How To Overcome The Passive Income Struggle
Here I am again, airing out my dirty financial laundry/emotional baggage on the internet. I noticed though, I’m not alone in the passive income struggle. Over the past few weeks that I have heavily gotten into Reddit and Facebook groups that many people are saying the same thing that I have been telling myself, “I don’t know where to start”, “I don’t know what to name my…”, “I don’t know if it’s already taken”.
The I don’t know struggle
I have been reciting this phrase over and over again not just with passive income but with everything: my future, my finances, my job, my career, my everything. Okay maybe this sounds dramatic but there is always some kind of insecurity, struggle or doubt in everything I do, and you might feel this way too. I don’t know why I am freezing up so much, feeling like it’s already been done, feeling like “What’s the point?”.
I have always been interested in passive income
Since I was 15, I have had a job. I loved working, I loved working hard and seeing my bank account grow. I had every job you can imagine - fast food, retail, corporate, creative, banking, finance, operational, paid internships, unpaid internships, baby sitting, tutoring. Literally I have been through it all. I felt like a million bucks when I only had $1,000 bucks in my bank account.
I have always made wise financial decisions and knowing my limits, to never spend beyond my means even though when I did struggle during my career transition I racked up $700 of debt to pay for necessities.
I worked so hard to get where I’m at. Through the jobs, through the undergraduate classes and now onto my thesis class for my masters. I went through highs and lows in my income, luckily now I’m at the highest point in my life. But I have always had an interest in making more through creativity.
When I was in college I experimented with an Etsy shop, putting up earrings I made and a scarf or two. The shop never got anywhere but I felt a sense of excitement knowing that someone was potentially looking at my listing. I listed branding services on Fiverr, I even got a few sales but it became overwhelming and I should of been more strategic of pricing my time. During this time, I started my first blog. It didn’t even reach the level of views, clicks and referrals that this blog has already received. I added Google Adsense to that blog very quickly after reading an article in 17 Magazine (yes, cringey to admit that) about a girl who bought her house with the blogging money she made. I made about $5 before I shut it down out.
That was my first taste of passive income. A blog that made $5 and I was hooked after reading all the success stories. I would read for hours and hours books, blogs, articles, anything I could get my hands on about passive income. Right after college I made my Etsy shop selling printable quotes and posters, made $10 from my dad’s ex girlfriend and then shut it down. None of this every went anywhere though. And from both of these situations the excitement soon turned to sour tasting embarrassment. I talked up my blog, I talked up my Etsy shop to everyone that would lend an ear and I didn’t have the stats to back it up. But there is something here that is bigger than the embarrassment that I need to overcome 3 years down the road.
Just do the thing
What I and many of those people on the forums are struggling with is embarrassment or potential embarrassment of this passive income thing failing. What I want is what everyone else wants, to be successful. What I noticed though, from a young age that only grew in adulthood was as a kid and young adult, I would do anything I could, try anything I could get my hands on to get ahead. I notice now that it takes me so much longer to get going with work projects and personal projects. I didn’t care about the result, I cared that I tried and worked hard. Now instead of starting something, I research and compare myself heavily to others. I feel like I’m a fake trying to make it, worried that someone will discover that I am not what I am. Which is not the case, I worked hard for everything I have today and I shouldn’t let unfamiliar territory get in a rout. I’m sure I’m not alone in this feeling.
I am making a commitment to myself from this day forward, I will open up the passive income streams that I dreamed about making and I will continue to do it even if there’s a resounding voice of doubt in my head.
What passive income streams am I focusing on
So maybe I’m being overly ambitious but this girl has dreams and she’s no longer going to wallow in insecurity to get them done. The following are the streams I want to create and where I’m at. My background as a designer will heavily play into the streams I am producing.
No listings so far but I have an idea of what I would like to do. I have been held up by researching other shops, gathering ideas of what to create and how to deliver them in the best way to customers. I need to knock it off and just starting creating.
I have one listing and ideas for more listings to come once I get a free second.
I have an idea but want to wait to build up more experience in my career. Hint Hint.
Stupid Young Money has been growing more than I could of possibly imagined even though it needs a ton of work, which I should probably get around to. Since starting in July, I have reached almost 1,000 page views which is more than I ever thought possible. Though it might be small, it’ll continue to grow. Definitely simplifying has helped: I switched to Squarespace instead of Wordpress, I’m focusing on content instead of plugins, SEO, Adsense and all the other gadgets and gizmos that blogging comes with. When the time comes I’ll integrate monetization but for now I’m pretty happy with where things are at and how their growing.
I have two videos so far on UX Design. I missed making one last week so I’m hoping to get myself back on schedule and get over my insecurities/imposter syndrome.
I didn’t pay much attention to this before until I read a passive income post by Digital Nomad Quest, but I might get into stock photography since I have two beautiful cameras that I used to use in the past and have recently taken them out. Will be investigating platforms in the near future.
I am setting a goal of $100 in passive income per month by December 2018.
I will be creating a monthly post of my passive income struggle to track and for you to follow along with what is working, what isn’t working and what needs some work. I have to say I’m getting pretty excited about where this could lead and I am equally excited to get started on these passive income streams.