A few weeks ago, I quit what I thought would be my major project of 2021. That project was writing another technology book. So I had my reasons to quit, but this has left a big hole in my plans for 2021. See one of my 2021 goals is to build up a passive income. the book would have contributed to this via royalties which is part of the reason I agreed to the project. It seemed like a gift at the time.
What Now? Passive Income?
You’ve probably heard people throwing this word around, and passive income is something that I’m personally passionate about. This is essentially a business term that means money generated without your own personal active involvement. For instance, if you own stocks that pay dividends then you have a source of passive income. Same if you are lucky enough to have invented a product that you licensed for sale and you now received a percentage of each sale. In theory, book royalties are passive income because once you write the book you will receive payments as long as the book continues to sell.
During my time as a business owner I have achieved this goal of creating passive income streams and I also became enmeshed in the Internet Business culture. Passive income became a centerpiece of this online business lifestyle. This lifestyle became my identity for years as I would listen to the Internet Business Mastery podcast, followed Pat Flynn’s early career, attended meetups and conferences. Sadly, my business didn’t last forever and I learned the hard way that passive income is not guaranteed for life so for financial reasons I left the Internet Business world behind.
But, I’ve always regretted leaving and since then I’ve struggled with my life purpose. Every once in a while I will try to find my way back. So I grasp at straws like I did with the book contract. And this is where I am today.
This time though, I want to take a step back. Now that I feel confident that I’ve finally dialed in my day job (after 7 years LOL) I think I can start to explore Internet Business again. Or something. I’ve also considered getting back into iOS development since I’m passionate about coding but that’s not where I want to go in my 9-5 job.
For now, I will sit with this uncertainty.