Passive Income Goals
In order to achieve your overall goal of financial freedom that would be long lasting, you need to set it as short and long term SMART Passive Income Goals first.
Why should you set Passive Income Goals. There is power in written goals. Setting goals is the first step to turn the invisible into the visible.
Setting goals will determine the direction you follow to achieve your financial freedom, so that you don’t drift away into unprofitable ventures and steps. Setting passive income goals will determine your success or failure in becoming financially independent.
Why Do You Want To Set Your Passive Income Goals To Achieve Financial Freedom?
Why do you want to achieve financial freedom? You have a dream to live a kind of lifestyle of financial independence and needs an income that well takes very good care of all expenses to achieve that lifestyle. So that your passive income is sufficient to cover your living expenses and the kind of lifestyle you want to live.
You want to get to a level where you can work only when you want to and still be able to comfortably pay your next bill.
You Have To Set Your Dreams:
You also need to write down a list of dreams you want to live. This will help you to write out your plan and keep you motivated in achieving your financial goal. It is more about the journey to achieve your financial goal than about the destination.
You can have dreams of lifestyle that may include the following:
- Live with your family and spend as much time as you can with them.
- Children education
- Go to college or improve your education or career.
- Type of house/Mortgage
- Food for yourself and your family at home and outside
- Type of Car/Car Payments & Insurance
- Have your regular vacations
- Travel a minimum of 4 months a year to Europe, Asia and Africa.
- Investments (real estate or others)
- Live on an acre of land on a hill overlooking the ocean.
- To help the less privileged/others
Setting Your Passive Income Goals For Your Financial Freedom
So many people desire and many are even trying to become financially independent. The question is, why is it that only a few people ever succeed?
The number one reason of attaining financial independence is that it doesn't just happen accidentally.
It starts with a positive mindset that it is achievable and would be achieved, a detailed plan of your financial freedom goal, and a willingness to commit to that goal.
To achieve your financial freedom, you need to focus your mind on accomplishing that goal. Your goals would have to identify what exactly you want to accomplish. The clearer your financial freedom is mentally real to you, the easier it becomes for you to develop your overall strategies and then follow this goal.
Goals are the wheels that will keep on the track and dreams are the fuel to propel you further.
Your next step to generate consistent passive income is to set passive income goals. It’s a lot easier to set a goal but bringing your passive income goals to fruition requires a great deal of time and commitment.
Decide right now, where you’re, that you’re going to give it what it takes to generate that type of passive income of your dream, that gives you the kind of financial freedom you want to enjoy.
Set Time-bound goal
Every goal needs a time deadline to achieve each of the plans. When you set a goal without a time frame for the goal, it is easy to fall into a performance trap. You want to set up your fully functional optimized and monetized website that you can continue to grow the content, the authority and the ranking.
Do you want to achieve 100 posts on your blog in the next month, or six months or one year or two years?
When do you want to achieve $100 a day or $300 days in your affiliate marketing or online marketing?
Write Down Your Passive Income Goals
It is important to write down your goals. Studies have confirmed that setting your goals on paper is far more powerful than setting them in your mind. When you set your goal in your mind, you may regularly forget and skip some very important steps. The people who tend to set their goals arbitrarily in their minds, most often don't achieve results. Therefore write down your passive income goals including every important step about those goals.
Putting The Necessary Steps Together To Set Your Passive Income Goals
Now you can use the SMART goal setting technique to put the steps in your Passive Income Goals together. Your goal to financial freedom should be SMART:
When above rules are used in putting together passive income goals, you have a blueprint for your financial freedom.
Be Committed to Your Passive Income Goals
In order to achieve your financial freedom, you must be fully committed to your goals both short term and long term. It's always better to have a written plan that includes goals for each step, so that you can review your success or failure as you go on.
This will help you:
- To follow a pathfinder
- To remain focused on your goal of achieving financial freedom
- To be on track regularly,
- To readjust where necessary in order to get the right results.
- To evaluate your success at every stage.
You Need To Find A Mentor
It's always very difficult to get everything put together to start earning passive income or know how to turn ideas you have into producing automated passive revenues month after month. It’s easy to face different hurdles that can get one frustrated.
This is why we need to find and connect with mentors who are highly experienced and piggy back on them, tap into their knowledge to achieve immediate success. We can leverage on such expertise and achieve success without going through the normal time wasting efforts.
There's no pulling of hair or guess work. You just follow the lead of the mentor step by step watching right over his shoulder how he does it. You implement his strategies, and you reap the rewards.
Finding a good mentor that’s not only very successful online but has passion to help others to achieve the same success in internet marketing or affiliate marketing is quite difficult.
It is important to find a successful coach in your niche or industry and either request a mentorship to them which they will in most cases willingly accept or join their mentorship program if they have one.
However, you don’t have to get discouraged if you don’t immediately find someone that's willing to help. You keep searching, staying persistent until you succeed.
You Need To Take Action
Now that you have created your passive income goals and milestones, it is time to accomplish your goals. Achieving goals could be very daunting and frustrating at times, but you cannot afford to be discouraged or get frustrated.
Quitters don't win, and winners don't ever for any reason quit until they achieve success. So, you must be committed to your goal and give everything it would take to achieve it.
Scale Up Your Successful Campaigns.
Now that you have started implementing your Passive Income Goals, the final step in creating a significant passive income stream for your finance freedom is to scale up your successful campaigns. Once you find that a technique is working, scale it up.
Track Your Performance and Results.
You therefore need to measure and track all the steps you take, every campaign and strategy and see what’s working. Once you identify any of your strategies that is working with good returns on investment, try to figure out how you can scale up that method or revenue stream.
Just track everything on your website. Track your email delivery, opening and conversion, web pages, videos, audiobooks, squeeze pages, ads, ebooks, podcasts, courses, webinar, social signals and everything including the movement of visitors and what brought the sales.
Find a way to scale up everything. Eventually, over time, you’ll find that your passive income goals are yielding progressive significant results.
This may not happen immediately, don’t get discouraged, it's does happen. As long as you are consistent, focused and determined you will start seeing results at a stage.
Therefore stay focused, committed and be persistent, you will ultimately achieve your Passive Income Goals for financial freedom and live the life of your dreams.
Quick Start Challenge Week 2 Webinar Coaching
Quick Start Challenge Week 2 Webinar Coaching has come and gone. The assignment for Week 2 Challenge is SUPER simple and fun.
Mentees are expected to design their dream lives, estimate their monthly cost to live it and then write a blog post detailing everything.
Their blog posts for their dream life are to include:
- Why they have started building an online business
- What they want out of their business
- What is their dream life
- What is their monthly income goal to make their dream life happen?
My Dream Lifestyle
Here’s My Monthly Income Goal To Meet My Dream Life Financial Obligation
Utility Bills (Electricity, Water, Gas, TV , Phone, Internet Connection, and Others): $500
Car Payments & Insurance: $1,500
Investments (real estate, online business): $2.000
Total: $11,500 per month
When I am able to make $11.500 per month in profit in my full time online business, then I should be able to have financial freedom to live the kind of my dream lifestyle.
My Final Thoughts
Why Did I Join the Quick Start Challenge?
Very simple. It has to do with mentorship. I want to learn from those who know what they are doing and are highly successful in their online marketing business, in order to pursue my passive income goals right as I learn from the experts. As I gain mastery, I can then scale up my business and achieve my financial independence.