7 More Reasons Why Passive Income Is Critically Important
Last Update: Sep 16, 2022
Life is a continuing journey.
Life is also often unpredictable.
While you can anticipate and prepare for some things - other things will blindside you all throughout your life.
You will have to successfully deal with all these challenges - and to the extent that you do will be determined the quality of life you and your family will have.
So with that in mind I wanted to share a few thoughts with you today about some of the reasons it is so very important to begin developing multiple passive and semi passive income streams now - BEFORE you really really need them.
- Physical Incapacity of Yourself or a Loved One - This one I know very well from watching countless other people suffer through this, and to an extent I have experience with it myself. Recently my wife developed some serious medical issues and almost died. Thankfully she is better now and we anticipate a full recovery - however it will take her months to achieve and during her recovery she can not be left alone for long periods of time. That impacts the motor carrier (trucking) part of our business and results in a $500 to $1000 per day loss in revenue. Fortunately we already have significant income from other parts of our business which are passive and semi passive and I can do from home. Without that income we would have a crisis right now - but instead we have an opportunity and an incentive to switch to more passive and less active income production.
- Unanticipated Expenses - There are so many things that can and do happen that will require large amounts of cash quick. You may have an engine in a vehicle go bad or other mechanical failure resulting in high towing and repair bills. You may have an HVAC failure or roof leak etc. that requires expensive emergency repairs. You or your loved ones may become ill and require hospitalization - and even with insurance that will be very expensive. There may be equipment costs for transport, specialized home equipment etc. All can be very expensive. Beyond that there are so many things that can happen that require money it is very important to have it available should you need it.
- Instability of Industries - The modern world has never before been so unstable as it is right now. Business patterns long established and previously relied upon as predictable are no longer so in most cases. A so called stable industry can falter and contract, and result in massive reductions of income and profits over night. Even if you think you are in a stable job of some type -think again before it is too late for you. ANY job can go away overnight. Better to be prepared for it and if it doesn't happen then great - and if it does you will not suffer so much as you will be ready for it before hand.
- Freedom to Choose Your Own Course - Times change. Desires change. When you get tired of doing a specific thing and want to go try something else - it is far more likely you will when you already have multiple sources of passive and semi passive income backing you up. There is less risk that way and less stress.
- Location Independence - It is no secret that real estate prices are insanely high in many places and that prices so many people out of the market. It limits the available choices of so many more. Yet what if you can move? Often times a few miles outside of major metropolitan areas is much more affordable land and homes of all kinds. If you do not have to commute to a job or a brick and mortar business then you can run a passive income business from virtually anywhere in the world - so log as you can get a reliable connection to the internet. This allows you to cut your housing costs to almost nothing... or at least greatly to reduce them if you choose.
- Time Independence and Freedom - For the past few weeks I have been able to stay by my wife's side and take care of her - never leaving here alone for more than a couple of hours at the most. I can do that in part because of passive income from parts of my business - and now I am actively working much harder to get most of my business endeavors more to the passive and semi passive side and almost none active. This affords me more and more FREEDOM and INDEPENDENCE to be able to care for my wife and to do anything else I choose whenever I choose to do so. Active income is good too - but keep this in mind - and also make sure that you build your own business empire in such a way as it is truly a CHOICE for you - and that you have enough passive income to survive comfortably without the active income if it becomes necessary or desirable to do so.
- Power - Money equals power - period. More money means more power less money means less power. The word "Power" itself is a powerful word and can evoke strong emotions on all sides. Yet what it really means - at least in this arena - is "the ability to take action." So you should ponder this for yourself and come to your own conclusions. Do you want more choices and more options for yourself and your family? Or do you want less?
Build Your Own Business Empire Now
Today is a near perfect time in our future history to systematically learn and then apply online business fundamentals that actually work, and to continiously work to grow and improve the income production opportunities that you choose to establish your own multiple streams of income from.
It does not have to be overly complicated either.
First focus on PROVEN things that actually work.
Wealthy Affiliate is a great place to begin or to continue your journey. Why? At the core you will learn marketing fundamentals and content creation basics. No matter what business or businesses you ultimately pursue these things are fundamental to all businesses of every kind.
Even more valuable is the community here. This is where you can meet other like minded people, build relationships, find training and information through them and even work together on collaborative projects that benefit both you and them.
Are you finally ready to begin making real money from your online business efforts?
Stop chasing pie in the sky get rich quick guru garbage nonsense - and focus instead of fundamental things that DO WORK and do the work to make it happen for you.
If you choose to follow this philosophy - then do it right. Choose ONE thing that works, learn that thing and do it until you get consistent income coming in from it.
Then it will be time to consider adding the next.
Rinse and repeat.
In this way you can and will build a considerable and growing income over time - without overwhelming and confusing yourself. Confusion results in inaction and overwhelm usually results in people quitting to even try any more.
So now that you know that - don't do that!
Focus on one thing. Learn it. Do it. Make money with it consistently. Understand it well - then add the next IPO.
That is what I do and that is what I teach my students to do too.
Well my friend, for now this brings us to the close of this post. I hope you find at least some thought provoking things here within these words that may in some way help you build yourself a better life.
Until next time, be safe - have a great day today and make it count!
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