Introducing … the Power of a Freedom Fund
One year into freelancing, I was making a very decent income from copywriting. I wrote direct mail, emails, web copy, research reports, and whatever else that came my way.
Things were going well. The money was good. I had a flexible schedule. And I was able to work on projects I enjoyed.
But I'm ready to take things to the next level.
You see, right now I'm making earned income. It’s no different than having a job where you have to keep working to keep getting paid. If I took extended time off for any reason — no money.
What I want is to be free of the need to keep working. I need to work on projects that would make me money over and over again.
This is also known as generating passive income. That’s money that keeps coming in whether or not you’re physically working.
I want to watch my daughter growing up without worrying about paying bills. And I want to spend more time writing fiction and screenplays. Eventually, my husband and I hope to spend part of each year doing missionary work.
But we want to do it with our own sources of passive income to support us.
That’s true financial freedom.
Hence the idea of a Freedom Fund.
As a copywriter, you have many opportunities to create passive income and build up a Freedom Fund. You can write sales letters that generate tens of thousands in royalties. You can write and make thousands from sales of an e-book. You can write a Money-Making Website that will bring in thousands in revenue month after month.
In these examples, you do the work upfront once. You can even combine several options and create multiple streams of passive income.
Then you relax … and get paid again and again and again!
My first goal is to generate 20% of my copywriting income from passive sources of income within the next two years. I’ve allowed a long time because it takes time to build up this type of income.
What about you? I encourage you to set your own Freedom Fund goal. Here are two easy ways:
- Set a passive income goal to achieve on top of your existing income.
For example, I want to make an extra $20,000 a year in passive copywriting income on top of the $80,000 I already earn.
- Replace a percentage of your annual income with passive income (like I did).
For example, I now make $80,000 a year from copywriting. I’d like 25% of that to come from passive copywriting income. That means $60,000 a year in earned income and $20,000 from passive sources.
Once you’ve set your Freedom Fund goal, tell me about it here.
Then, for the rest of the week, I’ll talk about options to develop Freedom Fund income. You can decide which passive income opportunities suit you best!
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