Well, right now I'm fully dedicated to IM and studying Web Design & Development, so my life for the next 1.5 years is IM. What I'm doing, and what I would do if I had nothing right now (no income), is:
- Find someone to sponsor me with a few grand. I have done this before, and if you know someone with spare money, it's not too hard to convince them to invest in your ideas.
- Hire someone to create a new product that solves a need (e-book, software, etc...)
- Create an amazing site with a great design (this is easy for me because of my degree).
- Drive traffic both from FaceBook in the short term and SEO in the long term.
- Hire writers, link builders, etc...
$$$
Of course this is easier said than done, and it really takes a lot of skills, time & money to get something like this going. IM is one of the most complete industries that I can think of. It involves programming, managing, marketing, hiring, writing, copywriting, designing, usability and thousands other things and if you're not proficient at those, I would recommend that you start reading and a lot.