Passive Income Challenge Day 11.
Stop Trading Hours for Dollars
Before we get started, let me say there is nothing wrong with performing services for income. The service economy is what keeps the world going. But, you must look into the future a little bit and imagine what you will do next. What is your end game? When do you plan to retire? If you only perform services and never diversify your income with passive options, you may never be able to stop working or take a vacation. This is not a good business plan. In fact, to sustain a business long term, you really need both active and passive income.
Reasons You Need Passive Income
The truth is, time is much more valuable than money. When you produce passive income, you do the work once and make money on it multiple times, maybe even forever. The stock market, insurance sales, rental income, affiliate marketing, and advertising are all forms of passive income that can really pay off.
But, they don’t pay off on day one, which can sometimes make them feel not passive at all when you need the money right now. But, instead of thinking only of today, let’s think of reasons you need to invest in passive income opportunities today for your future success.
Time Freedom
If you invest in passive income today, in a year’s time it will be paying off and that will give you more time to invest in other aspects of your life like going to the beach, going skiing, or playing with your kids. You won’t have to take on more clients than you want, and you can be pickier because now you have time freedom.
Ends Money Stress
You know it’s true. If you’re a service provider and trading hours for dollars and you need extra money, it can add a lot of stress taking on yet another project when you have already stretched your time to the limit. Because be honest, a service provider does not have 40 hours a week to provide services. You’re lucky to be able to get 30 hours a week because you still need to work in your business, do your bookkeeping, marketing, and networking.
Allows You to Grow
When you perform services, you only have so many hours in the day. If you spend some of that time building up passive income, you will get to grow your business without spending more time on your business. Yes, it takes time, but it’s the best way to grow your income without adding to your time load.
You Can Live Anywhere
If your service-based business requires you to be at a certain place, once your passive income outpaces your hourly income, you can let that go and move if you want to. You can travel, you can take time off, you can gain freedom from time and place that you cannot even imagine right now.
Now, this is not to say that providing services is a bad thing to do. No, you should do both as you’re building your income. Plus, you may always want to do both. But, what if you started today building your passive income so that you have choices tomorrow?
stop trading hours for dollars
Did you know TVS Launched a new accountability group?
Accountability benefits you in several ways as you pursue your dreams. Being held accountable isn’t only for those who are struggling with a particular issue, but for anyone with a goal. Working with an accountability partner or team is a key to success for anyone who wants their business to grow. If this is something you need, please, join us inside the Study Hall!
stop trading hours for dollars