The title notwithstanding, this article is not about my delinquent gambling habits (although I did recently win a prop bet on the correct order of the lewd jokes in the movie “Predator”). What we’re actually going to cover today is spending time on longer-term, lower probability/ higher reward projects, which a lot of entrepreneurs tend to reflexively avoid.
When first starting out on the quest to break free from the job paradigm, you definitely need to focus on creating income quickly and efficiently. This usually means focusing on the opportunities and options that are most immediately lucrative or available to you. And there is nothing wrong with that, but the most readily available options are usually not the ones that have the most upside potential. Something like an eBay or Amazon reselling business can be started very quickly, and begin bringing in income right away. The problem is that after an initial success, many people settle in to this new role and stop trying to create new sources of income, and never put any effort into projects that have a chance to really take off.
You should be spending around 10% of your time on projects that have potentially big upsides (writing a novel or ebook, starting a new website, designing a product or invention, whatever). These are those “lotto ticket” type projects that don’t always pan out (my project page is proof of that) but if they do they can be big winners that bring in great passive income, and that is what we are after. The more passive the income, the more security AND freedom it can give you.
Sure working 40 hours a week for yourself (at an eBay, or web design business, or as a photographer or anything) is WAY better than being somebody’s employee, but you still want to work at creating additional streams of income, especially if it can create long-term passive or semi-passive income.
Take my Youtube channels for example. I started making those videos YEARS ago, and didn’t see ANY money first few years. And even when I did start making money it wasn’t much. But I kept making videos, and now they are bringing in anywhere from 500 to over 1000 bucks a month, and would continue to do so for months even if I stopped making videos completely.
If you spent the same amount of time writing some books, they might not sell at all (like my original SOTI eBook, which to date hasn’t moved a SINGLE paid copy) or it might be the next “50 Shades of Gray”. The key is to at least give yourself that chance by putting in the time.
The farther you are on your journey, and the more passive income you have created, the more your time will shift toward these types of projects. The stuff that I spend probably 30% of my working time on doesn’t make me any direct or immediate money. For totally established people like Victor from Bold and Determined, or Pat from Smart Passive Income, maybe 75% to 90% of their working time is spent on projects designed to get huge wins, and long term passive income. They aren’t going to be looking to do something that gets them one quick payday and then start over, they don’t need to. The rest of their time is spent just maintaining the income sources they have already created.
Regardless of where you are on your journey toward freedom and riches, make sure you “buy some lotto tickets” and invest time in projects that can really make a difference. You can check out our Start Making Money page for a few options, but there are a ton of different paths so always be receptive to possible opportunities.