6 Benefits of Passive Income not Related to Money

photo credit: jimtsap
Have you ever dreamed of sailing in the Caribbean without a care in the world? Or maybe you fantasize about starting your own business or picking up a new hobby that you have always wanted to try. For many people these dreams never seem to come true. There are several factors as to why these dreams never materialize, but the two major reasons are money and time. You need money to do these things and in order to get the money, you have to spend your time getting it.

What if I could tell you that there is a way that you really can reach your dreams and live the life you want? While it is no get rich quick scheme and involves a ton of hard work and yes your time – passive income can change your life. Sacrificing your hard work and time right now, has the potential to put you and your family on track to becoming financially independent. With financial independence comes more money and more time to do the things you want to do.

Money is important to most people and plays a critical role in all of our lives. While money can buy you things, passive income can give you more. Passive income obviously can increase your wealth, but it also gives you more time in your life. That extra time can allow you to accomplish other goals you may want to achieve.

To get you motivated, I put together a list of 6 benefits you can get from creating passive income that are not directly tied to money.

1. Children – One of the absolute greatest benefits of creating passive income is that it can allow you to spend more time with your children. Even if you don’t have kids, you can still spend more time with your spouse, significant other, parents, or close friends. The point is that creating passive income frees up a lot of your time. My number one goal of creating passive income is that I won’t have to work as much and can enjoy raising my kids, along with my wife. We are a single income household relying on my day job to pay the bills. Creating multiple streams of income from other sources will eventually allow me to work less hours. When I get down or need some motivation – I simply think of someday having the freedom to pick my kids up from school or having the time to coach their baseball teams. That is all the motivation I need to keep moving on!
2. Volunteer – Creating passive income could allow you to volunteer more and give back to the community. A common theme of living off of passive income is that you have created a lot more free time for yourself. Volunteering is an excellent way to give back to those who are less fortunate and feel good about yourself. You could even donate some of that hard earned passive income you have created to those who need it more than you. I know that I would volunteer a lot more if I didn’t spend 60+ hours per week at my job.
3. Hobbies – Running is one of my other passions in life. I try and get out for at least a 30 minute run four times per week or more. If I had more free time available, I would probably start training for a marathon. Balancing a career, creating passive income, and spending time with my family leaves very little time for this type of training not to mention any other hobbies I may have. Speaking of hobbies, I have always wanted to learn how to sail. When I am able to support my family through passive income and become financially independent – one of the first things I plan on doing is learning how to sail!
4. Travel – My family really does not travel too much right now. It is mostly because the costs associated with traveling and vacations don’t fit into our monthly budget. Another reason is that we don’t have a lot of free time to travel because of my job restrictions. Once again, passive income will give my family the opportunity to travel more and see other parts of the world that are different. What a great way to teach your children about different cultures and how other people live their lives then by traveling!
5. Health – I don’t know about the rest of you, but my job has a tendency to stress me out. In times of stress, I tend to eat unhealthy foods and am not as motivated to go running. Another big stress related topic in most people’s lives is around money – or the lack of it. While money is not the most important thing in life, having the ability to pay your bills every month without any worries is something that will reduce everyone’s stress level. Creating passive income and becoming financially independent can lead to a much healthier lifestyle!
6. Life – This is basically a combination of the previous benefits, but living off of passive income will allow you and your family to enjoy life. Whether you want to travel more, pick up a new hobby, open your own winery (I would love to do this), or anything else you can think of – becoming financially independent allows you to spend your time doing what you want to do. It really can’t get any better than that!

Hopefully this post has inspired you to go out and start creating passive income. Even if you are already creating passive income – maybe you need some motivation to keep going? I know that I need this little push every once in a while. The 6 benefits listed above are enough to keep me going every day and hopefully can keep you motivated as well.

Interested in learning about some free opportunities to start your passive income journey? Check out – Free Passive Income Ideas for more information.

Tagged as: Motivation