Standard disclosure: we may earn money from the companies mentioned in this post. Visit my disclosure page for more info
Almost all people dream about taking a break from work and going on a relaxing holiday. Most researches show that about 50-60% people fail to acquire the means of actualising this dream till they are already past their mid thirties. And by the time they acquire the means their priorities change or their goals may change or there could be practically anything. I mean why ignore the possibility of a disastrous Earthquake.
Well we’ll work about the earthquake later. Lets talk more about Passive Income today.
Earning more while working less may sound like an unobtainable dream. Let’s talk about being your own genie and making all your dreams come true. If you can establish a strong and steady passive income stream you may just have the ideal spell to revamp most of your impossible dreams to possible lifestyles.
We aren’t propagating ‘no work, all play’ or saying work life balance is a piece of cake with passive income in tow. One of the main reasons that passive income makes things easier is that it does not need your constant direct involvement. It helps you earn some extra money along with your mainstream professional income and reach financial freedom quicker.
While active income can be limiting in sense that there are only so many hours you can work you get the freedom to manage your time as per your priorities with ease through passive income. Even as a freelancer you will only get paid for the work you put in or the amount of hours you may put in. Passive income allows you to earn even while you may be busy elsewhere or even sleeping.
Initially establishing a steady passive income may take up quite a lot of your time and energy. It will require a great lot of patience and hard work to create a product/website/other source of passive income you may choose during the initial setup stage. There is also always the risk of your product failing. A blend of active and passive income in the initial stages of building a passive income stream can help you overcome some major obstacles. As your passive income increases you choose to quit or cut down the active income stream as per your requirements.
You can be successful and happy both by fulfilling the demands of work and private life. There are always times when your work life may need priority and others when your personal, passive income helps you become more flexible to adjust in these situations. Along with flexibility on schedule it also allows you room for the unexpected and you avoid being taken by surprise. It also, allows you the freedom to increase or decrease your workload as per your potential of managing both home and work.
Finding work that is meaning and challenging along with giving a healthy amount of time to your friends and family may be difficult. But the good news is it’s not impossible! All you need is the right tools and a right plan to execute and ‘ta-da’ you have the perfect mix for a happy and fulfilling life!