I used to work a day job for 40 hours plus per week, and I desperately wanted out of that situation. I had very little free time and almost zero energy for doing the things that I wanted to do in my life. My day job was like a life-sucking vampire that just drained all of my time and ambition.
Once I realized that this pattern of working full time was going to continue indefinitely unless I did something about it, I decided to get serious and take action.
Here is what I did to turn my situation around and finally purchase my freedom:
- 1) Made a decision to dedicate time to building a business.
2) Put in time every single day toward reaching business goals.
3) Focused on growing income.
4) Focused on lowering monthly expenses.
5) Cash out and live the dream on passive investment income!
Made a decision to dedicate time to building a business
There was a point in my life where I was playing video games one day and I asked myself: “Is this all there is? Really? Am I just going to keep working so that I can entertain myself by spending money on more stuff?”
I wanted more out of life. I wanted to create something. I wanted to build my own wealth.
So I made a decision and vowed to start my own business. I sold my video game systems on eBay and started researching the idea of an Internet Marketing career online.
The key for me was the idea that time is going to pass anyway. If it takes me five years to build a business that only profits a tiny bit, who cares? The alternative is to remain a corporate slave and not create any new wealth at all.
So I made the decision that I was going to become an entrepreneur, no matter what it took. I did not care how long the journey to profitability was. I was dedicated to creating a business.
If I failed, it would be a learning lesson, and my next attempt at building a business would be more likely to succeed.
This was the mindset that I used when I started my online business.
Put in time every single day toward reaching business goals
Think about the power behind the idea of daily progress.
Each day is an opportunity, a gift. And you get so many of them, 365 of them each year.
Just imagine that you put forth an effort each and every day to improve your business and expand it. Every single day!
After a year or two, this strategy cannot help but produce success. It is too powerful to fail.
Dedicate yourself to daily action. For my situation, this meant publishing new articles on my flagship website every single day.
If a day passed and I had done nothing to improve or grow my website, that was a failure.
If I published a new article or done some significant promotion for the site, that was a success.
Have a daily quota and stick to it. Persist with this quota for several months or even a few years and you will easily build a full time income online.
Focused on growing income
There are many distractions in the world of Internet marketing.
When building your online business, you need to ask yourself with each action that you are about to take:
“Is this action going to result in future income for me?”
If so, then take the action. If not, then why are you doing it? For what purpose?
Most income-producing actions with your online business will boil down to one of two things:
In the majority of cases, both things will result in your producing new content.
Therefore, your daily quota should be one of content creation. “I will create three articles each day.” Or “I will write 3,000 words per day for my business.”
Having specific content creation goals all but insures your success – provided you stick to a daily publishing routine.
Focused on lowering monthly expenses
When I first started my website, I was still working 40 hours each week at a day job, and I had a certain amount of monthly living expenses.
I had bills to pay, like anyone else.
As my online income started to rise, I realized that my freedom from the day job had a price. And that price was based on how much money I spent each month in order to live.
I used to think that “frugality” was an unappealing concept for boring people. But I quickly realized that being frugal with my money was at least one half of my ticket to paradise.
As I focused on increasing my online income, I also focused on being frugal and reducing my monthly living expenses. Extraneous monthly bills (netflix, cable TV, etc.) were quickly pared down to nothing.
This focus on frugality allowed me to quit my day job much sooner and focus on building my business full time.
Within just six months of making that transition, I was offered a deal to sell my website for $200,000. Now I earn passive income from dividend investments while also building up more passive income streams online.
Thus, using frugality to cut my monthly expenses down was a key step in realizing my business goals. It allowed the financial breathing room to allow my business to flourish.
Cash out and live the dream on passive investment income
There are two possibilities when pursuing passive income streams via internet marketing:
1) Build a website that generates passive income for you.
2) Sell a successful website and then invest the money for passive income.
I prefer to use both techniques while also being frugal enough to stay financially flexible. If I absolutely had to, I could live on investment income from the sale of my website, though I would need a roommate to pull it off.
But why settle for just one passive income stream? Once you create one successful business, you have the formula deciphered for your next big project. The only secret is hard work and daily action toward your business goals.
Any questions? Please ask me in the comments!
Patrick Meninga is an entreprenuer and currently blogs over at Make Money With No Work. He recently sold his flagship website for six figures, and now makes a living as an investor and an Internet marketer.