What can you achieve in 12 months if you put your mind to it every day and dream about it every night? When you become obsessed with your dream and want it so bad your determination will ultimately see you through! Some people might say Rome was not built in a day but I bet it took many people who thought like this to see the great city rise.
In my previous post I outlined my dreams for financial freedom and even quantified it with a figure of £800. Having sat down and really thought about my income and expenditure I was able to arrive at this figure by subtracting my income from my expenses. Before I did this I did an exercise in shaving my expenses of needless and pointless excesses.
So how can I generate £800 per month without doing any work? the answer is passive income. For me passive income and financial independence go hand in hand. For me passive income is income that comes in regardless of whether you put in any work or not, the real work was put in at the beginning. For example just imagine you build a house from scratch on land you own, you may have put in a years work at the beginning but now that the house is finished you can rent it out a receive passive income in the form of rent.
There are many forms of passive income that you can choose from! renting out your property, writing for a revenue sharing site or blogging like I'm doing at the moment! you could even look at dividend investing to generate income. The main obstacle is finding the time to educate yourself and then putting the effort in at the beginning.
I have given myself a minimum target of £800 and a maximum target of £1600 per month in passive income, now that I have my target I really need to think about where I am at the moment and how I intend to get to my target within 12 months. I really believe that if I spend the next year with this passive income goal as my main priority then it is within my reach.
This goal may seem aspirational but I have been researching passive income since 2008 and have come to a point now where I want to really knuckle down and earn some money and make some use of it. I have accumulated a lot of knowledge and have become quite knowledgeable in the areas that I need to make this passive income goal a reality. Although this has taken me 4 years I know that it can be done in a month if you really put your mind into learning something.
My Current Passive Income Revenue
Ok, so where am I at the moment and how did I get here? Well since February 2010 I have been writing for a revenue sharing website called Infobarrel.com. I have been writing quite steadily and consistently and have managed to publish 395 articles, I have also written for Seekyt.com and currently have 87 articles. I have also written for Xomba.com and Hubpages.com. Here is a breakdown of the articles that I have under my belt.
Month Earnings
January £76.17
February £101.82
March £124.87
April £181.84
May £271.80
June £352.06
July £579.08
I've been happy with the way that my income has grown, as I have learnt more and more about keyword research and selecting topics which are profitably to write about the more I haves seen my income grow. For me it's really about educating yourself in your chosen field and then applying yourself so you can achieve that goal.
Previously before 2012 my income was languishing between £20 and £30, there were two reasons my income started to grow. The first reason for the increase was investing in a ebook which really blew my mind away in terms of passive income success. It was actually written by an Infobarrel author who is earnings around £1800 per month from Infobarrel alone, his name is Jason Mayer and goes by the username JCMayer777. His book was absolutely fantastic and explained in detail keyword research and search engine optimisation. Whilst before I was writing 5 articles per day to get 2/3 views after reading the book I was able to write 1 article and get 10-15 views! You do the maths. If you are serious about giving passive income a go by writing online then I would definitely recommend this book! take the plunge and see how far you can go! If I can do it without any major writing or literary skills then everyone has a chance.
The second reason for my success was outsourcing, I have employed someone to do most of my writing for me by reinvesting most of the income I generate into purchasing more articles. I do the keyword research and provide the title and they keywords I want in the article and receive them on a daily basis. Once I have them in my possession I publish them as soon as possible. My overall goal was not to spend the money as soon as I earn it but to reinvest it into writing more articles to generate even more income. Once I reach my goal I can ease off and then use a certain percentage of my income to be reinvested into writing more articles.
Ok so now you know where I am at and how I got here it's time to plan for the future and try and achieve my goal of £800 per month in passive income. Anything over this amount will definitely be saved or invested into generating more passive income.
Passive Income Plan For The Next 12 Month
Other than generating £800 per month in passive income I really want to diversify my risk and insure my contents. Having so many articles on one single site is quite risky, if Infobarrel were to reduce their revenue share from 75% to 50% it would be disastrous for me in terms of income lost. I really think it's prudent to diversify the sites which I write for. I have already started to write for Seekyt and I will be branching out to other sites like Topicspotter.com and Whizzly.com. Another target for me is to outsource more and more, I confess I am not the best writer in the world and you probably found countless spelling and grammatical mistakes on this post. It makes sense for me to pay a more seasoned and eloquent writer to help me. By hiring quality writers I will ensure that I have a consistent level of output and the quality will also ensure that my articles are ranked well and receive plenty of natural Backlinks. So without further ado here is my plan for the next 12 months.
I have given myself a minimum target of £800 and a maximum target of £1600 per month in passive income, now that I have my target I really need to think about where I am at the moment and how I intend to get to my target within 12 months. I really believe that if I spend the next year with this passive income goal as my main priority then it is within my reach.
This goal may seem aspirational but I have been researching passive income since 2008 and have come to a point now where I want to really knuckle down and earn some money and make some use of it. I have accumulated a lot of knowledge and have become quite knowledgeable in the areas that I need to make this passive income goal a reality. Although this has taken me 4 years I know that it can be done in a month if you really put your mind into learning something.
My Current Passive Income Revenue
Ok, so where am I at the moment and how did I get here? Well since February 2010 I have been writing for a revenue sharing website called Infobarrel.com. I have been writing quite steadily and consistently and have managed to publish 395 articles, I have also written for Seekyt.com and currently have 87 articles. I have also written for Xomba.com and Hubpages.com. Here is a breakdown of the articles that I have under my belt.
Revenue Sharing Website Articles To Date (05/07/2012)
Infobarrel 395
Seekyt 87
Hubpages 4
Xomba 10
Total 496
It's been about 17 months since I started and I have written 496 articles in that time, the majority I've written and some have been outsourced (I will discuss later). Therefore in that time I have written on average 1 article per day. My earnings have been growing the same way my articles have been steadily increasing. Here is a breakdown of my earnings since the start of 2012.
Month Earnings
January £76.17
February £101.82
March £124.87
April £181.84
May £271.80
June £352.06
July £579.08
I've been happy with the way that my income has grown, as I have learnt more and more about keyword research and selecting topics which are profitably to write about the more I haves seen my income grow. For me it's really about educating yourself in your chosen field and then applying yourself so you can achieve that goal.
Previously before 2012 my income was languishing between £20 and £30, there were two reasons my income started to grow. The first reason for the increase was investing in a ebook which really blew my mind away in terms of passive income success. It was actually written by an Infobarrel author who is earnings around £1800 per month from Infobarrel alone, his name is Jason Mayer and goes by the username JCMayer777. His book was absolutely fantastic and explained in detail keyword research and search engine optimisation. Whilst before I was writing 5 articles per day to get 2/3 views after reading the book I was able to write 1 article and get 10-15 views! You do the maths. If you are serious about giving passive income a go by writing online then I would definitely recommend this book! take the plunge and see how far you can go! If I can do it without any major writing or literary skills then everyone has a chance.
The second reason for my success was outsourcing, I have employed someone to do most of my writing for me by reinvesting most of the income I generate into purchasing more articles. I do the keyword research and provide the title and they keywords I want in the article and receive them on a daily basis. Once I have them in my possession I publish them as soon as possible. My overall goal was not to spend the money as soon as I earn it but to reinvest it into writing more articles to generate even more income. Once I reach my goal I can ease off and then use a certain percentage of my income to be reinvested into writing more articles.
Ok so now you know where I am at and how I got here it's time to plan for the future and try and achieve my goal of £800 per month in passive income. Anything over this amount will definitely be saved or invested into generating more passive income.
Passive Income Plan For The Next 12 Month
Other than generating £800 per month in passive income I really want to diversify my risk and insure my contents. Having so many articles on one single site is quite risky, if Infobarrel were to reduce their revenue share from 75% to 50% it would be disastrous for me in terms of income lost. I really think it's prudent to diversify the sites which I write for. I have already started to write for Seekyt and I will be branching out to other sites like Topicspotter.com and Whizzly.com. Another target for me is to outsource more and more, I confess I am not the best writer in the world and you probably found countless spelling and grammatical mistakes on this post. It makes sense for me to pay a more seasoned and eloquent writer to help me. By hiring quality writers I will ensure that I have a consistent level of output and the quality will also ensure that my articles are ranked well and receive plenty of natural Backlinks. So without further ado here is my plan for the next 12 months.
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