My Master Plan for Passive Income & Retirement
I want to retire. I want to do what I want, when I want. I want to work, but not be a wage-slave. I want to be free.
The goal will be to make enough money off of passive income to cover my cost of living. Currently, that is ~$60,000/year.
To speed up the process, I will be looking to reduce my expenses; which will lower the amount of income I need to attain while also increasing the rate at which I can do so.
The Income Sources
There are a ton of different ways to create an income & I will be dabbling into a large amount of them. Which ones will be priority will change over time. All of these will eventually be generating mostly passive income. Everything needs some bit of attention to continue thriving, but personally, 1 hour of work to maintain a source of income is passive in my book.
- YouTube Videos
- Review Websites
- Click Bank
- Informational Websites
- Amazon Affiliate Site
- Shopify Drop Shipping Site
- Rental Properties
The Master Plan
Grind to Perfection & my YouTube Channel will be the first focus. The two will be linked closely in the initial stages to help development an audience & will diverge later on down the line. I will be pumping out as much content as possible to gain more experience, especially with video, as quick as possible.
I will be working my current job through all of this to cover living expenses.
The profit that is created will first go into creating an emergency fund, creating a DRIP fund, & paying off debts. Once this is all in-line, it will allow me to focus on long-term income creation with worry about tomorrow.
Now that all the income is going back into creating more income, I will be looking into hiring an online assistant to support with creating a network of sites on a range of varying topics. Each will utilize the sources of income listed above in it’s own way & none will be linked in any way. The goal will be to repeat success & sell off the sites to purchase rental properties & dividend producing stocks. Depending on how good I become at this, I may create a company to do this as a service & hire someone to run it for me.