A long time ago I read the 4 Hour Work Week by Tim Ferriss and it changed my life for a few weeks, I read it again a few years ago and it changed my life for a few months. Finally I read it again about 3 years ago and now it has changed my life forever. Since then I have used my skills as a software developer to change the way I work and to create a fully automated income. If I wanted to explain the simplest part of my life that now makes me the happiest. My work is no longer my primary focus and if I don’t work, I still earn enough to live and the best part is that each week, the figure is increasing. Let’s talk about a new concept, the Automated Income Machine
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These days everybody wants to be a millionaire and if you were to believe your Instagram feed then everyone you follow already is. However I think the key question you need to ask yourself if you want to be a millionaire is “why?” The top 1% of earners in the world take in $465,000 (USD) per year and that’s less than half of what most aspire to earn. Why do you want to be a millionaire? Is it to own a Ferrari? You don’t need to be a millionaire to do that, you can achieve that for just $4,500 a month.
The key reason most people I know want to be a millionaire is for the freedom. However in this article I’m going to give you a simpler way to get there and also how you can do it with only an hour of work a day. However it will take you 1 to 2 years to get there and you need to start now.
This is the first in a series
My specialty over the past few years has not only been creating Automated Income Machines for myself but over the past 2 years I have been helping people to start their own automated businesses. Over the course of the next weeks and months, I will be doing a post here every Thursday on how you can Automate your income as well as your life. If you have a current business then definitely keep an eye out for our new course coming in the following month about how you can turn this into an Automated business. In this post, I’m going to get you thinking about what an AMI should look like, so you can think about it between now and next week!
Automated Income Machine (AIM)
The way to get to this point is to stop working for yourself or trying to run a business. Instead you want to focus on creating Automated Income Machines or AMI’s. Now when I focus on a new project that I’m going to start I want to make sure it falls into this category of project. In order to ensure this you want to ask yourself one serious question and then set some parameters.
“At some point will this new business/venture/project be in a position to earn money for me even if I walk away from it completely?“
If the answer to the above is yes, then I want you to also follow that up with another series of fast questions to ensure viability and the you can start making plans. Although the answer to the following can be no, if it doesn’t then I would suggest checking into some other ideas first. Finally before looking at this, I’m not going to try and set your monthly goal, you will need to do this. If you’re just starting out then my advice would be to try and use your current income as a guide and work to replace your current job.
- Can it be achieved with less than 2 hours a day of work?
- If you wanted to walk away, could every aspect be outsourced and/or automated?
- Could it make enough money for your targeted monthly goal?
- If not to the above, could it add a sizeable chunk to this figure?
- Could you get to the above in under 12-18 months?
Some ideas on how to get there can be found in this post which shows a few of the different passive income streams I use, but these are only 5 of many, be creative!
The Hard Part
The hardest part of getting to your monthly goal is that in most cases it will take you 12-18 months and the hardest part is that you probably will not see any results for 3-6 months at least! We live in a world where everything is handed to us instantly, our success or failure can usually be measured hours after the work is done, in a lot of cases in minutes. When it comes to creating your first Automated Income Machine, the work you do today will not be shown for weeks or months. In many cases it won’t really start earning for six months. The reason for this will become apparent in next weeks post where I will run you through the stages of your automated income machine.
Between now and then, I want you to focus on coming up with your first idea and next week we will start. Questions? Put them in the comments.