I have written an article at Helium on The Benefits of Passive Income. Here it is for your reading pleasure.
The benefits of passive income
To talk about the benefits of having a passive income we should firstly talk about where passive income comes from to give us an appreciation of the impact these benefits will have, not just in your own life but in all that you touch. Napoleon Hill in his book, Think and Grow Rich, states “When riches begin to come they come so quickly, in such great abundance, that one wonders where they have been hiding during all those lean years.”
Now to the benefits.
Waking up in the morning when you are finished sleeping. Taking the kids to school and picking them up after school; as the normal bread winner, this is a huge benefit of having a passive income and having the time freedom. Time freedom also helps to relive the stress that normally comes from making sure you are at work on time, you have done your hours for the week, achieved that important deadline the boss wanted. Instead you make that deadline of being at soccer on Saturdays until the game is over and your son has finished playing with his friends, and you of course have finished playing as well.
Ability to Give Financially.
Having the ability to give to a cause financially to make the difference you wanted to, build that school in Fiji, take those books to the Papua New Guinea highlands, build that water pump and filter plant for the village of the little girl you have been sponsoring in Ethiopia, provide shelters in Sydney for the homeless and pay for meals. All these and more make a big difference in their lives and provide you with great satisfaction, or why are you doing it…
Ability to focus on a Cause.
Focusing on a cause, the same as focusing on your goals, will provide a much bigger and faster result for that cause. A passive income allows you to focus your energy on raising awareness of your cause rather than worrying too much about where the funds are going to come from or how will you make the time to organise, let alone get to the events that raise more funds and awareness of your cause.
Finally, the call to action that talking about passive income and fighting for your cause makes me do. Passive income is really about choices, and to get to the passive income you need to start practising making choices. What are you waiting for, get out there and organise an event and while you are at it buy a property with a plans approved and build the sucker and keep one of the townhouses. Now do it again and eventually you will build the massive, passive income you deserve!