Will passive income make you rich? That all depends on your definition of “rich”. My plans for building passive income will make me and my family rich one day. But it is not necessarily the kind of rich that is monetary. It is a different kind of rich that is more meaningful and rewarding than money.
Establishing recurring revenue streams as a result of passive income will no doubt increase our wealth. Even more important though is the side effects that generating this type of income will bring. Those “side effects” will make our lives simpler.
Time and freedom are the two side effects that I am referring to. Creating recurring income streams that can cover our monthly expenses allows my family to make changes from our current situation. It allows me to break free from my current job and find one that is much less demanding. It will also allow my wife more time to herself to explore more of her interests. Our children will also benefit as they will have their father around more than they currently do.
Please keep reading to see a few reasons why I am passionate about building passive income and the side effects it can bring!
10 Simple Reasons Why I am Building Passive Income
My reasons for building passive income are not to become a millionaire (although I wouldn’t turn it down) or have expensive toys. It is reaping the side effects that come along with the income – most notably time and freedom. Here are 10 random reasons and motivators as to why I am working so hard to create passive income.
- Coach My Son’s T-Ball & Flag Football Teams
- Get More Sleep (more than six hours that I get now)
- Have Morning Coffee with My Wife Every Day
- Take Weekend Trips with My Family to see New and Exciting Things
- Learn how to Cook the Right Way and Prepare Healthy Meals for My Family
- Drop My Kids off and Pick Them up From School
- Have Lunch with My Oldest Son Once per Week at His School
- Start a Weekly Date Night with My Wife
- Begin a Training Program and Qualify to run in the Boston Marathon
- Help my Children Learn to Read, Write, Add, and Subtract
This list may actually seem a little funny to some, but are very important to me. I do have the time to do some of these things today. However, I don’t have the freedom to do them all, nor do I have the freedom or choice to do them everyday.
Daily Life Changes
As you can tell from the list above, my reasons for building passive income are really very simple. I want to have the time and freedom to participate in these daily and weekly activities. As the sole income earner for our family, I don’t have these luxuries based on my current job. Passive income is my solution for changing this!
What motivates you to create passive income?
{ 1 comment… read it below or add one }
Those are the best kind of reasons! They are the little things that are actually pretty big when you manage to do them, and I bet having those specific goals in mind really helps you to stay motivated even when you feel like giving up after a long day. Now I just need to put together my list of 10 goals…
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pfincome Reply:
October 26th, 2009 at 7:24 am
@Web Career Girl – The reasons I listed above are what keep me moving along. Without them, I would have probably given up many months ago.
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