Making a living through passive income is something that many people are striving for. While not easy, it is certainly can be done and with disciplined focus one can make over 10k a month in passive income by 2023. This article will explain some steps to get there.

Start With a Plan

The first thing you should always start with when taking on any project or goal is creating a plan. Taking the time to break down your goal into smaller objectives and then figuring out how to achieve each part is key. When it comes to making 10K a month through passive income, you will need to have a plan on what source of revenue you want to pursue and how you will develop it.

Move Away From 9-5 Jobs

It’s going to be hard to reach your goal if you are still working a traditional 9-5 job that doesn’t provide you with much flexibility. It’s important to prioritize investing your energy into sources of income that don’t require your direct attention, so you won’t be held back by other commitments such as regular office hours. Consider transitioning part-time and exploring freelancing opportunities.

Diversify Your Streams Of Passive Income

When it comes to passive income, it is important to spread out your sources rather than relying on just one. Having multiple streams of income is smart because if one source fails or decreases significantly, you will still have other sources to rely on. Different types of passive income include rental properties, investing in stocks, royalties from intellectual property and affiliate marketing.

Develop Skills Necessary To Succeed

No matter which type of passive income you decide to pursue, it’s important to develop the skills necessary for success. You will need to build up expertise in accounting, business, investing and marketing. You may need to take classes, listen to podcasts, read books or even attend seminars related to your topic.

Create Residual Revenue Sources

If you want to make regular amounts of money from passive income, you need to figure out ways to generate residual revenues. This means finding projects or initiatives that continue to pay regularly for small amounts of work or upkeep. For example, setting up a few rental properties or writing an ebook that you can continuously sell.

Be Patient, Persistent, and Disciplined

This is probably the most important tip; it’s vital to remain patient while also being persistent and disciplined. It will take time to reach your goal and likely require hard work and dedication. Don’t get discouraged if a project takes longer than planned to complete or you make mistakes. It’s all part of the process and can help you learn the lessons needed to make it to 10K a month in passive income by 2023.

By starting with a plan, creating multiple streams of passive income and remaining patient, persistent, and disciplined, you can make over 10K a month in passive income by 2023. If this is something you are interested in pursuing, use these tips to help you get started.