![]() ![]() As of right now, this is working out brilliantly. ![]() In any case, my goal is to spend as little time as possible to cover my basic needs if I want to spend more time to make more money, that’s always an option - but I want it to be an option, not a necessity. For you, maybe it’s spending time with your kids and not having to take overtime when it’s offered to you. For me, that’s traveling, learning, and working on startups that are “high risk” or have a long road to generating revenue. #Beginner passive income series#For Tim, that was learning and writing a series of books, which he’s truly passionate about. You’ll want to do something with meaning and purpose. If you have the ambition and gall to get out of the “9 to 5 game” and set up passive income, chances are you won’t be happy with sitting on your butt or traveling year round. No, the point of passive income is to liberate your time for more fruitful endeavors -whatever those may be. Most people who set up passive income don’t do it so they can lay on a beach all day, or even so they can spend their time learning a third or fourth language (ok, maybe I’m doing that), or living on private islands. The point of passive income is to liberate your time for more fruitful endeavors -whatever those may be. Setting up passive income takes work, maintenance, and constant reinvention. That type of lifestyle is a pipe dream, and for good reason. The idea that Tim could travel the world learning to tango and staying on private islands while money just accumulated in his bank account seemed like some strange fiction - surely, this isn’t how people actually live, is it? In The Four Hour Work Week, he describes the system he developed with BrainQuicken, where the marketing, shipping, reordering, banking, and even customer service of the company was on complete auto-pilot. Like many, I was first really turned on to the idea of passive income by Tim Ferriss. Let me explain… Passive Income: What it is and Why You Want It It’s not glamorous, but it’s all part of a strategy. The answer is almost always “working a few hours a week on some side projects until re-launching my startup.” Whereas this may sound like an unfortunate or undesirable outcome, it’s not so bad… My gross income now - without really “working” on anything - is higher than it was when I was working 80 hour weeks running a $3M/year eCommerce company. Since graduating from business school, a lot of people have begun asking me what I’m doing, or if I’ve found a job. The Complete Beginner’s Guide To Passive Income Or “How I Make More Money By Not Working Than I Did By Working” It's a very long read – but has been deemed well worth it by the Medium community. #Beginner passive income update#I've added a few notes to update it, since a lot has changed and evolved in the last year. Most importantly, it gives you a number of concrete examples of my own passive income endeavors, which hopefully can spur your creativity and motivate you to get out there and do something with it. In my opinion, it's a pretty in-depth explanation of passive income, applicable to both novices (“wait, what's ‘passive income' mean?”) to advanced practitioners. For this reason, I'm very excited to share a post I originally wrote for about a year ago. #Beginner passive income full#It took me nearly 10 years, dozens of trials, and a whole lot of learning before I mastered the system and gained full control over my financial future. It is for this reason that I began exploring passive income in the early 2000's, along about the time I read The Four Hour Work Week. ![]() If you look at it this way, then understanding and “hacking” the process of earning a living becomes one of the most important and impressive of SuperHuman skills. However, it's important to understand that “passive income” – or the ability to completely detach your work output from your earnings or income – represents mastery over both your finances and your time. It may not seem like an inherently “SuperHuman” skill to earn money while you sleep. ![]()
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