of my own into its growth. Teach letterpress to kids. Volunteer at an animal shelter. Date someone fabulous. Start a silly or educational youtube channel. Give talks and workshops like at Hello Etsy conference and betahaus. Host couchsurfers and give of my time, knowledge, and materials generously. Teach and help others how to create passive income. Write another book. Continue creating every day.
Have you been thinking of starting a passive income stream? Let’s do it together.. we can egg each other on. You can never have too many cheerleaders.