Anyone who has ever successfully generated a passive income knows that the secret key is in figuring out how to generate a daily passive income of $1.00. I mean how hard can that be? Once you can successfully do that, you will be 90% of the way to your goal. I can hear some of you already: "What am I supposed to do with just $1.00 a day Michael? I need/want more than that!"

This exercise is not about making tons of money but about learning the process of making tons of money. $1.00 is actually a challenging yet low risk way of learning the lessons. You must to teach your brain a couple of lessons:

  1. To know for certainty that it can do this once. If it already believed it, you'd probably already be doing it today.
  2. To know for certainty that it can do this repeatedly in a sustainable way.

Once your brain knows beyond any doubt that it can make a dollar per day come into your life, it will be more likely to believe that it can make hundreds, thousands or even millions of dollars show up in your life each day. Until you have figure this out, don't even ask how to increase your passive income. Not only will you not get it or believe it, you won't have acquired the knowledge or skills to make more money.

Just to be clear, $1 minimum per day must be coming into your life in order for exercise to be effective. Just knowing the theory isn't going to get you anywhere. Take action and making it happen is a mandatory. Without the practical application, you will end up with lots of theory but no money.

Still not convinced this is possible? Check out this video where Anthony Robbins interview John Reese who learned how to and actually does create $1 million dollar days for himself:

TIP: Keep track of exactly what you went through to make your first dollar and the experience itself can become a product you can use to generate passive income.

Are you ready to get started? Share with someone you trust (like your Life Coach) at least 3 ideas on how you might generate a passive income of $1.00 per day.

Why 3 ideas? Because one option is not a choice. Two options is a dilemma. It is only when you have at least 3 options that you really have a choice.

If you are having trouble following through, don't give up. 80% of all people who begin end up quitting not realizing just how close they actually were to succeeding. There is always at least one other choice available to you. If you don't see it, keep looking for it.

What are some of the things you can do to improve your chances of succeeding? The most important thing is to get clarity on your vision.  Make it easier on yourself by:

  • Deciding that you are committed to making it happen. There is no try. Either do it or don't!
  • Get a journal specifically to be used for this project.
  • Write down a specific date, a deadline by which time you must succeed. When you have a deadline, you are more likely to take steps sooner.
  • Write down your goal. The clearer you are about exactly what you want, the easier it will be to achieve it and the better your chances will be of being able to meet it.
  • Share your goal/vision with your support circle, people you trust such as close friends or your Life Coach. Letting the cat out of the bag puts you in a position where others now have expectations of you. You will appreciate having an established support structure already in place in the event that you get discouraged or just need someone to bounce ideas off of. Be sure to also include them when you celebrate achieving your milestones. You might just inspire them to join you.
  • Reduce the time required to figure things out by finding a mentor, someone who has already done this. They will be able to guide you so that you can make progress faster while avoiding some of the mistakes they made when they were learning the ropes.
  • Create a plan. Having a plan, such as instructions or a map, on how to reach your destination always improves your chances of getting there sooner (or at all) when driving somewhere for the first time. The same goes for reaching your financial goal.
  • Last but most important, take your first step right now. The sooner you get that momentum going, the sooner you will succeed.

Boost your chances of success by adding some motivation. One way of accomplishing this is to create a longer term plan. It doesn't need to have all the details but will give you something to look forward to. For example, knowing that learning how to make $1 per day is your first step towards making an extra $10,000 per month in the form of passive income can be a great motivator. For an extra boost, write down all the things you will do with that money and then imagine how it would feel if you already had it.

Still not convinced? Ok, if I was to pay you $1,000,000 cash to successfully find a way to make this happen and you only had 48 hours to figure it out, could you do it? What if failing meant loosing your home and everything else you own? If you could do it, what does that say about your current strategy? If someone else can do it, you can learn how too.

So, how you might make $1 per day? Share your thoughts…

With warmest regards,

Businees Life Coach Michael Milette

Additional References

How to Earn Your First Love Dollar by Steve Pavlina