Amazingly, I am nearing the 1 year mark since I began this journey and this blog toward financial freedom. I have made a lot of progress, and yet most of it has been geared at an awareness that I can and will learn what I need to learn to be able to succeed and thrive financially. Nonetheless, one of the most important aspects of gaining financial freedom, passive income, is still a far away goal for me. I have finally started earning close to $300/mo in my retirement savings account (converted to a Roth IRA this year as well!). I have it split between a Mutual Fund and Lending Club. This is a huge success. However, that is money for later. I don’t have as much to invest right now into Lending Club or other investment vehicles that earn passive income. So, what I need to invest in is the business building online goals that will generate sales. This is where I feel that I am falling behind where I had hoped to be from last year.
Though I have been convinced again and again of the need to produce products and services that create wealth through recurring sales, getting to the point has been difficult for me.
I have done a few experiments and found that it is indeed possible to make passive income online through automated sales systems. I haven’t made a lot, and I’ll tell you why. I haven’t been able to narrow down my focus. I’ve written about this before, but it is a key area of weakness for me. Multi-tasking all the time in my lifestyle has made me rather scattered at times.
With the help of some great online goal tools, I have set some very specific goals for 2010-2011 for where I want to grow my business. Guess what? They are not what I am spending my time on. What am I spending my time on? I’m either working the old-fashioned way, hour by hour, or doing personal things like cooking, cleaning, being with family, etc. I have broken out of tradition by going out on my own, and not working directly for a corporation, but I have lost some steam in my passive income generating business efforts. All of the free time I do tend to have lately, I have been, well, enjoying. I’ve been gardening and being with my family. Not bad things at all. However, I do feel that I have gotten side-tracked and I want to schedule back in more time to really pursue these interests.
I’ve managed to make exercise a part of my routine despite many failed prior attempts, so there is no reason why I can’t schedule in some real business building time.
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