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The Homework I Gave To My Friend Who Wanted To Generate $60K to $250K in Passive Income

My good friend (let’s call her Rita) recently asked me for tips on how to generate extra passive income of $60,000 to $250,000 per year.

Rita wanted to do this so that her life-partner (who has a stressful job) could live a more comfortable life, and the two of them could pursue some “do-good” creative projects to better the world.

I couldn’t guarantee her anything but she asked for a meeting with me and I came up with some homework that she could do ahead of time (mostly to read some of my past articles and do some exercises).

I know the links/tips I include are all my own…but, hey, that’s what I know best. ;)

I thought I’d share with you my email to Rita in case you or someone you know wants to make some more $dough.

It’s not easy, but if you are serious about wanting to increase your income you’re going to have to put in some work. Here it is.

Dear Rita,

I’m psyched you want to make s0me more passive income…and for a good cause!

I would start off by getting pumped up through something like my confidence-building “Qualities Of Achievement” exercise — you can walk away with a blueprint for what qualities you possess to tackle this new endeavor…and it’s fun too!

Then read 5 Tips On How I’ve Doubled My Income Every 5 Years — the most important part of this is for you to plot out your income for as long as you’ve had it! This is valuable data that most people ignore.

Then I recommend you write a Purpose Statement For Your (Next) Job — this will help flesh out a vision/purpose you have for your next work endeavor.

You should peruse How To Pursue Your Passion — it’s a good primer on how to advance a topic you’re interested in.

Are you still with me? Most don’t even make it this far.

They fail to turn their ideas into something for a number of reasons. To avoid the common pitfalls I’ve observed (in myself too!), you should read The 7 Ugly Reasons Your Ideas Don’t Turn Into Reality.

Then you should consider setting some long-term goals and chunking them down to more manageable short-term goals. A good read on this is The 10 [Maniacal] Steps I Take For Setting Goals.

If you’re focused on business goals, you can skip to Step 4 (50-year goals) or 5 (20-year goals) and paint a picture for yourself of what your business looks like long term, and then chunk it down to what you need to do right now (today)!

If you could do that for homework, you’d be positioned reall well for a super-productive meeting with me.

I look forward to our meeting!

+r

2 Comments

  • http://twitter.com/JonStenstrom Jon Stenstrom

    Hey Rob,

    I’ve been running a passive income eCommerce site for the last 7 months with steady growth (from $400 to $5.5k so far) but it’s in an area I’m not super excited about.  I’ve been struggling on what I want to do next and I’m glad I stumbled upon this post.  Time for me to do my homework and see what I can crank out.

    Thanks for the insights and that amazing interview with Ramit,
    Jon

  • http://www.ongig.com/ Rob Kelly

    Thanks for the kind words, Jon. And congrats on the amazing growth of your eCommerce site. Inspiring.

    And I’m psyched to see all of the awesome Ramit content — let me know if you know when it goes live. Cheers! +r