A few years back, while on holiday in Syria, I met a really nice couple from Australia who have been traveling the globe for the past, get this, 18 months.
I know by backpackers standards, I’m sure that’s like * roll eyes for emphasis* the norm, but for a career newbie with only 18 days of vacation leave a year, I was awestruck, and admittedly, very very very envious.
And so I got to thinking, these people must be millionaires ( or maybe just rich brats) to be able to leave behind a typical life of responsibilities and just take off and wander around the world.
Would they need to jumpstart their savings with a CPR machine when they get back? I mean I don’t take holidays very often, and I often come back to a bank account that’s bruised and battered worse than an amateur boxer in a muay thai match.
That was pretty much when I started my search for ‘ the truth’. What was it that they knew that I don’t? How exactly do they survive in this world when there are forever bills to be paid and an employer who dictates most of your waking hours?
There has to be some sort of secret to the key of success … right?
Then I came across a revelation…Passive income.
*Warning* The next few paragraphs might make you start to think (and roll your eyes for added emphasis), OMG, not another materialistic blogger who thinks that money is the only important thing in life!
On the contrary my dear readers.
Frankly speaking, I would consider being rich a bonus. All I want ( for now) is to be able to do WHATEVER I want to do with my time, and for now, it’s to reclaim my 8-6 pm daylight hours (7.30 to 7.30pm if you include commuting).
I’m sure you’re familiar with work hard and you’ll be rewarded, but I think I missed the memo that being successful at work involves, a lot more, like maybe kissing some ass and (despite the call for worklife balance), making yourself available 24/7 ala the movie, The Devil Wears Prada.
On a side note: Im sure someone intelligent in the government purposely left this out of the compulsory curriculum to keep the economy running smoothly with everyone contributing.(Let’s save the why, for another post, why don’t we? )
So lets get to the point. What is passive income?
The whole idea of passive income involves putting in a lot of effort in making a smart decision once, and reaping the rewards over a lifetime.
Think along the lines of putting in effort to look for the perfect property, and making an income off the rent. Money would be coming in whether or not you keep an eye on the property 24/7. The effort would be in picking the one that still gives you a profit after deducting all costs. Other sources might be to write a book, invest in dividend stocks etc etc.
Unfortunately, there is no magic pill that gives you all the knowledge you need to succeed financially. Just like there is no one financial adviser who can claim to know everything (if they claim they can, please oh please check to see if they’re related to Bernie Maddoff)
But I have faith that, effort, bit by bit, would one day get me where I want to go.
And to do that, I need to increase my financial knowledge and aim towards financial freedom.
It maybe hard, but I know it’ll be worthwhile in the end. Now girls, who’s with me?