So I am currently expanding my efforts online in order to build up my income.
The goal is not to create wealth here or to create valuable web properties and then sell them off….instead, my goal is to have a network of websites that is generating steady income, day after day, month after month. Instead of selling for a big windfall I would rather make cash online every single day.
Currently I already enjoy this setup on a small scale, as I am making approximately $300 per month in almost completely passive income. Yes I put in some initial work and effort in order to get the websites to become profitable but the money is largely passive now and I usually only spend about 30 minutes per day writing a new post. This equates to less than a four hour work week and that is pretty exciting all by itself.
I currently work at a day job of course and I do put in 40 hours per week. This is a good job and I enjoy doing it but it is also somewhat stressful. My goal is for my passive income streams to build up to the level of my “day job income” so that I can enjoy true freedom.
The flipside of this equation is in frugality, which I also explore on this website. If you are interested in passive income and pursuing time-freedom then you must also be interested in frugality. The goal is not to live like a pauper but rather to spend your money wisely so that you can enjoy real freedom with less work. The concept of frugality is therefore extremely important to passive income because if you practice frugality then it will allow your passive income to go further.
Lifestyle inflation is the enemy here. Once your passive income starts to build up a little bit, there will be a temptation to inflate your lifestyle accordingly…by buying a nicer car, moving into a nicer place, dining out more, and so on. I have read enough personal finance articles to know that this is a mistake and if you practice frugality instead of going the route of lifestyle inflation then you stand to gain true freedom from passive income much faster.