This post is all about starting up a passive income stream.
Passive income streams are the key to wealth, because they unlock the bond between hours worked and money made. When I set up different streams, I can eventually make money without clocking in. This allows me to take control of my work-life balance!
As a stay at home mom dreaming of building my own home, that’s exactly what I want to build: a job that pays me even when I’m only working a few hours a week.
Enter passive income.
So, I took the plunge and spent 1 week setting up 5 different streams.
Here’s my 3 step process that ANYONE can use to set up their own passive income streams – starting now!
Step 1: Consult
Originally, step 1 was to brainstorm – essentially, just think of which passive income stream options interest me, write down some ideas, and make some plans.
But, I realized during this process how important it is to get *feedback* on all my plans.
And the best part? I’ve realized just how easy it can be for me to set up passive income streams, thanks to the modern day tools I have access to now!
So, I started by *consulting* ChatGPT.com – a free online tool that searches the internet to help me come up with creative solutions.
I told ChatGPT a little bit about myself.
- I’m a stay at home mom with limited time on my hands
- I enjoy organizing, writing, shopping, and baking
- I love social media – I’ve already started a blog and youtube channel
Then, I typed this up:
“What are some easy passive income streams I could start up in the next few months?”
Instantly, ChatGPT had a list of 8 stream ideas for me to try!
Each idea was simple enough for a beginner like me to try and each of them aligned with my interests. The hard part was narrowing down the list!
But, as I said I only have a few hours to myself each week, so I decided to pick my 5 favorite ideas and spend 1 hour a day for a week trying each stream.
I consulted a few other free online resources – blogs, youtube videos, etc. to figure out the best way to start each of these passive income streams.
Then, I just had to buckle down and try them out!
Step 2: Experiment
The next important part of starting a passive income stream is to experiment with it!
Although there are many resources out there for HOW to set up each successful income stream, I won’t actually learn which one is best for ME until I actually practice myself.
That’s why I gave myself 1 week to work on 5 passive income stream ideas – I wanted to get them started up as soon as possible so I could start failing and trying again! I know that if I spend too much time planning, thinking, and researching other people’s paths to success, I won’t be able to find my own. It’s way more valuable to just start!
One of my favorite stream ideas is to sell a digital product. So I used Canva to find templates of a digital product I’ve always wanted to build – a bundle of a weekly planner, habit tracker, meal planner, and self care journal. I customized the templates into a uniform minimalist font and style. Then I uploaded them onto an etsy.com storefront! All in one hour!
Now I have a digital product listed, and it’s time for me to reflect and reiterate.
Step 3: Reiterate
The final important part of setting up passive income streams is to reflect, refine, and reiterate!
I uploaded a digital product, but I also printed out a copy for myself to use. As I use it in the next few weeks, I’ll figure out what could be improved and update the product listing. Then, when customers buy and use the product, I can update it based on their feedback as well!
I’ll do the same for all of the other passive income streams I’ve set up.
- Reflect: each week, I’ll take time to reflect on how the stream is doing. I’ll ask myself “How can this be improved? How can I make it more automated? Does it support my future dream life by generating money without taking too much time?”
- Refine: I plan on working on each of my passive income streams for 1 hour each in the coming weeks and months (maybe years?!). During that hour, I’ll make sure each stream is becoming better in some way.
- Reiterate: in passive income, consistency is key! Call me naive, but I really think any passive income stream will pay off in the long run. All it takes is commitment to repeat this process frequently!
To summarize:
Anyone can build up any passive income stream, thanks to the modern tools we have that make it much easier. The 3 steps are to:
- Consult
- Experiment
- Reiterate
I’m so excited for you to start your own passive income streams. I hope all of us get to build our dream houses and live our dream lives!
Cheers!
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