03-05 Whats Your Motivation
When I was broke and deep in debt, I asked myself what I’d want to do with my life if I knew for certain that I’d always be broke. That was an interesting question because it helped me get past the momentary distractions of money and bills that always seemed to be at the urgent forefront of my reality.
I realised that what I really wanted to do with my time was to create and share. I noticed this was something I could always do in some fashion regardless of how much money I had.
This shift in mindset allowed me to increase my happiness and fulfilment, not to mention turning around my financial life, in less than a year.
This mindset also helped motivate me to create passive income streams because the more I did that, the more I got material distractions out of the way, and the more time I had for creative projects.
My life flows nicely when I remember to use my time for creative endeavours like writing, speaking, and creating projects. It doesn’t flow so well when I allow myself to feel like I’m swimming in time with nothing meaningful to do.
It may seem premature to think about this now, but I think it’s pretty important. If deep down you know that the end game of creating passive income is going to be a bust for you — that you’ll just end up living like a big loser day after day — then will you really be motivated to get there? That would probably require a lot of pushing and force to get yourself to take action.
If, on the other hand, you can envision a pleasant and fulfilling end game scenario, I think it will be much easier to create passive income streams in a more peaceful and flowing way.
There will still be work to do, but at least you won’t be internally fighting yourself along the way.
If anything stops you from earning passive income, what will it be? It’s undoubtedly going to be something inside you. The external action steps are certainly doable. You may screw things up in the beginning — I sure did! — but if you persist and learn from your mistakes, it’s largely a done deal that you’ll succeed.
As I mentioned in a previously, people were earning passive income thousands of years ago. Surely you can learn this as well. So the only thing that’s really capable of stopping you here is YOU.
03-06 Beyond the Hype
I know there’s a lot of hype around passive income. Yes, it’s cool. Yes, it can relieve a lot of financial pressure. Yes, it can make a big difference in your lifestyle. I must say that a lot of the hype is true. As Earl Nightingale said, “Nothing can take the place of money in the area in which money works.”
But 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?
Here’s what I suggest. Write down a little vision statement for yourself, perhaps a few sentences or a paragraph about how you’d 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.
Then set that statement aside, and look at it tomorrow fresh. Now ask yourself if you’d really be happy in this scenario. If you don’t think you’d be very happy there, rewrite your statement. Try to get clear about what your personal end game of passive income looks like. See if you can create a scenario in which you’re very happy.
Finally, if you aren’t already doing what you wrote in your vision statement now, then why not? Could you still do it in some capacity under your current conditions if you really wanted to?
03-07 Money is Fuel, Not a Cure
You see… if you’re holding yourself back now, then why wouldn’t you continue to hold yourself back even after you’ve created your abundant passive income streams? If you allow yourself to use lack of money as an excuse today, you’re just going to use a different excuse when you have more financial abundance.
Money is no cure for the willingness to succumb to feeble excuses—So if you see this pattern in yourself, then I suggest you start working to overcome it today.
Money is more multiplicative than transformative in its effects. It makes you more of who you already are. So if you’re the kind of person who will excuse yourself from a bigger vision today, adding more money to this situation will only make things worse.
Many people who have lots of money also have many more obligations to use as excuses. The excuse making doesn’t end with more money; it only magnifies.
It may seem like having lots of free time to play is a great thing, but a playboy/playgirl lifestyle probably won’t create much fulfilment. More people seem to find fulfilment in meaningful work. Yes, you can still play and travel and all that good stuff. But give some thought to what work you might wish to pursue if you didn’t have to work for money at all.
Equally important is to ask: Why aren’t you doing this work right now in some fashion?
I personally feel that the #1 benefit of having my expenses covered by passive income is that I get to keep doing a lot more of the kind of work I enjoy. I also get to work the way I want to work — where I want, when I want, how I want, and with whom I want. But in order to maintain those feelings of fulfilment and meaning in my life, the work must continue. I can’t just go into perpetual play mode and check out.
I think you’ll find that if you’re already living your bigger vision in some capacity, then creating streams of passive income will be a lot easier. These streams will help you expand your vision and overcome distractions.
But if you’re currently using feeble excuses like the lack of money, lack of time, or the obligations of your day job to distract you from a bigger vision — even as you somehow still have time for Facebook, texting, email, reading blogs, watching TV, etc. — then I’d bet that you’re not going to succeed in creating much passive income; you’re the type who will come up with an excuse to quit, and even reading this series is just another distraction for you.
So whatever it is that you think you might start doing once you’re already living the dream of total financial abundance, start doing that now in some fashion. Insert it into your life, even if it’s just for a couple hours a week to start. If you don’t have time for it, quit Facebook, give up TV, and cancel your texting plan.
Our goal is to find multiple income streams, and the more passive the better.