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Last week we saw how to make money without working in the traditional sense, specifically I told you about the 6 alternative ways to earn a living: (1) the frustrated employee, (2) the enlightened entrepreneur, (3) the ruthless trader, (4) the nouveau riche nouveau riche, (5) the nouveau riche enthusiast, (6) the prudent investor.
These stereotypes have no ambition to be exhaustive, nor to be... "absolute"; it is simply a model for reading reality, a tool that I use to manage my projects related to financial growth.
I have been studying the multiple ways of generating income for several years and I have decided that with the systemic crisis that erupted in 2008, the conventional ways of earning a living are no longer sufficient to guarantee fiscal serenity.
I don't know about you, but I have very little faith in politics and in general in the ruling class of this country (and not only), therefore, rather than waiting for a solution from above, I prefer to create my own solution.
In this article, I will talk to you about how I generated alternative sources of income, the practical tools that have proven to be the most effective for me, and what my goals are for the near future. But first, a quick digression to set the context.
The world has changed (you don't say?!)
You don't say?! There was a time when to achieve financial serenity there were rather simple rules: you had to commit yourself to studying to obtain a degree with top marks, you had to send your CV to some important national or international company and, once hired (company certainly not impossible), you had to demonstrate that you were a diligent and scrupulous worker until the day of your retirement.
Today, however, there is a working apartheid: on the one hand, the poorly prepared, over-protected, and over-privileged generation of 40-50-year-olds; on the other, the hyper-entitled, poorly protected and hyper-exploited generation of 20-30-year-olds.
Of course, this is a simplistic classification that does not want to take anything away from those who have worked all their lives to create a career and a social position, and which certainly does not want to justify those lazy and spoiled young people who always want their food ready. Yet I accept this simplistic classification gives a good idea of the current working situation in Italy.
Very good Andre, these socio-political-cultural mega-blowjobs are very beautiful, I swear! But shouldn't we have talked about how I can create alternative sources of income compared to traditional work?! If traditional work is no longer a guarantee of financial serenity, what the hell do I have to invent?!
The purpose of your life
In every change, there is an equal dose of difficulty and chance. Even in this disruptive era, in which we face great difficulties, great are offered to us.
If conventional work is no longer a haven, we have the chance to research new seas, letting our sails be pushed by our passions, in search of the island where the greatest of treasures is hidden, the purpose of our life.
In the past, I have given you some practical advice for finding your life purpose. Let's try to explain what we have already seen so that you can also earn a living from it.
The purpose of your life
Your life purpose is the point of intersection between your greatest passions and the world's greatest needs.
Translated into economic terms, finding the purpose of your life means identifying that meeting point between your passions, your talents, and your inclinations and the needs, demands, and desires of a market niche that is willing to pay you in return. of the value you can generate.
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Ah... it seems like a very fascinating solution to me, Andre', but not very practical! You know how it is, you can't live on dreams, I have to eat! What the hell do I do until I find my life purpose?! Do I create a new alternative energy source by twiddling my thumbs?! I leave my job as a frustrated employee chasing dreams as unlikely as they are impossible?!?
The solution: create a source of passive income starting from your passions
Speaking of the 6 ways to make money, I told you that in my sentiment one of the most effective solutions is to become a nouveau riche enthusiast, that is, bring forth inactive income by leveraging your passions.
…what I haven't explained to you is why it is so advantageous to pursue this path. Well, there are two main reasons:
Passive income. Generating small flows of passive income, which add up and grow over time, is a gradual strategy that is well suited to those who cannot afford to abandon the only source of income they have today and which requires them full-time. To generate passive income you don't have to check out a time card, show up at a certain time, or commute: all you need is a starting idea (that's right, you have to take inspiration from your passions), the correct tools and the right dose of focus (read this article to learn how to find time for your passions ).
the passions. The other reason why this solution is so effectual is precisely the passions: the passions will make you move forward even when you have difficulty seeing substantial results, the passions will make you forfeit part of your free time to develop this project, the passions will make you they'll give 110%. I have a lot of envy for those people who manage to make tremendous sacrifices even for jobs and projects that they hate. Personally, being a confessed lazy person (click on the link before you get a bad idea!), I need the fuel of passion to turn on my internal engine.
Andre… I say you threw the package at me! I've been reading for 10 minutes and I still haven't seen a practical example that explains where I should start to generate my source of passive income: you're only one!!!
The many comments received in the previous article made me understand that it was necessary to better contextualize what I will explain in the next paragraphs. So don't worry, what you read was not a waste of time, but rather an indispensable series of steps to best internalize and put into practice what follows.
My story: how I generated sources of passive income thanks to my passions
The Internet is not the only way to generate passive income thanks to one's passions, but it is the most effective method today, due to the low barriers to entry and its widespread use, furthermore, it is the method that I know best and that has allowed to generate passive income of several thousand euros per month.
But let's see the 3 steps through which I started earning online.
Step 1: define your passions and the niche you want to target
So, to clarify, I decided to write a simple list of my passions and talents.
Internet project
Starting from this list, that same day in the summer of 2008 I decided that I would create:
“The Italian blog on Personal Growth, Productivity, Motivation and the best strategies to achieve your goals EfficaceMente.”
I also had in mind the image of the reader I would be addressing: a university student or a young professional who shared my philosophy of life based on personal improvement and the search for effectiveness (in this regard, read the first article published on the blog) and who was looking for practical, immediate strategies capable of guaranteeing concrete results.
The boy is ambitious! Ok, so far there are: I have to make a list of my passions, shake it for about a minute, and pour it all into a sentence that summarizes my project. But… how did you start?!
Step 2: Start with the right tools and find benchmarks
At school they said that copying was a very serious thing... well, I believe instead that knowing how to choose the right models from which to draw inspiration is the fundamental key to success.
Once you've identified your passions and the market niche you want to target (horrible term, but it gives you an idea), do what cool consultants call: benchmarking.
I can assure you that if you want to create a blog on the Paleolithic age, someone has already done it before you and maybe is even making money from it. Make a list of your potential “competitors”: what are they doing today? what did they do 3 years ago? How do they address their target? How do they monetize their passions?
Personally, before creating EfficaceMente I was a passionate reader of some of the best American blogs on personal growth for several years; in short, I observed them and studied them for a long time.
Step 3: Create value and monetize your passions
You can create the most beautiful business in the world starting from your passions, but if you are not able to satisfy the needs of those who follow you, you will hardly be able to generate a consistent flow of passive income.
Returning to the history of EfficaceMente, in the first 2 and a half years, the blog generated a total income of a few hundred euros. For some, this could be considered a failure, but from my point of view, it was natural: they taught me that value must be created first and only then will it be possible to receive a profit proportional to the value created.
For the blog it went exactly like this: with the increase in traffic due to word of mouth and the good positioning of quality articles on search engines, advertising revenue and revenue linked to the books and courses on which I feel assured have also increased. put my stamp.
But the real turning point came with the publication of my first guide: Start! The practical guide to stop. After selling almost 700 copies in the first 2 weeks of launch, today Starts! it is purchased by an average of 100-150 readers per month.
In addition to the warm comments of those who have read, experimented, and put into practice the advice contained in the guide, what struck me most were some comments from the blog's aficionados, who had purchased the guide, not so much because they had punctuation problems, but as a sort of reward for the hundreds of free articles shared over the years.
Conclusions
I hope this series of articles on making money
has been helpful to you. I accept that developing the ability to create sources of income starting from your passions and your elbow grease is much more important than any master's or specialization course on your CV.
I would like you to immediately define your goal in terms of fiscal growth at the end of the reading. Here's mine:
I create a new source of inactive income by September 1, 2012, which generates a minimum of €1,640 per month for a continuance of at least 5 years.