First things first, I’m not a fan of the whole passive income guru bullshit. A four hour week doesn’t work well in the beginning, trust me, I tried.
But, for the sake of this essay, I’ll use the term passive income. By passive income, I mean that whole thing where you do something today (write a book, design something cool, write a sales page, etc. really ) and you can make money from it time and time again, mostly hands off. Honestly, a better way to look at it would be recurring income, but whatever. I’ll probably use both interchangeably throughout the post.
Anyway, before you accuse me of keyword stuffing, I want to get to the nitty-gritty of what I’m talking about. It all started with this tweet:
Here’s an easy money goal.
Try increasing your passive income by $0.25 every day.
Within 24-months you’re making an extra $33,000.
— Thirty Days To X (@XDays) May 20, 2017
Although the math is off, it got me thinking about my day-to-day. The tweet spurred a long ass conversation about what exactly that tweet meant.
The Quarter Every Day
Before I started thinking about what that tweet said, I wanted to check out the math. Fortunately, Excel has me covered in the long math department. As it turns out, it would only take 362 days of increasing your residual income by a quarter each day to make $33,000 every year.
So, as it sounds like, the whole ideology behind a quarter every day is to, you guessed it, earn an extra quarter every day in passive income.
It sounds simple, and overall it is. However, it’s not meant to be taken literally.
Some days you’ll do something that gets an immediate return. Other days you won’t contribute at all to your quarter per day. Some days you’ll make more than the quarter.
If anything it acts as a guideline or a framework to tell if you’re making positive progress every single day. A way to keep yourself accountable.
Note to New Folks
For the most part, someone who hasn’t made money like this isn’t going to be able to follow this method very well. You have to find your lane and figure out what works for you to make an extra quarter every day.
For instance, I have an ebook that I published back in December of 2014. It still earns between $30 and $50 every month. It’s 9,000 words long, so should take between 5 and ten days to write. $30 to $50 per month is about 4 to 7 days worth of “quarters.”
It may seem like you’re not earning your full quarter if it takes you ten days or more to write that book. However, those who self-publish know all about compounding sales when new books are released, mailing lists, etc.
So you may not hit your 30-day goal of $7.50 per day, but you might be leaps and bounds ahead of the 90-day goal of $22.50 per day.
Ways to Earn a Quarter
Like the previous example, one of the first ways I earned passive income online was by self-publishing ebooks. Nowadays, those books make a fraction of what they did when I was super active, but they still earn enough every month to keep me happy.
A motivated person can write between 1,000 and 2,000 words per day. I suggest writing non-fiction for longevity’s sake. Fiction tends to fall off after a few weeks, whereas I have books from 2014 still selling every month.
Setting up websites with the intent to make money are also a good way to earn an extra quarter every day. They take a while to get going, especially if using SEO as your primary traffic source. However, they have pretty good potential to earn big money.
Writing long keyword targetted articles can make the difference between a hobby websites and one that earns. Writing reviews and doing affiliate marketing, selling ad space, selling leads and renting it out are all options.
Some people can earn an extra quarter by uploading their design work to various print on demand websites. The company takes care of all the creation, shipping, etc., you, you collect a royalty.
These are just a few ways to earn that extra quarter in passive income each day. There are thousands of other me; you just have to find one that works for you.
Now that you’ve figured out your method(s), you need to know your “baseline” like in the ebook example before. If you upload a design to Merch by Amazon, and the average design you make makes $5 per month, that means you should be uploading 45 designs per month to earn your extra quarter per day.
If your average sales article brings you $50 per month, be prepared to write 4-5 per month. Some will be duds, earning you less than $50, but some will make outstanding numbers.
Of course, you don’t want to just settle for the minimum.
Quarter A Day Milestones
In the spreadsheet I made checking out what a year of doing this would look like, I found some goals that seemed like great goals to mark off. Check em out below.
- Day 14. You should be set to make $100 in the next 30 days.
- Day 30. Hey, one month down.
- Day 90. That’s three months of solid ass work. If you never spent any of the passive earnings so far, you should have $1,000 in the bank.
- Day 110. At $27.50 per day, you’ll be making over $10,000 per year on auto-pilot.
- Day 134. You’re making over $1,000 per month now.
- Day 180. Six months of busting your ass. It should be a habit by now.
- Day 220. You just passed the $20,000 in residual income every year marker.
- Day 267. Enjoy that extra $2,000 in the bank every month, baby.
- Day 365. Self explanatory.
After one year of earning an extra quarter every day, you will be making $91.25 a day, $2,737.50 per month, $33,306.25 every year, and if you never spent a dime of it throughout the year, you would have $16,698.75 in the bank.
For what? It’s made by working an extra hour or two on your shit every single day.
Big dawgs gotta collect
Latest posts by Justin Charnell (see all)
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- Quarter Every Day: A New Way to Look at Passive Income - May 24, 2017