Mindset And Motivation

The Power Of Passive Income In 2020

As we grow up, one question that we are asked repeatedly is ‘What do you want to be when you’re older?’

You may have said that you want to be a doctor, astronaut, firefighter, chef, and so on.

But looking at those job titles, they have one thing in common, and that is they are an opportunity to make an ‘active income.’

That means that to make money, you have to put hours into it to live continually.

Now the idea of passive income is almost foreign to some people. The first thing that comes to my mind is a generation issue.

It’s understandable as your parents would follow these steps:

Go through the education system, from 4 – 18 and learn about various subjects and acquire the knowledge you most likely won’t use again
Attend University and achieve degrees to get work in sectors you will spend the next 50+ years working in

That is what most of us are brought up on and what society tells us is the ‘correct’ thing to do.

We aim for a certain job, get that job, make money while also trying to save money at the same time. Then finally they retire.

But most of those people will retire unhappy has they spent most of there lives limited as they working for the man.

While that is starting to change, people still to think that is the only direction to follow

However, nothing stays the same, and over time things evolve. Look at technology, e.g., think of where we were at ten years ago as compared to now.

A lot as changed, right?

Well, that goes for how people make money and the idea of passive income at this age is the way forward.

So What Exactly Is Passive Income?

It’s making money passively. Usually, every month with little to no effort required.

This is the opposite of working a pay by hour job.

You don’t have a salary cap which is one of the main attractions as the sky is the limit when it comes to potential.

Starting a passive income stream does require you to invest your time and work hard effectively for nothing.

But once set up you can have an evergreen source of income coming through which you can live off.

How Do Passive Incomes Work?

Let’s have a look at Youtube and how the platform as come up leaps and bounds within the past ten years.

What started as a site for entertainment as now become millions of peoples sources of income.

How it works is companies advertise using Youtube which they then put in videos.

Creators will upload their videos and have ads placed within them.

That means we have a money cycle consisting of:

Advertisers > Youtube > Creators (Those making the videos)

As the company gets bigger and more people to use it as a source of entertainment, more money is then put into it.

That is great for everyone involved.

So what does this mean, well that this idea of passive income is becoming not only increasingly popular year on year but more common.

Youtube is just one example of a passive income, but there are so many out there.

Once you figure out how to acquire it not only will you get hooked to it but you won’t look an active income in the same way again.

You are now reading this likely wondering how do I capitalize on it.

As money doesn’t just come in with no effort, you have to act for it to work.

Now the above idea is an example of how you could get income passively going forward from today through from 2020 onwards.

Now there are a few things you will need to do in order to get.

First off, you will need a plan, and that can be done by answering these questions:

What product/service are you going to sell?
Once chosen, Is that area to saturated? Can you bring something unique to the table?
What is your audience, and how are you going to gain one?

How Powerful Is Passive Income?

Passive income is robust for so many reasons. It allows you to do many things that you wouldn’t have thought it possible.

If you have ever worked a regular job at some point, you may have become frustrated at some of these aspects to name a few:

Working long hours and having no control of when you work
Not being able to afford that luxury item, that’s out of your salary budget
Limited vacations

Working for yourself means you can do so many things. You can make more out of every moment you have.

You can book that extra vacation without needing employers permission.

Let’s say you are working the standard five days a week and 9-5.

That’s roughly 40 hours a week.

Now if you can get that number to 5-10 by managing your own business, then that’s a considerable saving in time.

You have 30+ hours to do all the things you want to.

There’s a lot of opportunities out there at your disposal, so achieving this is more realistic then you think

If you act on it and are consistent with your plan of action, then it’s only a matter of time before you make things work and achieve the passive income your after.

That brings me back to how I started this post if someone asked you now what you would want to do in 5, 10, 15 years, what would that be?

Would that be working for someone else or your self?

Josh

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5 Vital Lessons Starting A Online Business In My Teens Taught Me

I spent just under half of my teenage years learning how to make an online business and over that time I definitely faced my ups and downs.

However guess what that was all natural and with any career you pursue in life it is normal to not get things right at first.

There are times where I think if I could go back I would make a successful online business straight away, however even then I would most likely still make mistakes.

Now in this post I would like to share with you some of the vital lessons I learn’t on my way so you can use it

1. Consistency Is Key

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2. You Will Fail But Only In The Short Term

Managing a

3. Time Won’t Stop For You

One of the aspects when making a business people forget is that time doesn’t stop for anyone. Its a bit like the oldest cliche in the book in life doesn’t last long.

What I am getting at here is if you are to pursue something you must dedicate the majority of your time to getting there.

For me I knew I wanted to get from A-B however there was a lot of work in the way stopping me from getting there.

So if you can limit the procrastinating and put in an extra hour a day then it will all come together in the end.

There’s no secret for instance some of the best athletes in the world are where they are for e.g that is simply because they have not stopped until they have achieved what they wanted.

A little trick I use which I’m probably not the only one who uses it is when you see yourself scrolling through social media or just doing something unproductive to remind yourself of where you want to be.

Do you want financial freedom? Do you want to be in good shape? Do you want a better lifestyle?

Well if you don’t have what ever it already you can’t stop until you have got there.

I know everyone will learn from every action they do but the amount of hours I wasted doing rubbish that if I had put to good use well I probably would of achieved goals sooner.

4. Your First Venture Won’t Always Be A Winner

I have created a number of online businesses in fact however how many I have actually succeeded with is less then I would of liked.

The reason is simply that not everything you do will work so in this case you have to implement a new strategy and tweak things.

My first site I ever made was rubbish in all honesty but at the time I thought I was doing it all right.

So it was no surprise when I made next to no revenue with it.

What did I do next after failing with the first site?

I decided to make a brand new site this time round I took things that I learnt from the process originally and made it much better.

This resulted in a website bringing in revenue each month, which while I don’t work it on these days still brings in money to this date.

The point is when you start something new and even with a set of goals in place you most likely won’t crack it immediately.

Now don’t get me wrong some people do get lucky and get where they wan’t without many failures however this is a minority.

5. Strategy > Winging It

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Conclusion

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6 Major Money-Saving Ways The Majority Of Us Ignore

As much as earning money should be your focus been able to cut down on costs is just as important.Many of us are missing out on money because we aren’t actively looking at ways to save.I always used to believe that as long as you can make a certain amount each month that it doesn’t matter how much you spend.

What this meant was I was spending way more than I should have been and by the end of the month my pockets were just about empty.Today I’m going to talk to you about six money-saving ways we’ve all been ignoring and how you can start taking action from now on.

1. Earn Interest With Banks

Not something I have too much knowledge of; however, it’s something that has come to attention recently. Banks like to offer where if you switch banks you can be entitled to either bonuses or reasonable interest rates.This is a great way to save as you can have your money in the bank and be earning interest each month. You’re effectively getting cash for keeping it in a specific place.Let’s say, for example; you can get £15 from interest each month you could save £150 for that year.Something to look into more and with many banks out there they’ll be something you can take advantage of.

2. Stopping Subscriptions

I can be more guilty of this and is keeping several subscriptions that I don’t need recurring each month.When you sign up to services such as Netflix and now TV you are going to be spending at least £10 each for every subscription you have active.Now despite me having all these one things I noticed is that all is one that you don’t use as much and is more beneficial if you stop it.Let’s say for example you have a Netflix account and you are spending 8 pounds a month this is £96 for the year.Now you may use this a lot and maybe getting value for your buck however if you’re not then it could be worth getting rid and saving that extra cash.

3. Making The Most Of Cash Back Schemes

This goes for almost any item in the house. A great example is mobile phones, especially if you buy them outright you may have some old ones that you either trade in and save on a new phone or better still get cash for.

For me when I brought the new Xbox One and decided to move away from the PS4 I stopped using it.

I basically had money sitting in the TV cabinet, I probably should of sold it after I buying the brand new one.

If you walk around the house and look at items within your household you are guaranteed to find something with value that you could sell and save money.

4. Sell Items You No Longer Need

Ever brought a game, movie, book and find yourself not using it in a while.Chances are you don’t need it anymore and you would be better off just selling it. This goes for almost any item in the house. A great example is mobile phones.

Especially if you buy them outright you may have some old ones that you can either trade in and save on a new phone or better still get cash for.For me when I brought the new Xbox One and decided to move away from the PS4 I stopped using it.I basically had money sitting in the TV cabinet, I probably should of sold it after I buying the brand new one.If you walk around the house and look at items within your household you are guaranteed to find something with value that you could sell and save money.

5. ‘Value’ Food

I used to have some bad habits, I am talking buying fast food and whatever’s convenient most days.

As you may know this is not cheap and if you are buying a Big Mac every other day not only is it really unhealthy but it soon ads up.

If you are able to visit the supermarket you can find a lot of cheap products that you could put together to make a nice meal.

For example, something I like to cook is pasta and it turns out you can buy a packet of that along with some sauce and maybe some basil for way less than £5 (or how ever much a McDonalds meal is).

This works out so much better in the long run.

As for that price you have enough to make more than 1 meal as opposed to the singular ready meal you would normally be picking up.

Great way to go about this is to set up a plan, write down each day for the following week and plan what you are going to eat.

You can go further and work out how much you are going to be spending on each day and compare it to before to work out an overall saving.

Conclusion

There are hundreds of ways to save money many of which we all ignore but finding the time to put 1 or 2 into place can be a game changer.

I have implemented all of the above ways in to my life so if any of them appeal to you or your not doing already then maybe give them a try.

Talk to you soon,

Josh

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5 Straightforward Ways To Stop Yourself From Procrastinating

Procrastinating has become one of the main issues I have had to encounter over the past few years.

Unfortunately, it is easier said than done when it comes to preventing yourself from doing it.

That is because we as humans are programmed do so.

Whenever a task is too daunting, or quite frankly we can’t be bothered to work, we will procrastinate instead of doing something productive.

For most people, this can be daydreaming, watching TV, browsing endlessly through social media and more.

The last one of those especially seems to be my downfall.

But anyway, today I would like to go over some straightforward ways that you can implement into your life to stop you from losing concentration of your work.

1. Think Long Term Instead Of Short Term

Firstly we have the mindset change that you can make which will help you decrease the time you procrastinate.

When we look at tasks, we often think it will take too long to complete, or even I would rather do x activity instead.

We all want instant results; we are looking for that instant gratification.

That is why not everyone succeeds in what they do and may never find success with this attitude.

E.g. you run a blog, you have a ton of ideas to write about however you never write anything.

Well guess what your situation won’t change, and tomorrow you will be in precisely the same position.

That is why you have to change your mentality to more long term instead of short term.

If you think if I act and work on this each day this week and be consistent, then I am bound to be in a better position next week.

And you can apply that every week, this is a great way to stop procrastination as you will feel more motivated to work knowing that it will benefit you more in the long run.

2. Change Setting

You can also change your setting to get more things done.

If you are in an environment that is distracting, then you are more likely to stare into space and do nothing.

Let’s say you have an essential paper to complete and you have been putting off which of the two is better.

1) Living room – with a TV, furniture, maybe other people, pictures on the wall

2) Empty Spare room – One table with blank walls

Despite the empty room is the best way to concentrate you may still procrastinate because you are bored maybe however you are much more unlikely to do so with nothing around to distract you.

3. Turn Your Phone Off (Or Any Devices)

Phones are designed to keep people hooked, and with the variety of apps you can download on them it’s making it harder for the average user to get off them.

If you have a phone, you are going to struggle with this as you may be going on it multiple times a day.

I know at one point I was going on it once every 15 minutes at least, which was very unhealthy for me looking back.

Nowadays I have cut my phone time and is as positively affected my work production.

So for you, if you can turn your phone off for a little while when you are trying to do complete something, then you are less likely to have an urge to use it.

4. Changing Your Routine

Some of you may be confused at this one but changing your routine is an excellent way to have a more productive day and limit your procrastinating.Whether that is getting up early, taking a walk somewhere or just doing different activities within the local concentration when it comes to doing your homework.That is something I have gone through first-hand. When I’ve gone days without doing anything or changing a lot, I will end up getting bored quickly.That means my productivity levels have suffered.So the best way to combat this is just by mixing it up. So if you are trying to complete something you can work on it for 30 minutes, take a break, then work on it for another 30 minutes. You get the idea.

5. Write Daily Goals

What I recommend to anyone trying to get things done without wasting time is to set themselves daily goals each day.Preferably small goals, this will make it much easier for you to achieve them.What I used to do is challenge myself to get so much done in the day that it would be quite overwhelming. I would find myself completing nothing as I set myself too big a task.So if you can set yourself small and achievable goals, then you’re going to be not only more likely to achieve them but a lot more productive.

Conclusion

For me, these five tips are helped me to improve productivity and stop procrastination during the day.As an entrepreneur, you need to make the most of all the time if you want to achieve your goals need to make sure you’re not wasting precious time in your day.Let me know how you feel about my list, is there any other tips you implement into your day. If so let me know in the comments section below.Speak soon,Josh

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