My New Passive Income Goal

**UPDATE: This goal has been completed! Read about it here.**

Landon Donovan, 1-0 Group C win over Algeria, World Cup 2010
Landon Donovan, 1-0 Group C win over Algeria, World Cup 2010

I have a really hard time setting goals. This has to do with my fear of commitment as I spoke about briefly in my last post, or at least that is my self-analysis. I have a really hard time following through when I am not 100% clear about my motivation. If the work is hard and I start asking myself why I’m doing it, boy do I get pissed.

In an effort to break this habit and increase my goal-setting abilities I am joining Steve Pavlina in his free Passive Income Series. Normally I wouldn’t share this publicly because for most people money equals hard work and passive income just makes us think of scams and spam. In spite of this taboo, it’s important for me that I share this goal with you in hope of positive support and encouragement. This project is the training wheels for the bicycle that I will ride to even bigger goals.

GOAL: I am now successfully creating a new eBook by July 1, 2013 that generates at least $250 per month on average and endures for a minimum of 5 years, and I’m doing this in an easy focused manner that delivers valuable creative content for many others around the world.

I believe I can do this because I am not starting from scratch. I have been working on building an audience since my first rock band in high school and I already have some ideas for generating the stream. This stream will earn about $10,000 over the next 5 years, but more specifically, it’s the right amount to pay my utilities every month.

It would be great if you would like to join me in this series. While Pavlina is a good coach, he has far too many readers to work with them all individually. So if you are going to do it, email me or comment in below and we can share our experiences. Expect to succeed.

Steve Pavlina’s Passive Income Series:

  1. What Is Passive Income?
  2. The End Game of Passive Income
  3. Set Your Passive Income Goal
  4. Commit To Your Passive Income Goal
  5. Jobs vs. Passive Income
  6. You Earn Passive Income by Being More Generous
  7. Is It Fair to Earn Passive Income?
  8. Passive Income Systems
  9. How to Earn Passive Income From Intellectual Property
  10. Self-Discipline and Social Pressure
  11. Passive Income is Not an Escape
  12. Are You Still Broadcasting Doubt?
  13. Passive Value
  14. Passive Income From Real Estate*
  15. Virtual Real Estate
  16. Generating Ideas
  17. Fame
  18. Donations
  19. Investing
  20. Dissolving Limiting Beliefs
  21. How to Earn Passive Income From Live Performance Art*
  22. All Your Excuse Are Belong to Us
  23. Passive Income Walkthrough
  24. Allowing Yourself to Receive
  25. How to Be Free of Frustration
  26. to be continued…

*These you can probably skip.

MY UPDATES FROM FOLLOWING THE PASSIVE INCOME SERIES

Put Your Goal in Your Face: I printed this and posted in near my computer and on my table – I am now successfully creating a new stream of passive income by November 1, 2012, that generates at least $180 per month on average and endures for a minimum of 5 years, and I’m doing this in an easy focused manner that delivers creative content for many others around the world.

Create Consequences for Failure: If I fail to complete this goal I will sell my desktop computer.

Involve Others: I am blogging about my progress on this site and have posted it on my FB timeline. Still hoping to find an accountability partner.

Stop Being So Selfish With Your Value: Society doesn’t care how hard you work. It doesn’t care how creative you are. It only cares about the value you’re actually getting into people’s hands. That’s what you get paid for — for value delivery — not for your ideas, or your long work days, or your intrinsic value as a human being.

What value do you deliver to your friends and family? I caring, fun, challenging, and supportive.

What other forms of value could you provide if you made an effort? Creative solutions to live event production challenges. Digital media production and distribution support. Entertainment (music, theatre, comedy). Education (audio tech, language, travel).

Passive Income As An Escape: “Overall, would you say that you like the way you’re currently living and wish to expand it further? If so, then you’re a good candidate for passive income. If not, then you need to stop and fix your form first.” This quote means a lot to me, because sometimes I like my day job, but sometimes I hate it, so I really need to work on eliminating the work I dislike and finding more of the work I enjoy.

Action Plan

  1. Transcribe all interviews.
  2. Make selections from three transcripts per week and add them to the master document. This step is just to get all of the content together.
  3. Edit dialogue and add introductions to each chapter. (Can I add links and media?)
  4. Send first draft out for feedback.
  5. Send second draft to interviewees for changes and approval.
  6. Have someone more aesthetically minded do the layout and cover.
  7. Once the eBook is complete, I’ll create a sales page for them, add links through my website, and announce them on my blog, and Twitter, Google+, and FaceBook pages.
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8 Responses to My New Passive Income Goal

  1. Hi,

    I am so glad I found someone who is following the series too. I will be following how you’ll do and I added your blog to the link list that I have in my blog http://streamcreator.blogspot.com/

    I wish you good luck and I hope you will reach your goal!

  2. jacky anders says:

    His latest article is just another promotion for SBI! and a dodgy video link for creating an e-book. Call me sceptical but could it be that the reason steve doesn’t promote real estate investing, being a conventional author, or investing in gold, stocks or shares- is that there is no affiliate deal for him in these areas? Or, like he says- maybe real estate is just a bad fit for him. For an article designed to inspire ideas and thinking, is SBI! and e-books really the best he can do? Anyone who reguarly reads his articles will already have tries and won, tried and failed or disregarded SBI! completely. Where’s the new ideas Steve?

    • I appreciate your critical view. It’s easy to get sucked in a just think everything he writes is gold. You’re right, he pretty much just tries to sell two services that entire article. I just assume the best, that he really does believe they offer high value. Also, I’m hoping this is just the beginning, that he will share a lot more ideas in coming articles.

      • Jacky says:

        The problem now is that Steve will be focussing on building his e-book, so the passive income series is likely to focus on his approach with only a vague reference to other systems. For Steve to launch an e-book and claim success in creating a passive income stream is a bit lame unless he uses a pseudo author name and writes about something other than personal development.

        I hope Nathan that like you say, this is just the beginning. Perhaps his real passive income stream is the new revenue he’ll generate through the e-book course sales!

        One thing that makes me really suspicious is that he has raised the e-book course and SBI! without really focussing on what we should actually write about. If creating a passive income stream was as simple as writing an e-book or setting up a website, we could all do it. It’s the lack of focus on what we should be doing and instead the hard sell on the products, that really makes my eyebrows raise.

        • You might be totally right. On the other hand, I just started reading the book he has out now, and it’s really good, which makes me doubt that he would just turn this course, which is already freely available, into an e-book.

          Also, I think that his point is that it can be that easy. An e-book might be as easy method to package and distribute to a wide audience the information that you currently sell to one client at a time. I’ll give him the benefit of the doubt and go through the next few posts until it becomes clear that he is just trying to sell one or two services, as you fear.

  3. Jennifer says:

    I’d like to know if you achieved your goal. I’m interested in passive income generation but it sound a little complicated for me. I am also considering to buy the eBook version of this series. http://www.amazon.com/Passive-Income-Series-Pavlina-ebook/dp/B00B4DF3UE/

    • Hi jennifer! Dude, that book is a shame. Pavlina hasn’t even started the series, yet, as far as I’m concerned. So far the content has all be preparatory. He plans to give a step-by-step guide and follow it himself. Notice in this recent post the he has decided to put the series on hold, which is kind of a dick move, but whatever, Pavlina does what Pavlina wants.
      http://www.stevepavlina.com/blog/2012/12/december-2012-updates/
      I got kind of depressed last year and stopped working on my eBook. So the schedule is off, but I’m back on it. The first draft is done and friends are helping me edit it. I don’t think it will meet my income goal, unfortunately, because my podcast, Sound Design Live, still doesn’t have a large enough following. Need to work on that, too!

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