Starting your business and passive income journey can be scary, but we’ve got to start somewhere, and instead of overthinking and over-worrying, here’s what I think:
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JUST GET A JOB FIRST
If at this moment you don’t have a job,
- maybe you quit your job or
- maybe you just graduated or
- maybe you just got retrenched
- maybe you’re brainstorming for your big idea
And I’ve nothing wrong with brainstorming for big ideas, or quitting jobs or if you got retrenched (sorry and I hope you got a good/fair severance), but I recommend getting a job first.
The reason why I highly recommend getting a job first because most human beings, be it single, dating and especially if one is married with kids, we all need stable income.
- we need to eat
- we need to pay the bills
- we need roof over our heads
- we need to be able to travel to work/places
(Unless of course, you have a fully paid home that runs on self-generated electricity, with a water source that’s safe and a garden/farm that produces all the food you need, then fine lol).
But if you can’t eat, if you can’t pay the bills, if you are struggling to pay rent and struggling to travel, and especially with kids – this is what we call
when shit hits the fan
AT THIS POINT, YOUR #1 GOAL IS TO GET A JOB FIRST. ANY JOB.
Any job will do.
Ignore your inner rebellion of “low class jobs” or whatever – when you and your loved ones can eat, can sleep safely, can go to work, THEN only you consider working on any business idea or side hustles OUTSIDE of your 9-5.
It’s a functional way of resolving a problem, ie, you focus on surviving first, build the stability, and when you have a stable life and schedule,
then you look for opportunities and pockets of time (usually outside 9-5 ie 6 pm to 12 midnight) to build your side hustles
And that is how you start.
If you have a job and are stable (maybe bored out of your mind, or just want some growth or hate your boss), then it’s time to pick up at least two (2) Passive Income Machine-building projects:
1. Save as much as you can and injecting as much of your savings into very low risk index funds that pays you dividends like clockwork. Calculate how much you need to retire, and aim to reach there as soon as you can.
2. Pick up a side hustle – I like online businesses (be it affiliate marketing, ecommerce or now I’m exploring being an Amazon Kindle Publisher) where it’s low cost to learn/start, and with unlimited passive income learning potential.
Drop the stupid NetFlix/TV watching habit – none of TV or screen time will bring you closer to your business or passive income dream, even if you watch YouTube “trainings” by people who is there.
GET SHIT DONE
You want to do business? Go out there, explore, and do it.
You want passive income? Invest in dividend stocks/index funds, or learn how to build passive income businesses.
Let nothing get in your way.
Yes, you make make mistakes along the way as you learn and refine. But just don’t keep reading and dreaming and watching – nothing changes until we take consistent massive action to get to where we want to be from where we are.
If not, one year from today, you may be exactly where you are still.
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I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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