Earning Money to Achieve Your Life Goals
Let’s talk about your life goals and the things you want to accomplish in your life. Can they be realistically achieved? Are you taking the appropriate steps to consummate them?
We’re all trying to make money online or offline because it will give us the financial freedom to do whatever we want; to experiment with hobbies, alternative career options or childhood aspirations.
Jim Westergren recently wrote an article explaining how he had gradually moved away from the webmaster/seo world into the profession of a full time writer.
I am an artist and I am meant to write, I am not a commercial executive and money is not that important for me. My goal is that from a few months from here I can make a living 2 days a week and write the rest.
The thought of more or less leaving the SEO world and entering the writing world were I am a total beginner is still a bit strange for me..
The reason for me starting up a company in the first place was to earn a living and to make it possible to write. The company was never meant to go that far.
Awesome, was the first thought that came to my mind after reading Jim’s blog post, which I discovered via Lyndon. I really like how Jim is actively pursuing his aspirations and it was rather motivating to see another fellow webmaster and marketer accomplish his personal life goals.
Life is incredibly short and there really isn’t much time to waste. You might even go to sleep tonight and never wake up tomorrow. The transient nature of existence is easy to recognize but it’s one that we always overlook, as we get caught up in everyday life and all our schemes for money, love or pleasure.
Putting Your Income on Autopilot and Achieving Personal Freedom
If you aren’t completely passionate about your online or offline job, you should be working towards a state of financial stability which will give you the personal freedom and space for changes in lifestyles and behavior.
One way to achieve that level of stability is to put your existing business on autopilot and have it generate passive income for you, without any intervention or work on your behalf. Here are some other options you have, as I see it:
- Sell your websites/business. This allows you to generate a lump sum of quick money, which you can use immediately for your personal goals. The amount of money you get from the sale can also be reinvested elsewhere for income. This is an option if you’re ready to completely cut off ties with the entire business world or industry you’re currently familiar with.
- Savings and Reinvestment. Take the income you are earning and put it in a savings account. Put aside some money to be reinvested on stocks, property or other online assets. This is the most common option and one that works. I save at least 40% of what I earn every month from my websites and hopefully that money will be substantial enough when and if I decide to disengage.
- Put Your Sites on Autopilot. Hire some people to manage your sites and pay them a monthly or performance based salary. Or set up an affiliate program and get a reliable and competent affiliate manager. Get affiliates to do all the selling for you. This is a way to generate decent income, while you’re pursuing your dreams. You’ll still need to spend some time managing the managers and workers, unless you outsource this responsibility as well.
I have many things I want to do in life and most of them require a large sum of money. It’s a little unfortunate how we can’t live without slogging away a big part of the limited time we have but that just means I’ll only have to work harder and smarter by currently making time and space for the interests I have.
What the Future Holds for Dosh Dosh
Chris Lodge recently asked me what I think will happen to Dosh Dosh in 2 years from now. If it will evolve into something different or if it would eventually belong to someone else. Frankly, I’m not sure what will happen in 2 years. It is a long time and a lot depends on my level of interest.
If I’m not interested in something, I won’t make the least effort to do it. This has always been the way I do things offline and online. For example, I simply will not create a website or business in a niche that doesn’t appeal to me. It isn’t worth my time and any forced efforts will only result in a weak and ill-maintained website.
Dosh Dosh will stay up as long as I have the interest to write for it. As long as I have an interest in exploring ideas and sharing them with others who are interested in reading them. This site is a means for personal gratification and much less a platform for generating income.
I don’t envision myself writing forever on this website and sooner or later, the day will come when I decide to make a real move towards the things I want to achieve or do in life before my time is up. I’m sure it’s the same case for most of you out there.
What life goals or dreams do you have? And how are you planning to reach that stage of financial and personal freedom?
My goal’s a lot like Jim’s — generate enough so that I can focus on grad school and writing rather than a 9-5 job.
Of course, my wife already has a nice job, so that makes it a lot easier in the long run as well.
I want to work hard to make my own business a success so that I can do the work tasks that I want to do and not have to wear lots of ‘different hats’.
My goal is to make extra money for traveling around the world
Thanks Maki.
I wholeheartedly agree with the sentiment about the shortness of life, and the need to get on with the things you enjoy.
I can’t say what my future plans are as things can change so quickly - 2 years ago I was secure in a job and house and couldn’t see anything changing. 3 months later my wife & I had jacked in our jobs and moved 500 miles north, and I started looking after the kids full time - didn’t see that one coming!
I didn’t start blogging to make money (which is fortunate really
)and I may shortly be returning to the real world of work in order to make some serious cash, so that we can do the things we want. In the meantime, if anyone wants to give me a few hundred thousand for my blogs, I’m open to offers 
Good luck with it Maki, and I hope you find Dosh Dosh interesting for a while yet.
I am very similar to Jim. I wrote my first SF story at 20. The difference is: I already reached my goal. I wanted to write and I write. I write daily for my blog. This is much better than writing a book. You communicate live with your readers. Many great bloggers are SF writers, take Boing Boing
I do not need to write SF anymore. I love to write for the sake of writing, I can write about anything and everything. I wrote blogs about art, music, architecture, politics…
I do what I always wanted to do, I write, I blog.
We all have our own definition of financial and personal freedom. But, the crucial point is to have enough to meet the daily, weekly or monthly bills.
To me, financial freedom is not to rely on certain sources of income (business or boss) and yet you can meet the spending. Mutiple streams income should be our goals.
Doshdosh is part of the Web2.0 product. 2 years is too long for internet sky! What will be the post Web2.0 cyber world ?
Although I’m a blogger by night, I’m actually a consumer tech writer by day, which is a pretty silky gig. I blog for two reasons: a) I love to cover the topics that I cover and b) I’m trying to generate some extra cash, as living alone in NYC aint easy on the finances. Ideally, I’d like to make enough cash where I can quit the full time to work as a freelance, but that’s a long, long road to travel at this point.
@ What life goals or dreams do you have? And how are you planning to reach that stage of financial and personal freedom?
I want to retire young and travel. My current goal right now is to make a featured documentary about 10 bloggers while traveling to meet them and find out why they blog. I want to make them famous.
My plan is to:
1. Raise the 50k through the car sponsorship program
Film the whole process
2. Buy 2 cars at the dealership
3. Put the domain names on the cars
4. Give one car to my little sister
5. Film her excitement as I give her the gift on campus
6. She will be able to drive this car all throughout college and Southern California
7. Film it and create a mini trailer
7. Have a Photo Shoot with my photographer with the other Free Car
8. Start the Free Car Contest
9. Send press releases with the story, photos & trailer to all media outlets
10. Grab sponsors from the blogging/technology world
11. Select the 10 bloggers and fly all over the world to meet them.
11. Film and produce the movie
12. Submit the movie to film festivals
13. Make dvd’s
14. Enjoy life
sorry for the long post.
I agree with number 2. I alway seem to have the habit of saving and investing.
Not that I’ am greedy, but it’s a habit for me
My life goals and dreams
This is a big question to put out and shall try to keep my answer as briefly as I possibly can. My life goals and dreams are the following:
1) Become financially independent before the age of 40 (10 years from now)
2) Living in a warm and sunny place by the sea
3) Help children in Africa and Asia by providing free educational options (e.g. schools)
These dreams are even more specifically defined but the above is the general goal.
Better yet I am already working a plan that will have me achieve these goals within the timeframe and probably the best part of it is that I get to help A LOT of people in the process.
For me the online world is actually slowing me down but I do find it to be very interesting as well so I am currently working on a plan to do both effectively and without removing to much focus from the original plan.
My husband and I are coming at it from a slightly different perspective. We’re currently semi-pro musicians, and we *do* earn enough from the music to live on if we were entirely out of debt. So we are running a number of small businesses side-by-side with the music to pay off the debts, which will (hopefully!) leave us in the situation where we can sell the businesses and he can make a living from the music, and I can make a living from a little music and a lot of writing…
We’re getting there!
This article really hit me where I live today. I was just thinking this morning about how I am not feeling fulfilled on a professional level. Money has never meant that much to me, but writing means the world. I was never happier than when I was writing my YA novel. I have just become complacent, content with simply making a living. I can see now that this is not going to be enough.
Thanks for the kick in the butt that confirms what I was already feeling.
Thank you for this post, Maki. I’m an artist myself and it is hard to make a living doing what you love.
I’ve recently been thinking about the different blogs I have, about one in particular, and it’s good timing - possibly divine intervention - that I should read your blog today.
So, thank you.
and take care…
I am one of those people obsessed with the internet. If I’m not surfing/reading/researching online then I’m at work, eating, sleeeping or running essential errands.
I am aware of what my interests/passions are (photography, writing poems & short stories, Great Ape habitat conservation, the African coffee/tea/cocoa/vanilla bean trade). I am trying to figure out how to make an income online with the hundreds of domains I have. As you said, I want to put my stuff on autopilot so I can do the things I love to do.
Although I live in the expensive tri state area of NJ/NYC, my priorities are such that I can live COMFORTABLY off $35-36K a year at my full time job.
I realize that a lot of the big player make money online folks are on a serious paper chase but that’s my not my gig or motivation. So the challenge for me is figuring out where I fit in in all this by reading your excellent site for guidance and implementing your tips.
If I were in a position to earn 10,20,30K a month in passive income with my domains and other related projects, I would absolutely cut back on a constant online presence in order to pursue my dreams like Jim did. I agree, life is short.
Hi Maki,
I just wrote a little post about you. There’s a running poll on my blog to see if your fans would like to select you to be part of the movie. The winner will have a chance to be featured in Blogging the Movie. You’re up against John Chow, Shoemoney and Problogger.
Prija
My current goal is to quit my day job. I hate it, and I’m trying my best to find another honest way to earn money. I’d love to work at home (preferably as a writer); this is what I’m pursuing at this moment.
Your suggestions to generate passive income are very good, but I’m afraid the 3rd one is impossible for most people. I mean, if we are still struggling to achieve certain goals that highly depend on money, how could we still have the funds needed to hire someone to work for us?
I’m thinking about that 1st suggestion, but I don’t have the courage to sell my best site right now. As for savings and reinvestment, this is something I’ve been doing for over two years, and it works great indeed. A lot of self-discipline is needed though, so you don’t end up spending the money that you should deposit to your savings account.
I’m a huge Dosh Dosh fan, and I’ll be sad when you stop updating this blog. But I totally understand your point: when one loses interest in a project, he/she is entitled to move on and look for something else. I only hope that you won’t lose your interest very soon.
@Faye - The environmentalist goals you have are great, I do have some interest in conservationism but only slightly. 20K a month would allow you to live rather comfortably, I expect.
@ebele - I hear you on the artist part. I have several friends who are artists (painters/filmmakers) and they don’t make much from it. They have to get into the commercial side of it (mag illustration/ads) to generate some regular income.
@Denise - You’re welcome. Now go finish that novel and publish it or make it into an eBook…
@Annie - You guys sound like you really do have a plan, which is terrific. All the best for your endeavors.
@Mikael - Altruism needs someone with a lot of zest and great ideas. I’m sure you can easily help the people in Africa and Asia. Glad you hear you have a plan in mind at the moment.
@Blogging the Movie - That’s pretty ambitious but sounds incredibly fun as well. ^_^
@Jay - Freelance writing is rad. BTW your site seems to be down, I can’t seem to access it..
@Tad Chef - Awesome. I see you’ve already attained your life goals… that’s not someone everyone can say…
@Chris Lodge - Back to the real world? Why not try to ‘make money online’?
Jobs offline do have more stability but they don’t seem to have as much potential as the internet. I mean, you could study for years and be a doctor or a Professor in a top university, and you’ll STILL make less than a very successful marketer, blogger or webmaster.
But yeah, sometimes making real money from the net is tough as well. Keep me updated on your new job (if you do get it!)
@Karen Zara - Thanks for sharing! I don’t think I will lost my interest anytime soon, unless something drastic happens.
I have just decided to sell my house so I can chase my dream.
Seems like a big step for a lot of people, but if you really want to go for something, it feels like it just is the best decision you can make and you just have to do it.
Time will tell if it is.
Wow Peter I don’t know if you are being serious or not here, but if thats the case then I hope you succeed on your dream!
Yes, I’m deadly serious :-).
Let me know if you want to buy a house in Belgium…
hehe, not yet Peter, but let us now about your progress
Thanx for your tips
keep up the good work:)
@Maki. I totally agree with your post - but I don’t agree with your comment about “you could study for years and be a doctor or a Professor in a top university, and you’ll STILL make less than a very successful marketer, blogger or webmaster.”
Sure you would make less - but that’s the money trap again. Who would be there to help the sick if everybody decided to be an internet marketer because they could make more money. Who would come up with the cure for cancer - who would become a researcher?
@tanya,
I totally agree. It’s important to have a sense of social responsibility and professions that benefit others are worthy of our respect. But I’m primarily comparing the amount of money or monthly income you pull in and not about altruism.
You are right in saying that money isn’t everything. It’s important to do something that you are really passionate about.. be it something that makes you happy, or something that helps others and society.
Just over a week ago I quite my day job so that I could follow my dreams. I enjoy Internet Marketing but my real passion is software development, games in particular. What I’d like to do is build an income from IM in the short term to give me the time to develop the software that I really want to write.
This is crazy that I stumbled upon this blog today. I literally just got done read this book,” Millionaire Zone” by Jennifer Openshaw and it is all about this! She gave me great insight to help me pursue my own jewelry and gem business. I graduated from a highly accredited university as Business manager and now I am starting my own business from the ground up doing what my life passions is, making jewelry and selling gemstones.
It is very possible for you to what you want and make enough money to live. I was planning on getting a part time job after graduation while working on my own business but things are been soooo good for me that I never needed to get that part time job. I just need some health insurance now! Where’s the blog on earning money AND health insurance to achieve your life goals!