When the day is over, the work you’ve done adds-up. You walk away knowing you’ll reap the reward with some new numbers in the bank at the end of the month.
Every day though, this work resets to zero.
What you will see over a long period of time is linear growth as you get a pay rise or change jobs. Your time is being spent, rather than being invested. You could instead switch lanes and head for the road of exponential growth by spending some of your time working on a simple stream of passive income.
Making this work without any skills or talent is possible but you have to keep going to get off the ground
When the earner doesn’t physically participate, we call it ‘passive income’. We’d all prefer if our main source of income required little to no effort to maintain, but the barrier for entry is widely perceived as very high. Sure, buying a property to rent-out requires a lot of capital to start with, and starting a website needs a lot of up-front time investment. By no means is this article touting a way to ‘get rich quick’, but you can definitely ‘get rich simply’.
Perseverance beats talent every time
The average American earns $25 per hour at the time of writing this story. Trading hours for dollars like this doesn’t have to be immediately sealed and forgotten, though. Spending a couple of hours creating something of value that people can consume over and over welcomes the reward to come in over and over, too.
Spending your time ‘making work’ rather than ‘doing work’, isn’t an easy switch for most people. It’s a lot harder to get paid when the rules aren’t clearly defined but there is usually a simple solution to a simple problem:
- Pick something
- Run with it
‘Keep going’ is the only rule you need; it’s the only thing you need to focus on and the only barrier for entry you need to pass. You’ve heard of practice makes perfect, well this is consistency makes cash.
Take Medium.com as a prime example;
- If you write a decent story and publish it with monetisation turned on, you are likely to make some money. Let’s say you’re a total beginner and you earn $0.10 from fans on your first story.
- You learn a few things and get better by the time you write your next story. You earn $0.20 this time, but someone really likes what you wrote and checks out your other story, bringing its earnings to $0.11.
- So far you’ve written two stories and earned $0.31. If you repeat the formula and write a third you’ll be at $0.62.
It’s easy to see how continuing this pattern could get very lucrative very quickly if you stick with it. Of course to start we’re talking pennies, but these numbers are quite conservative. A good writer would have a pretty good chance to grow faster than $0.10 per story.
This idea can also apply to YouTube videos, Photography, eCommerce, or even index funds. The idea is to get the ball rolling, then check in and nudge to accelerate the ball every now and then when you have time.
The concept of passive income shouldn’t just be an idea you hear about other people pulling off on the web. You can integrate it into your own life by just picking any idea and sticking with it. It doesn’t have to be about finding all the pieces of the puzzle and trying to fit them into place. If you use an existing platform to create, all you have to do is look on the box and draw the picture.
Once you’re all set up, if you really step back and look at the situation, you are no longer trading your time for money. You are working for the ultimate goal of getting those hours back into your life to pursue whatever you like.
Trading a little of your time for a bigger chunk of time is a pretty good deal.