How to Attract Happiness while Making Passive Income
In my previous post, How to Face Your Fears, I talked about how important it is to unlearn certain fears. The fears of losing money, of failure, and of poverty run through the vast majority of people. These fears in particular can deprive us from becoming financially independent. Due to our fears of being penniless and dependent on others, we lose our ability to make correct financial decisions.
Your Money Mindset
You may be unaware of your attitude towards money, but if you have a negative attitude it can sabotage your money making ability. T. Harv Eker calls it your “money blueprint” in his book Secrets of the Millionaire Mind. Your money blueprint is the information stored in your “programming”, so to speak, that you received in the past. Normally the people who have conditioned you in the financial ways of the world would be your family. You watched your parents and siblings deal with financial situations and absorb their lessons like a sponge.
Basically your money blueprint causes you to think a certain way about money, and those thoughts affect your ability to make more money, save money, or hold onto money. In the case of a negative attitude, you may have heard, rich people are greedy criminals, you can’t be rich and happy, or money is the root of all evil. In these negative thoughts, your subconscious mind will make the connection that money is bad. This will cause you to find ways, whether you are aware of it or not, to lose your money. Your subconscious will never allow you to be rich.
Of course this negative mindset towards money can be unlearned. Check out my previous post here for more information about unlearning fears.
What is Financial Freedom?
This is the goal. Happiness is important, but I don’t see it as the all-time goal because happiness comes as a by-product of financial freedom. Wait a minute, I just want to make sure you didn’t hear me say money equals happiness. Because I do not believe that money equals happiness. But consider that the majority of people are constantly worried about their finances. Constantly being stressed about money doesn’t make me very happy. It actually creates a lot of anxiety for me.
If you worry and stress about money all day, every day, think of how much happier you would be by simply eliminating that problem. That is what financial freedom is, no longer having to worry about money. Attaining financial freedom is going to be a very personal experience because it means something different to everyone. Defining it for yourself means visualizing your ideal lifestyle and how much it costs. And then finding a way to fuel this lifestyle through some sort of passive income.
It is your own responsibility to reach this goal and it’s something you will have to put deliberate action towards. It takes tremendous will-power and self-discipline because it’s a long-term goal that requires quite a bit of sacrifice in the beginning and perhaps even the middle parts.
How to be Happy!
As I said earlier, simply by eliminating your money problems, you will be releasing a lot of your stress. And if you are constantly thinking about money in a negative way it can be taxing, and causing you a lot of grief. This doesn't mean that the only way you will be happy is by achieving financial freedom.
The best part about financial freedom is that in the process of working towards financial freedom, you put yourself outside of your comfort zone. You push yourself. You learn new things, you exert self-discipline and hard work towards self-growth. Basically having a positive attitude towards money, saying affirmations out loud, learning and creating passive income is the process. You are aligning what you think with what you say with what you do, and that creates a sense of happiness.
What is Passive Income?
According to Investopedia, Passive income has been a relatively loosely used term to define money being earned regularly with little or no effort on the part of the person who’s receiving it. As a technical term, it is defined as either “net rental income” and “income from a business in which the taxpayer does not materially participate,” and in some cases can include self-charged interest.
Passive income requires sacrifice in the beginning, because in order to find and set up a passive income opportunity, it may take up your time, energy, as well as your money. It is an investment and you may not see returns for extended periods of time. But the purpose is to reach a point where you continue to make money with little or no effort.
5 Passive Income Ideas to Get you Started:
Before getting started with any investments, it is important to have no debt. If you do have debt it is a good idea to pay that off and modify behavior on the way.
- Teach an online course. Skillshare and Udemy are great ways to automate some cash flow if you have some marketable skills to share.
- Using Etsy for selling your handcrafted goods is not passive income. Instead try selling your digital products, because those require little to no maintenance once they are up and running. All you need to do is put the time into creating the digital products and setup quality listings.
- If you have the money to invest, real estate is a good passive source of income.
- Sell your products by building a sales funnel. This does require an investment of time and some research. But basically you will want to offer a freebie in exchange for an email address. By using a system such as Mail Chimp or Aweber you can create your sales funnel. You can use those systems to create an automated email series that will continue to move your leads towards the products you are selling.
- Dividend stocks are nice for passive income because you do not need to sell the stock, but you will need to buy enough of the stock in order to receive a good amount of money. This will take research up front as well as funds to invest.
The challenge lies in using your free time to invest in yourself. Don't feel like you have to know how to do this list of things before getting started. This list is just to give you an idea of the passive income opportunities. If you don't know how to do something, but it catches your interest look into it as a hobby as well as an investment opportunity.
One important habit of happy people is when they feel down, they learn something new. If you are feeling down or discouraged, pick something off the list and learn something new. Read some books, take some classes, and start creating.