Saturday, September 23, 2006

Reasons for Not Getting a Job

Steve Pavlina listed his 10 reasons for not getting a job. And if you're like me who hates being a slave to another for money, this is definitely a good read.

I really liked these two paragraphs from Steve:

Smart people build systems that generate income 24/7, especially passive income. This can include starting a business, building a web site, becoming an investor, or generating royalty income from creative work. The system delivers the ongoing value to people and generates income from it, and once it’s in motion, it runs continuously whether you tend to it or not. From that moment on, the bulk of your time can be invested in increasing your income (by refining your system or spawning new ones) instead of merely maintaining your income.

This web site is an example of such a system. At the time of this writing, it generates about $9000 a month in income for me, and it isn’t my only income stream either. I write each article just once (fixed time investment), and people can extract value from them year after year. The web server delivers the value, and other systems (most of which I didn’t even build and don’t even understand) collect income and deposit it automatically into my bank account. It’s not perfectly passive, but I love writing and would do it for free anyway. But of course it cost me a lot of money to launch this business, right? Um, yeah, $9 is an awful lot these days (to register the domain name). Everything after that was profit.

It talked about giving value and I totally agree. In freelancing, we give value not time. Nobody cares how much time you put in on your current project as long as it works as intended. You can work for 18 hours a day but if your work sucks, there's now way you are going to generate enough income from your work.

Steve's business is self supporting, generating him income even after he had published his articles. Project based freelancing, on the other hand, require us to look for another when they're done. But if the project is really well made, it will do the talking for you. In other word, it is supporting itself.