Begin With the End in Mind
Before you embark on a Journey (literal or figurative), you need to know where you’re going. Even Columbus knew that he was going to head West and hopefully bump into something important.
I’m a strong believer in setting goals and having a long-term plan. I’ve also learned over the years that it’s important for that plan to be flexible so that I can respond to new information or even new personal priorities. In project management, this is called Progressive Elaboration. You can have a general idea of major goals or milestones a year or so in the future, but you need to have a detailed plan of your tasks this week.
(By the way, I owe this belief and the sub-title of this post to Stephen Covey. His book, The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change, is one of the most influential personal development books on the market for a reason! “Begin with the End in Mind” is his 2nd habit.)
My Internet Business Goals – Why Online Passive Income?
So here I am at the start of my Online Passive Income Journey. What is the end that I have in mind? What are my goals?
In a little over 5 years, my wife and I plan to pack our two young kids (only one of whom is hatched, so far) onto a sailboat and sail across the Pacific. We want to be out for at least a couple of years, but if it’s still fun, we’d like to have the freedom to keep going.
The number one question anybody ever has about this plan is how we can afford it (the second question is either about pirates or storms). It seems like it must be crazy expensive, but the truth is that it isn’t. Our 30-year-old sailboat cost us about $50k. It will take about $30k to install solar panels, a life raft, a water maker, and all the other world cruising systems. And then once we’re out on the ocean it will cost about $1500-$2000 per month to live. At the end of the trip, the boat will still be worth about $50k.
OK, so that isn’t exactly chump change. It will take a lot of saving and some tough decisions on financial priorities. On the other hand, there are a lot of people driving cars that cost more than our boat, and living on $24k per year is a lot less than what we’re paying at home in Vancouver!
Now imagine if we could make $2000 per month while we were out cruising. We could cruise for as long as it was fun. We could sail around the world with our kids if we wanted.
Now cruising is an international venture, so work visas in all those different countries add a significant complication. Also, a sailboat can go months with only limited internet access, so telecommuting can be difficult. That means passive income is definitely the preferred funding option!
Many cruisers have passive income from rent, investments, or a business. All of these can work well, but they all involve much more capital investment and risk than online passive income.
So for us, our goal is creating an internet based business that allows us to be largely hands-off for weeks at a time, but can bring in a monthly income of $2000.
If this type of adventure or something like it appeals to you, I’d highly recommend listening to the Family Adventure Podcast for inspiration. Listen to dozens of families who’ve successfully taken off by plane, boat, or RV for months or for years. It’s really great stuff. Sail Loot also has a new podcast that interviews cruisers (with or without families) and delves into how they pay for their cruising. It’s not as unattainable as you might think!
You wouldn’t be reading this if you weren’t interested in making money on the internet. What do you plan to do with what you make? Will it help you design a new lifestyle for you or your family? Tell me about your plans by leaving a comment below.
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