Recently I’ve been reading Steve Pavlina’s very interesting Personal Development blog. Now I don’t agree with everything Steve says and have also sometimes thought he may be a bit of a quack, but what I do know is that Steve knows how to write convincing articles. One such article is ‘Ten Reasons You Should Never Get a Job‘ which I would really like to rename ‘One Really Good Reason You Should Never Get a Job’.
And what is that reason? You are trading your time for money and only getting paid whilst you work – this is impractical and inefficient. To me that sounded odd at first as surely that’s what earning a living is all about, right? Well, now I realise that I was wrong and it’s obvious really – I just needed it to be pointed out to me. Why should I only earn an income while I’m working, especially as I have, or can easily gain, the expertise and knowledge to earn it constantly? Getting paid whilst eating, sleeping and enjoying myself is quite the attractive prospect.
To do this one must build a system that can generate a passive income (of sorts) 24/7 – possibilities can include starting a business, building a web site (Steve earns £20,000 from his blog per month!), becoming an investor and generating royalty income from creative work.
To paraphrase Steve, this system must deliver an ongoing value to people and have a way to generate income from it so that once it’s in motion it runs continuously whether you tend to it or not. Essentially the system model must involve a fixed-time investment that people can extract value from continuously so that the bulk of your time can be invested in increasing income (by refining the system or spawning new ones) instead of merely maintaining it.
I would like to look into some of these possibilities and see how viable one of these systems would be for me. The problem is, my time isn’t very flexible at the moment so to implement and generate an income stream in this way would be quite difficult – learning for the future is always a good idea though. Got any ideas?