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Hey what's up, it's Jerad, with Practically Passive, and in this video I have seven ways
to help you find time to build your passive income revenue stream.
This is super timely for me because I forgot to put a video up yesterday.
I had announced, not even a full week ago, that I was going to be putting out a video
every day for 30 days and yesterday I straight up forgot to edit a video and get it put out.
Now, I started the early and had meetings in the morning, and then had a couple hours
back at the office, tried to knock out editing a video for State of Tech and then had to
drive to another town to pick up some stuff for a photo shoot, and then make it back in
time to take my kids to Jujitsu practice.
Then I had to figure out dinner, I mean, it was just a crazy day, and I, it totally slipped
my mind.
In looking at it, I had forgot to add it to my task list for the day, so it just wasn't
a thing that was on the top of my mind.
I had too much going on to really think about it.
Then of course there's today, which the time that I'm recording this, Apple announced their
new iPhones and Apple Watch and all that stuff, so I watched that keynote.
I got this new drone in, and so I was messing around with that.
So there's things for my passive income that I've been working on.
Like yesterday, I was editing a video on the comparison between the Galaxy S9 Plus and
the Note 9 cameras, and so I was editing that video and then I also got my Galaxy Note 9
review video out.
So there's ... I was working on my passive income revenue streams but I failed at getting
a video up for this channel.
So here's seven things that I have identified as things that I need to continuously remind
myself of and work at, in order to grow my passive income.
I think that they're things that are going to help you out.
So let's dive right in.
The first thing is to cut back on other activities.
Now, there are a lot of things that I know that I could cut back on, like TV watching,
scrolling Instagram and different things on the Internet, news and stuff like that.
I read ... I have to stay up for ... considering the, considering the areas that I'm in with
my passive income, I need to stay up on technology.
I need to stay up on what's coming out with cameras and all of that stuff because I have
to constantly be generating ideas for content, and thinking about what's next and what's
new.
For example, like with the time that I took today, two hours, to watch the Apple keynote,
that was two hours that I could've been working and doing other things.
I tried to multitask but it's a little hard to take notes and kind of prepare for producing
a video while doing other things.
So, there's some times I have to pay attention to that, but when it comes to watching TV
shows and scrolling Instagram or Twitter or Facebook, or whatever, those are all things
that you can cut back on.
I know at times I need to remind myself to cut back on those.
I mean, would you rather be editing a content or writing content to put out there that's
going to help you build passive income or would you rather make sure that you are up-to-date
with whatever TV show episode that's out, that you're interested in.
The TV show, though it adds value in the entertainment aspect, it's not going to add passive income
value to you.
So you need to look at those ares and how you can cut back.
When you go to reach for that remote, to open up Netflix, or whatever it is, you need to
just put that remote down and go jump into whatever it is that you're doing to start
building your passive income revenue stream.
Number two is to wake up early or go to bed late.
Now, I am not going to trade out time with my family for my passive income.
For example, I'm not going to go home after being gone all day working and then ignore
my family so that I can work on my projects.
My passive income is not more important then my family.
My family comes first because if I sacrifice my family in order to build passive income,
what good is having the passive income?
I've done enough damage to my family, I just don't believe in trading extra dollars for
time that you could be spending with your family.
Especially in the stage that I'm in now, with kids that are elementary school aged.
I want to make sure that I'm spending as much as I can with them and I don't want to trade
to much of it out for work if I don't have to.
I already feel like I do that.
Going to work from 8:00 to 5:00.
I'm already gone throughout the day, and even though they're at school during the day, there's
still a few hours in the afternoon that if I was able to leave a little earlier I could
spend time with them.
That means, if I want to work on my passive income, I either need to wake up earlier then
everybody else, you know, everybody in my house wakes up around 6:30.
So that means I need to wake up maybe an hour earlier then normal to spend some time in
the morning on it before everybody wakes up or wait until everybody goes to bed and then
spend a little bit of time.
My kids go to bed around 7:30, 8:00.
My wife goes to bed usually around 10:00, so maybe that means I stay up until 11:00
or 11:30 working on it.
So that's a way to kind of get some additional work done on your passive income revenue streams
without trading out time that you could be spending with a significant other or your
kids, or something like that.
I also recommend, don't ... I wouldn't trade out time that you spend on yourself, like
going to the gym, remaining fit or taking care of yourself, don't trade that out either
because personally, I would rather it take longer to build my passive income revenue
streams then sacrifice taking care of my body.
Because these are all things that catch up with you, you can't get time back in those
areas and the more that you put those things off the more that you sacrifice the things
that's are important, the more challenging it is to actually make them important again.
So, wake up early, go to bed late.
That's number two.
Number three is to automate as much of it as possible.
One of the lovely things about the Internet, if you're going to be doing content on the
Internet, like I do, and a lot of what I'm talking about, whether that be blogs or stuff
on social media or a course or an eBook or videos like this for YouTube or what not,
is that you can sit down and do a whole bunch of them.
You may have noticed the videos that played before this one, the majority of them I'm
wearing the same shirt.
I didn't even bother trying to pretend like I am recording new videos every day.
I sat down and recorded three or four videos at a time.
Then another day, sat down and recorded three or four videos at a time.
Now, this one I'm recording today because I wanted to talk about how I forgot yesterdays
video but tomorrows video would have been a video that I recorded a couple days ago.
So, you can actually sit down and knock out a while bunch of work, and stagger that work
out because all of these platforms allow you to schedule your content, so you can make
a promise like I did, of releasing something everybody for 30 days, and get all that work
done and then schedule it out and then it doesn't become something that you have to
do every single day.
It becomes something that maybe you have to spend a bunch of time on on one day, which
maybe that's your weekend.
Maybe you spend a couple of hours on a weekend getting that content done, so that you can
schedule it out.
That's automating because it's automatically going to be posted at the time and date that
you give it, that you specify it.
In talking about that, if you're going to be putting out content, typically, depending
on the type of content, it's best to release it in the morning, especially if it's content
that's more informational, like what I'm putting out.
If it's entertainment content, you may want to schedule that out later in the day because
most people are consuming informational content earlier in the day and entertainment content
later in the day.
But every audience, in every industry, and whatever type of content it is, it's going
to vary.
That's just kind of of, it's not a solid rule, it's just my experiences in having produced
both types of content.
So, automate as much stuff as possible so that you're not doing work that could be easily
setup and ran automatically.
A lot of that comes down to you being able to just sit down and produce a bulk amount
of content and putting it out, and scheduling it so that it looks like you have stuff going
out every single day.
You want to have that activity, it's extremely important to have that consistent activity
happening constantly so that people are exposed to what you're doing.
Number four is to hire a virtual assistant.
I mean, if you don't have that extra time then you can hire a virtual assistant to do
a variety of things.
This is one of the things that was talked about a lot in, The 4-Hour Workweek.
One of these books that is touting the lifestyle of being able to go and do whatever it is
that you want and only work for a few hours, hugely automated discussions in that book
and hiring out and allowing other people to do stuff.
Giving them the authority to do certain things so that you can go and explore the world.
For me, it's looking at, what are the different things that I don't necessarily need to do,
that somebody else could do for me.
What are the things that I know somebody could do faster?
Now it's tricky with video, editing video, I would love to outsource that but the files
are so large and transferring things, and moving things around.
It's much easier for me just to shoot a video, do minimal edits to it and upload it myself.
When I had an employee I could have the employee handle that stuff and get a lot more content
out because I could be shooting videos, he could be editing, I could go on and work on
other things, he could still be editing, and so I was able to get much more stuff done
and get more content out when I had an employee working full-time.
But not that I don't, and it's just me, it's a little bit more challenging and if there
was a great way to outsource my video editing I probably would do it, but when it comes
to logo design or some other graphical stuff, I will hire out for that, I'll use Fiverr.com.
When it comes to converting these videos into articles, I don't do that because it's going
to take me a lot more time.
I use Rev.com, and I'll put a link down in the description below.
In a video in the near future I'm going to talk about Rev.com because it saves me a ton
of time to have these videos transcribed, for a couple of different reasons, I don't
want to get into it too deep, but I have these videos transcribed so that I can convert them
to a blog really easily.
Then also, so I can add closed captioning to my videos, which is extremely important
to help with these videos being discovered on YouTube.
Number five is to partner with someone.
I mean, is there someone that could add value to what it is that you're doing and with the
two of you together you're actually able to cover twice the amount of ground, in half
the amount of time.
Maybe you're married to that person.
You have a spouse that's interested in a similar thing and you both can share the different
responsibilities that are going to come more naturally to you.
Partnering with someone can definitely help get you more ground.
If there's something that you can offer and there's something that that other person can
offer, you bring both of those parties together and you have a nice team and you're able to
get these passive income revenue streams built faster.
The only problem with this, is that passive income is tricky to nail down, to kind of
... you can have a lot of different sources.
So it's going to be tricky to look at all of that and make sure that each person is
getting what it is that they deserve.
50/50 splits probably going to be the easiest, but I mean, you may have some ... One persons
work contributing more to a certain income stream and another persons work contributing
to a different income stream, so that might actually become a little bit challenging to
maintain., but its definitely something that you can do.
Especially if you enjoy more working together with someone then you do by yourself.
For me, and I think a lot of people watching this video, you're wanting to build passive
income revenue streams for yourself, to kind of separate yourself from being reliant upon
anybody else or a job, or what not.
So partnerships aren't going to be for everyone.
I know that they aren't for me, but I wanted to include it because a lot of people like
that aspect of working together, and with the right partnerships you can definitely
achieve a lot more then you can on your own.
Number six is to cut back on your work hours.
Not something that I definitely have done, and it made it easy for me to do that because
when I had my last employee quit, that was kind of full-time, I was used to paying that
persons wage, 40 hours a week every day of the month.
So that was an expense that all of a sudden wasn't there.
There was a certain amount of revenue that I was able to keep and that allowed me to
scale back on a little bit of work.
Because not having to pay several thousand dollars a month definitely cuts back on the
overhead.
That means there's less work that I have to agree to take on and then that gives me a
little bit more time and flexibility.
Now I'm still playing catch up with all of the work that we had signed on before he left,
and so there's a lot going on there.
There's a lot that I still have to keep and get done but in things going forward I've
definitely been much more picky, so I'm definitely taking advantage of this one by cutting back
on the amount of work that I'm taking on so that I don't have to be as tied to that work
and I can work more on my passive income streams.
It's just tricky because I don't have a typical 8:00 to 5:00 job where I clock in, clock out
or I'm not getting all of my instruction from the one company that I work for.
I have multiple clients with different needs and every day I have different requests coming
in through email and phone calls.
So it can be little tricky to actually find that time.
So a lot of times I have stuff in my task list, for my passive income, that I have to
keep moving to the next day, to the next day, but I leave it in there because if I do have
extra time come up I want to make sure it's top of mind, that it's on my task list and
that I'm able to achieve it.
The last thing is just to go all in and quit.
Now, that's not likely something that most people can do.
You can't just up and quit your job, you need that income, that standard income, until you
build your passive income revenue stream big enough that you can replace your regular income
with that.
Now if you are a duel income household, you're married, you have a husband or a wife that's
also working, you might be able to work something out there where you say, "I'm going to quit
my job and I'm going to go full throttle into this passive income for six months.
We're going to have to sacrifice a little bit, maybe not take any vacations or whatever
... " But you might have some leverage there.
If you're a single income household, like me, then it's a little bit tricky because
you have everything on your plate, as far as the expenses go and you can't just necessarily
say no to everything.
There is no guarantee that your passive income is going to continue to grow and that it will
get to a point where you, if you can replace your income with it, that could take a lot
of time.
So it's very tricky, and kind of scary, to do that.
The more responsibilities you have, the more caution I suggest, in making decisions like
this, because the job that you currently have is guaranteed, so long as you're able to keep
the job or they're able to keep you.
Passive income is so that is going to vary, it's going to be different for every single
person as to how long it's going to take to build that up.
Your idea may be really good but it may take a lot of execution to pull that off before
you're actually able to start selling it or start making money.
If you're building passive income like me, getting paid small amounts from different
things that you're doing, it's going to take even longer because initially you're not going
to get paid much.
YouTube has limitations and things that you have to meet before you're actually even able
to get paid by them.
So there's lots of things that you have to start working at before you're even going
to have much of a passive income at all.
So, the whole passive income thing is definitely, most likely, going to be a side project for
you for a while, until you're able to get it to a point where you have enough income
coming in that you can replace your current income.
That's my goal for this year.
It's what I've been talking about, is trying to make sure that I can invest enough time,
into my passive income revenue streams, to build them up to the point where they are
meeting my needs of my household and myself because if I can get to that point, and I
know that at least for the next six months or so, I'm going to have that passive income
is going to be at least around that, around that amount, I'm able to cut back on that
active income that requires me to be there, be present, doesn't alow me any flexibility
and of course that's the goal for this year for me and I hope a goal that I can help the
majority of you reach as well.
So that's going to do it for this video.
It was a little bit longer one but I think that these are important things to talk about,
especially early on in the stage when it's critical that you put as much time and effort
into your income streams as you can, so that you can build them up.
Definitely subscribe to the YouTube channel so that you get notified when I put out videos
and so if you don't get notified on a certain day you can look and call me out for missing.
Definitely would appreciate like with tweet or something like that because it's likely
that I may forget again.
I've just got so many things going on and I'm trying to build passive income revenue
streams.
I'm trying to encourage all of you to do it as well.
So, occasionally I might need just a little bit of a kick in the pants, and I'm okay with
that, and I don't mind getting that from all of you.
Thanks for holding me accountable.
Head on over to PracticallyPassive.com and put in your email address so that you could
receive updates, whenever I put stuff out.
I have some cool stuff that I'm working on, kind of in the background here that I haven't
talked about yet.
A giveaway that's going to be really cool and interesting.
So definitely make sure you subscribe so that I get notified when all of that stuff comes
out.
I don't want you to miss it.
That's going to do it for now.
I hope to see you in the next one.