The Necessity for Passive Income

Is it enough to have one career nowadays? Are you able to sustain yourself, let alone a family, with your salary? What do you do when you realize that it may not be enough to have the life that you want when you retire?

These are questions that the average adult can face when they’re doing the same routine but on a different day. Going to work in the morning, clocking in, lunch, finish, go to bed and then do it all over again. And most adults don’t even enjoy their job or career. They’re doing it because it’s the one form of money coming in to support them. It’s hard to see yourself get stuck in a rut, or even realize that you’re in a rut. We were to dream in school and to become whatever we wanted to, but as we got older and reality started to hit, we started to forget those dreams and settle for something more obtainable with the proper salary.

When was the last time that you truly dreamed and I’m not talking about goals that can be achieved every day or even in a month? I’m talking about dreams that don’t have limits or impossibilities. If you’re thinking about dreams without any of those limitations, they probably aren’t within your budget along with living expenses. What about retirement? Do you believe that a 401K is going to have your back and support your living style when you stop working? These are ideas that you have to think about when you’re young so you can avoid the hassle and stress when the time comes for you to retire and settle down. Dig your well before you’re thirsty.

The need for passive income is extreme in the 21st century. Different options for passive income are possible and depending on your financial situation right now, you have to pick the best spot to dig your well. A common method of passive income is real estate. People have invested in land and real estate to rent to people to cover the cost of mortgages and homeowner association costs while still making a profit. Renting out a room in your house can also be a beneficial way to have passive income, but you have to deal with a roommate. One problem that I have noticed in my generation is kids that graduated from school want to rent and move out of their parent's house, but rent money is such a waste and there isn’t an end investment. My generation is well-known for wanting instant gratification, but these small splurges or objects that will make us happy won’t be everlasting.

Robert Kiyosaki wrote a wonderful book called “The Business of the 21st Century.” It talks about the four different ways of income that people can make which include employee, self-employed, business, and investments. Understanding where you are in this quadrant can allow you to move and choose a different way of income for yourself. Employee and self-employed trade their time for a paycheck, but when you stop the money ceases to come in. The business quadrant is categorized by having 500 employees and receiving the tax benefits. Investments are self-explanatory and allow for opportunities of passive income. In Kiyosaki’s book, he explains that one choice of passive income can be network marketing. Network marketing is where products are being commercialized by people like you. You get paid for being a loyal customer and by telling other people about the alternative way of shopping. People don’t know about this way of passive income or are hesitant about it because of pyramid schemes and the different way of thinking. It’s different from a typical job or career and sometimes, people aren’t willing to change, yet this is a wonderful way of having a constant stream of passive income by shopping somewhere different.

Passive income is necessary nowadays to be able to dream and live the life you want to live. It gives you choices and opportunities that a typical job wouldn’t allow you. Dig your well before you’re thirsty. Give you and your family a better future. Keep dreaming.

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