by Hope
As you may have noticed, I have been giving myself a different challenge every month towards this debt payoff journey I am on. They help keep me motivated and more importantly focused. We’ve had several no spend months, a decluttering challenge, no eating out and so on.
In some sense, they have all been about saving money, spending less. But this month’s challenge is a bit difference and one that is very important to me as far as getting ahead especially as I age.
Develop a Passive Income Stream
I’m all about the side hustle – I’ve been a personal shopper, substitute teach and other things that don’t seem to last or bring in much money. But as my primary income stream grows…I am a tech Virtual Assistant (my business website is here in case anyone needs a Virtual Assistant,) I find myself butting into the ceiling of my abilities at times.
This is specifically related to time. There is just so much time in the day, in the week, so there is a definitely ceiling on my income potential. (Yes, I know I could outsource, etc. but that is just not my style and I’ve found it to be more a headache the few times I tried it.)
So my goal, this month is to grow a passive income stream. Well, maybe not to grow it yet…but to build it out. I’ve had the concept in my head for about 6 months now. And with May upon us, it’s time to flesh it out a bit.
Why Passive?
I’ve shared my idea with a few friends and they get it. But they don’t get how and why a passive income stream. Especially when they see all the “work from your phone, a few hours a day and make millions” ads and Facebook friends post.
And frankly, this would be very new to me as well…so here I am BAD community. Anyone here developed a passive income stream? Care to share any words of wisdom to getting started or resources to look at.
My goal is to do this with little monetary investment and more of a sweat equity type development time. And I am blocking off time daily to put in some work without it taking over. All open ears for guidance and advice…