New Year’s time is resolution time. While many will try to get a gym streak on, or lose some pounds or kilos (mentally and physically), for some 2023 will be the year they will be able to fire their boss and live entirely off of passive income.
In this article I will outline the exact plan I will follow and anyone else can follow to reach that magical 5 figures monthly income stream before the year is over.
Prerequisites
While the tactics I will explain can work for everyone in any situation, to truly get to 10K in 1 year or less you’ll need to get some things going for you already.
For this article I’ll assume you:
– Have a full-time job and residual income (not living paycheck to paycheck).
– Are familiar with online businesses like content sites or blogs, Shopify, FBA, SaaS, …
– Have the time and motivation to start your online empire on the side.
This article is based on our 5 layers of wealth article.
These tactics can be used in parallel, serial or stand-alone.
Keep in mind, rich people have multiple income streams.
Start A Blog And Write One Article Per Week
Start with making a blog on a topic you’re both interested in and have at least basic knowledge in. Don’t overthink the niche or domain. Just make it short and *brandable* with a well-known TLD like .com, .net, .org or your local country TLD, .io or .ai might be an option if you’re in a tech-related niche.
I will not get into details about what CMS and where to host it. WordPress has a large *userbase* and is widely supported, while static websites are quick and practically free to host (especially with low traffic at the start) to host. If you want to get detailed tutorials, Google is your (nosey) friend!
One weekly article is a great amount to aim for when still working a full-time job, ideally, you could start a website in the niche you work in (that’s assuming you don’t totally loathe it) so you can just pen down your thoughts quickly after your workday.
This tactic will get you 52 articles by the end of the year which, depending on the niche and your writing skills, could make you anywhere from $10 to $1000 monthly income.
Save $500 Per Month
Or your local equivalent. Don’t get offended or triggered by that number, it may be a lot more than you’re able to keep, but the goal of this will become clear later.
If you manage to achieve this on a monthly base, this will get you to $6000 by the end of the year. Now you might be thinking “let’s invest this in index funds or dividend stocks so I can become a millionaire in 250 years or get a $0.02 monthly dividend”. Wrong! This is way too soon to sit on your laurels.
At this point, you need to invest in active investments to grow your net worth as quickly as possible and once you’re able to get by on your active income then re-invest it into passive income.
This way, you can get there in 10 years (5 if you start a business) instead of becoming the richest person in the retirement home, too old to enjoy it.
The $6000 saved money can now be used to invest in an online business you can purchase on a marketplace like Flippa or Motioninvest. There are others out there but they’ll require a bigger wallet.
An investment like this can on average yield $250 monthly, adding to the tally.
Consult On The Side
The skill you make money with for 40 hours a week can make you some extra cash on the side. Or maybe you have a skill you can monetize instead? Maybe the same one you use for your niche website (wink-wink).
This could add another $500 per month to your savings, giving you another $6K you can spend on another website or maybe you can just buy one bigger website altogether.
