Fire Ready Aim is the perfect name for this blog. Mostly because I go off and start firing and get focused later. But I do get there eventually. But I haven’t done a good job working towards untethering my income from my time. It’s time to focus on passive income.
I’ve bit a bit unfocused lately – part of that has been some expected travel (with an unexpected funeral and unexpected demise of a pet), but it’s mostly because I’ve been trying to figure out what to do with my life. And so I’ve been trying some different things, but not looking at the bigger picture:
Side projects must be leading to the creation of passive (or mostly passive) income opportunities.
Otherwise it’s just more work taking time from my family.
I came to this stark realization when I and my buddies behind WeCanWorkSmarter.com and SeekExtraordinary.com had our first mastermind group meeting. We all want to retire early and not have to work for the man any more. Yet we’re all stuck on something. Here are some of my problems (and what I plan on doing about them):
- Oooh, something shiny! I am always reading and always coming across new ideas, and not stopping long enough to make something stick. I’ll be writing more about some of these abandoned opportunities (and why I should focus more on them/why I was right to abandon them).
- My side gigs are mostly more time for money programs. Tutoring. Data analysis. Adjuncting. Some of them good money ($75/hr), but all of them take away from working on passive income pursuits. I’ll be dropping most of these this year (stay tuned for the side gig that may help fuel my real estate purchases).
- I’m an introvert. I’m converting to extraversion. Because introverts are risk adverse. We’ll read and read and read and read some more, and then find all the reasons not to start. It’s impossible to change who I am, but it is possible to recognize analysis paralysis and move past it. As soon as I read one more blog… (If you’re an introvert, read Quiet. Just do it. Or if you know introverts, read this book. Check it out from from the library (preferred) or buy it here.)
So what will I be focusing on in the near future?
- Blogging more. But providing more actionable content for you. Telling what I’ve done, my set backs and successes, and how to get things done. Some how-to guides. How we do New York for less than $500.
- Working on some websites that will provide passive income, or more accurately, income with just a little weekly work with (maybe) a bit of effort upfront. My first project will be repackaging and reselling public domain data – data other companies already repackage and resell, but I’ll do it cheaper and ship faster. This is an area I know, and have high hopes. More details to come as I test then (hopefully) get rolling. What’s your first muse?
- Real estate investing. I finally read Rich Dad/Poor Dad and Cash Flow Quadrant. If you haven’t read his books yet, check out these two from the library. His books recycle a bunch of information, so it’s diminishing returns the more you read, but his books have been instrumental in moving me into a Business Owner/Investor mentality. If you just must own the books, you can get them here: Rich Dad/Poor Dad, Cashflow Quadrant. But where to get the money?
- A couple of options. I purchased Cash Flow Freedom University by Ben Leybovich. Great program. Yes, it costs money, and yes, I’m sure you can find the information elsewhere. But it’s laid out well, Ben is fun to listen to, and his case studies are invaluable in helping to learn how to buy property with little $$$ down. My market is a bit tough for this, which is why I am also looking at purchasing property through my 401k solo and using income from a side business with my father in law (yes, time for money, but this is little time for high payouts. Not an unreasonable trade.)
I don’t think I’ll ever reach the level of badassity that Mr. Money Mustache has. That’s OK. We spend a little more, aren’t as careful, and we do too much clown car driving. But we’re going to get to financial freedom, and I’m going to have the time to take a month or two off during the summer to travel with the family. And volunteer at my kids’ schools whenever I damn well please. And read during the work week, because I won’t be working. Unless I want to.
What are you going to do with your extra time? Where is your passive income coming from?