One of the things I always look forward to are the spectacular firework displays that welcome the new year in the world’s top cities.
From the major firework displays at the Sydney harbor in Australia to the attention-grabbing explosions from the tallest building in Dubai, new year celebrations are always a sight to watch.
Growing up, my dad bought us fireworks to ‘blow up’ during festivities, much to the chagrin of my mum and neighbors.
He always bought the big ones you had to dig into sand, light up and run away from, as fast as your feet could carry you, to protect yourself from the impact and noise.
I remember always looking forward to experiencing the emotions of fear and excitement, at the same time, as the loud cracking sound of the firework went off.
That’s the same way we all experience a mix of emotions when we usher in a new year.
We are motivated to forget the old and move on to the new; make new commitments, set audacious new goals, fantasize about new year resolutions, and dream of new friendships
But hey…It’s day 6 already and we all know what happens after a few weeks, right?
The excitement and determination wear off and we get back into routine mode.
One of the ways to avoid this emotion trap is to set goals that are simple and effective.
Most of the conversations I’ve had this year prove that everyone wants to earn more income; be it passive or active.
If I could earn a cent for every time this question came up, ”how can I earn more income in 2018?”, I would probably be a millionaire now.
There’s nothing wrong with wanting to earn more income. The constant inflationary pressure and high cost of living should motivate anyone to earn more income but the thing is passive income doesn’t come from thin air. You have to be willing to make a ‘money investment’ or ‘time investment’ upfront to earn passive income.
Speaking of money investment…
If you have read most of my emails for at least 6 months, you know the drill. One of the easy ways to set a simple and effective goal for passive income is to make investment a bill.
A bill is an expense you pay off on a regular basis. Making investment a bill means you make an investing an expense you make regularly
Once you make investment a bill, the same way you make electricity and food a bill, you can take advantage of revenue-generating investment opportunities over time.
Please note that passive income from investing is a long term goal. If you’re always chasing quick returns, you might end up losing all your money. However, if you’re deliberate and can hang in for the long haul, you’ll be on a journey to financial independence before you know it.
You might ask, what is a reasonable goal, for a person trying to achieve financial freedom? What milestone(s) should one try to achieve? These are subjective questions and there is no perfect answer. It depends on the individual.
You can start with setting a simple monthly target to invest more in 2018
What do you do with your time?
It’s no secret that everyone is getting more entrepreneurial these days.
The internet and social media have opened up more opportunities to set up a business or run a side business than ever before.
You can now easily monetize your knowledge or provide access to resources for a fee. My foray into running a side business started with a request to write a business plan for $1,000 in 2015. I have continued to monetize my knowledge and create solutions which eventually led to the creation of the green club
You can also set a goal to dedicate more time to improving your current skills with additional certifications so you can get positioned for a higher paying job. I applied successfully for a certification last year to improve my skills and get positioned to charge higher fees.
To be honest, I didn’t start out knowing exactly how to monetize my knowledge or improve my skills. It happened over time. It’s a journey you have to embark on before you discover the hidden treasures along the way.
This year, set a simple and effective goal to increase your passive income by either making a money investment or a time investment.
or if you’re an ‘Effiko‘ like me, you can decide to do both; make money investments and invest time as well.
It’s easy to have big goals or dreams but you can’t achieve them without taking little steps or staying accountable
Accountability always makes the difference so I challenge you to share your passive income goals for 2018 below. There is always something powerful about making a commitment and putting it in writing!
Ready to make a commitment? comment below