Do you work for a company that is cutting jobs, freezing pay, or eliminating their 401k match programs? Are you one of those employees who have recently lost their job because of the global recession? Just recently, the company that I work for announced a company wide pay freeze for all of this year. While this news was not received in a positive light with fellow employees – I felt fortunate enough to still have a job. Yes, it is not very motivating for employees to put in extra hours right now with little incentive to show for it. I guess the incentive is that my colleagues and I are still employed and can continue to bring home a paycheck. We have also retained our company’s 401k match and there are no plans for job cuts – at least for now. I am glad that I am still employed (at least in the short term). What I am not happy about is my heavy reliance on a job for income.
About a year or so ago, I finally came to the realization that I didn’t want to have to depend on a job to support my family. My wife stays at home with our children and I am the only income earner. While I have a nice salary and benefits – they could stop abruptly at any time, especially in this harsh economic environment. I decided that I wanted full control of our personal finances – not having to rely on an employer for our well being. One thing I strongly believe in is that you are responsible for your own life and how you choose to live it. There are too many people in this world who blame others for their own shortcomings and downfalls. Sure, I could be upset with the company I work for and blame them that I didn’t get a raise. But I won’t – instead I am going to blame myself for not giving me a raise – and have plans to change that.
I have always had a desire to be an entrepreneur in life. I went through my undergraduate degree majoring in Business Management with a focus on Entrepreneurship. I even went back and got a Masters Degree in Information Technology to learn as much as I could about the IT world and how it could help me start a business. After graduating with my Masters Degree, I decided to take the easy route and go and work for a company instead of starting my own business. What held me back from starting a business? Confidence and Money. I had written many different business plans only to talk myself out of each and every idea. I focused on all the negatives about my ideas and why they would not work. So instead of starting a business, I decided to choose the security of a full-time job with benefits instead.
What has changed in my life since deciding to take the easy route? The concept of passive income has given me a whole new perspective. You don’t need a lot of money to start a passive income stream – so that took care of my money problem (and confidence to a certain extent). Instead, you need to be creative, inventive, and most importantly of all – a hard worker. I have no problems telling people that I am a very hard worker. I always have been in every job that I have had. Why should I put in all of my hard work to help a company in return for a small paycheck? Why not take that hard work and maximize it’s returns.
Passive income is not for everyone – and that is fine. However, it is important to me and I want to take advantage of it. I am inspired by the prospects of it every day that I wake up. I hope to inspire as many people I come across to start building their passive income streams who show any interest. I am no expert on passive income by any means. But I am a hard worker who will learn form his mistakes and wil take control of his family’s financial future.
Are you taking control of your personal finances? Or are you letting others dictate your future?
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I took the easy way out as well, choosing a consistent income instead of being my own boss. As my passive income streams grow, I may consider starting a small business on the side, hoping to one day grow it into something that would replace my current job.
Until then, I am extremely happy to have a job (raise or not raise).
Dusty’s last blog post..The Lemonade Award
Like you I am trying to build my passive income stream to achieve financial independence. The best part about passive income is that you can build it up while working a job with benefits. At least until you have enough passive income to quit your job and focus full time on increasing or securing your passive income.
Outstanding post. For me, it’s all about control. Pursuing passive income streams will give me the ability to control my own destiny. That’s not only financial independence, but but total independence. Thanks for writing this blog, it is incredibly encouraging.
Earlyriser’s last blog post..One of the reasons I want to have independent income
@Dusty – I completely agree with your approach. Start creating passive income streams and overtime phase out a career with focus on your business and passive income.
@Steve – I agree. Even if I was creating a lot of income to support my family right now, I would probably still have a job for the benefits.
@Earlyriser – Thanks for the kind words! I want the control of my personal finances just as you do.