This is a guest article from Scott at The Passive Dad. You can also receive his free updates via email or RSS through Feedburner.
Do you spend time thinking about working more efficiently and spending more time with your family? Of course we all do, but are you passionate about finding a way to make passive income? Working smarter or working a 9-5 job isn’t going to bring you multiple sources of income. Turning your hobbies or passions into passive income sources isn’t as hard as you might think. It doesn’t necessarily require large amounts of cash or capital, and can be done at your own pace. What you do need is some motivation to try something new and take a small risk. Since you don’t have to invest large amounts of capital, you can walk away from a failure without losing your shirt.
Do you write down your dreams and goals? Maybe you have a dream to build a log cabin or retire early to Hawaii. Whatever your passion, you can live it right now and tell others about it. How can you retire early to Hawaii if you now nothing about the islands? Shouldn’t you research the cost of living in Hawaii, the local real estate market, the stores and recreation opportunities. Take this opportunity to turn your passion into a passive income opportunity. Tell other people about your passion and reinforce your desire to retire to Hawaii. Maybe you don’t want to live in Hawaii, but I’m sure you would love to retire early.
Here are several ways you can turn a passion into multiple sources of passive income:
1. Find someone who lives your dream. Do you want to build a custom hot rods in Hawaii? Find someone in your local city that designs or builds hot rods and schedule a meeting. Offer to work part-time for free if you can ask them questions about business. What will you do with this info? Write a book or publish several articles on hot rods. What have you got to lose?
2. Do your research.You want to move to Hawaii, so incorporate your research for another source of passive income. Research land, homes, hotels, restaurants, airlines, stores and more. Take this information and start writing articles or create a website dedicated to retiring in Hawaii.
3. Be specific. Make sure your articles or websites are not generic. Make sure you article is about a certain restaurant or food and not just Hawaiian food.
4. Share your dream. Get your spouse or friend excited about your dreams and offer to help each other out. Motivate one another and follow-up with each other once a week. See if you can write more articles or create a niche website before your friend can.
Where can you share your dreams of retiring early to Hawaii? I have several, but one idea to get you started is ehow. Get passionate and start writing about your dreams today.
Related posts:
- What is the Best Source of Passive Income?
- Passive Income Does Require Effort
- 6 Benefits of Passive Income not Related to Money
- Passive Income and the 80/20 Rule
- 3 Personal Motivation Tips to Build Passive Income
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I am going to use this opportunity to make a shameless plug for http://www.morningcoach.com. I joined this web commune (it’s free) almost a year ago when I was looking for an online vision board to help me put pictures to my goals. I found this and more at that site. It’s a great way to put this post into action!
Steve’s last blog post..Do You Make These Same Mistakes Getting Organized?
Steve – I will check out morning coach. I have so many ideas running around in my head that it can be very hard to stay focused. Using a site like this may be able to help me stay on track. Thanks!
pfincome’s last blog post..Peer Lending – Review of 2008 Prosper Rate of Return
Fine, you’ve got me convinced that e-how is the ticket. I’m looking forward to checking it out this weekend. I’ll be back with some thoughts my friend. Great post…vision casting is so darn important to getting where you are going.
Brandon’s last blog post..The Secret of Success
Brandon – I really like how Scott used the example of retiring in Hawaii as ideas to build income around. I have so many more ideas for eHow and other passive income streams just from reading this post.
pfincome’s last blog post..Peer Lending – Review of 2008 Prosper Rate of Return