This post is a continuation of the last post I made, which you can read here. First let me promise you one thing, I’m not going to be selling you anything or filling your head with a lot of false hope. If you want to consistently make $33,333.33 a month, for the rest of your life, know that the road isn’t easy; but it can be fun, fulfilling and all around extraordinary. Secondly, the road to $33,333.33 a month I’m going to outline isn’t by creating 1000 niche sites that each bring in thirty three bucks a month – though I suppose you could take that route. Instead I’m going to outline exactly how I plan to get to $33,333.33 a month – preferably before I hit 30. Big goal? Sure it is, but hey we’ve got only one life – so why not go big?!
Creating a fail safe passive income stream
You know the best way to make $XXXX a month, come hell or high water? It’s by investing a large chunk of money in a “safe” mutual fund, bond or some other combination your financial adviser points you to and letting the interest pay you for all of eternity (P.S. I am not a financial expert so forgive me if I am quoting things wrong – go to yours and say “how can i make 3-5% on X million & they’ll explain the path). This isn’t glamorous per se but it is very, very effective. Even with our financial institutions going crazy – there still are very safe & dependable investments that will pay you back a modest 2-4% interest on your money for as long as you leave it in there.
When I realized this after talking with someone who had sold his company for a XX million figure – and was now living well off the interest – it took me aback. For so long after leaving college & drinking the entrepreneur kool aid I had thought the only way to making a solid monthly income was to create a few niche businesses that would run themselves. What I found, after trying a few of these “4 hour work week” style businesses was that they took a whole lot longer than 4 hours a week to start. And, even when started, it was usually hard to reach my target income number, keep it steady and running the niche business took far more time than I had initially planned.
Now, many people would say “well Maren it’s because you aren’t good at X,Y and Z” and heck, I’d agree with them. I realized about a year into trying to build “niche businesses” & passive income streams that I wasn’t good at them at all. It was incredibly difficult for me to build 3 mini sites at once, I would lose motivation or get overwhelmed easily when I wasn’t focused solely on one largish goal. I also noticed how fast I lost interest in a niche site after starting it, even ones I was pretty sure I could make some good money at. I would balk on writing the copy or take too much time responding to the designer and they’d never go up.
Don’t go blame storming
Of course this was all very frustrating and it could of been easy to “blame” the system or say that affiliate marketing and passive income didn’t work (which isn’t true) – instead I dug deeper and started to realize that I just really didn’t like those types of businesses. Instead I was more inclined to working really hard for a while and building something big that would pay off in the end.
So I started a social media marketing company & through my outsourced team did website design. That was fun and I enjoyed it for a while, but the scalability wasn’t there so I started focusing more on Escaping the 9 to 5 and figuring out a business model that would fuel my desire to do something great, while paying me handsomely for the effort.
Finally, I realized it had been under my nose the whole time – something I had used and relied on constantly – outsourcing was my calling and I was determined to make a splash doing it.
Setting big goals
So a few months back I set the goal I wanted to hit with my two start ups, Virtual Assistant Board (name may be changing soon) and Virtual Zeta… I wanted to get my $10,000,000 from those two companies by the time I was 30 and then invest that dough so I could receive around $33,333.33 a month from interest. Now most people would say I’m crazy and my head is in the clouds – to those people I refuse to listen. If they say you’re crazy too, don’t listen – it doesn’t do you any good. Even if you are crazy, it’s better to just tune that noise out – since I mean, heck, if you’re crazy and happy… keep doing what you’re doing.
Anyhow, that is my goal and in the last few months I have cemented it into my mind so firmly I have absolutely no doubt I’ll get there. Having such a solid goal is great for a few reasons:
- It gives me a big target to shoot for… and I think big targets are always easier to hit than tiny, humble ones.
- It gives me something epic to work towards – I want to change the outsourcing industry in many ways and help entrepreneurs get businesses off the ground they’d normal not be able to. This kind of goal is not only self serving but it helps people from my country & people who are trying to carve out a living elsewhere but there isn’t much work. Knowing this gives me a bigger sense of accomplishment than I got when I spent my day tweaking squeeze pages for IM products.
- It gives me a goal to share and get others excited about. This could be with my family, colleagues, business partner or team… it is exciting to have a goal to get excited about and to share it with others because it instigates them to dream of big goals too.
Reaching big goals
I find that the way to reach big goals is by aiming for big things. Seems pretty basic doesn’t it. You may fail, and you may fail often, but if you’re determined, savvy and a little creative you’ll hit it out of the ball park soon enough. So if the idea of creating a business that will give you enough to invest and get paid $XXXX for the rest of your life is more appealing than creating a lifestyle business, go for it. Just realize the road will be harder and there will be much more risk – but in the end the rewards will be huge. So figure out “your number” and write it down. Then take this monthly figure that you could live well on & do whatever you like with and do the reverse math to get back to the number you’d need to invest to be there. That’s the goal you shoot for no matter what and that’s the number that will change your life forever.
Different strokes for different folks
Anyhow the purpose of this post was to share with you my goals & to encourage you to find your own path. It may be through simpler, less elaborate means – or maybe you’ve decided you only will ever need $3,000 a month to live on comfortably. I decided $33,333.33 because it was a fun number and it’s the kind of number I can’t imagine EVER being able to spend. That means it would allow for a lot of giving to others, traveling and just in general doing the awesome things that having no financial boundaries allow.
So if you’re path is very different than mine, if your idea of a good time is creating micro businesses and growing a steady stream of income from a few bucks a month, to a few hundred and then thousands – that is rad. I wish I had the patience and the focus to do that, really, I think it’d make my life easier. But if you are like me and want to go for something BIG, then I’m here for you 100% of the way. Feel free to email me or let me know on Twitter if there is anything I can do to help you along – us big dreamers have to bond together!
Lastly, even if you think the idea of shooting for 10 million is kinda kooky, at least it’s a different way to look at growing wealth than the getting rich slowly idea or the concept that saving $5 a day for your whole life will make you a millionaire at 60. It’s good to look at all the different ways to lead your life and create income that will forever keep you from the 9 to 5 world – I’m just here to share with you my way.
Hope to hear your thoughts!