In an add-to-cart world, it can be hard to differentiate between wants, needs, and what really matters. But when you look at the totality of your life, will those same-day deliveries stand the test of time? Odds are that they won’t. Before you know it, you’ll be nearing the end of your life with a bucket list of dreams unfulfilled.
What if you took a different approach, bucked the norm, and invested first in experiences? People from all walks of life are exiting their traditional work-buy-die lifestyles and prioritizing experiences over stuff. They’re turning their experiences into passive income opportunities that keep their new lifestyles rolling, and so can you.
1. Immerse Yourself in New Cultures While Generating Income
People often reflect back on their time spent in new places and with new people as among their most meaningful experiences. Open your mind to the world around you by exploring different places, cultures, and traditions. While money can’t buy happiness, there’s evidence that suggests investing in experiences does.
Whether a two-week vacation in Europe or an open-ended global tour is your style, you can fund these passions with passive income. Some passive income ventures, like rental property, do require an initial investment. But once you’ve set up property management, you can reap the rewards each month.
Leverage your travels, experiences, and takeaways by sharing your journey online. Whether a travel blog, monetized Medium page, or social media storytelling is your choice, there’s money to be made. And especially since you likely enjoy sharing your experiences online with family and friends anyway – getting paid to do so just makes sense.
2. Show Up When and Where it Matters Without Sacrifice
The demands on your time are constant. And as time is a finite resource, how you use your precious moments matters. Unfortunately, when you’re an entrepreneurial person full of goals, dreams, and hopes for the future, you may not be as present in your daily life as you’d like. Hours spent planning out your next investment and researching opportunities during what should be family time reduces your quality of life.
You will want to set aside dedicated time to work on your passive income strategies, but protect your personal time with a vengeance. As Lifestyle Investor Justin Donald says, “the point of making money is to spend it with people you love.” Separate your time between financial pursuits and personal life to keep your values in line.
Never vilify the valuable and essential time spent setting up your passive income streams. While you aren’t chained to a desk or reporting to a corporate structure, lifestyle investing does take work – a huge amount of time and effort. However, all of your endeavors are an investment in future time options and flexibility payoffs. When you aren’t beholding to a 9-to-5, it’s easy to say yes to volunteering at your kids’ school.
When money comes in regardless of whether you’re “at work” or not, you own your time instead of owing it to others. Soon, your schedule will be filled with value-added moments that only come along once. Travel abroad to volunteer in communities that need a helping hand or your unique expertise. Do professional work pro bono for causes that matter to you. Instead of relying on billable hours to manage your expenses, you can give freely of your time for the greater good.
3. Fund Once-in-a-Lifetime Moments Passively
What are your “once-in-a-lifetime hopes for the future? The majesty of the northern lights? The exhilaration felt after the ascent of an ancient monument? These are the rewards you can take advantage of because you’ve earned them. You have been investing in once-in-a-lifetime moments that even the most talented photographer can’t capture.
When you have a lifestyle only built around your income – you limit more than just your options – you limit your life. Instead, identify the life you want and determine what it costs. Next, create passive income streams that make it possible. Don’t think small – dream big. There’s no shortage of income-earning opportunities across real estate, online businesses, and smart investing.
If your calculations seem too daunting start smaller, if you wish. Outline small, medium, and large-scale options that you can work toward. Establish multiple streams of income as the building blocks of your plan. By establishing several income streams, it’s easier to manage fluctuations in monthly needs and payments. First, your passive income may be able to fund a weeklong trip without taking on credit card debt. But after growing your income streams, you will find, they can fund your operating expenses and your dreams.
Use technology to build the foundation of your passive income stream. Digital products and automated sales funnels can run in the background, driven by your pre-created content and workflows. Customers will find your digital products and make purchases, and you’ll earn income without lifting a finger.
Share Your Journey With Others
Use your lifestyle investing strategy to enhance the well-being and lifestyles of those around you. Your family and friends will witness your novel approach to modern work and experience-first lifestyle. But how might you help others learn from your journey and strategies? It’s safe to say that others’ curiosity will be piqued as they witness your lifestyle shift.
Use your lifestyle blog to highlight the adventures you enjoy and the financial vehicles that made it possible. If there are opportunities to layer possibilities for commissions at the same time, great. Use storytelling to share the wealth so that more people can learn about alternatives to the daily grind. The more people who join the passive income lifestyle, the more people who can enjoy the freedom that comes with financial independence.