Passive income is the best thing in the world. I used to work in the insurance industry and would hear all the raves about residuals and working for ten years to have a lifetime of never having to work again. I saw people around me achieve it but always thought it was too good to be true. There had to be a catch.
Nope. No catch. Residual and passive income exist out there in many fields and many forms and I am now a huge advocate for it. It takes some upfront work and tapping many different income streams, which I have been doing for a little while, but once it starts rolling, it's just like a debt snowball: it builds and builds and builds.
My debt payments this month have not been as substantial as I would like, but I still am feeling good about things because I have been able to work much less and still reach the goals that I had set. I am hoping to up the ante and revisit some of my goals to see if I can add more work hours back into my schedule and increase the payments.
Passive income is definitely not a get rich quick but it goes back to the same long term thinking of debt reduction. What you do today will matter five years from now so you have to start today. Once I decided to start, I didn't see the long term goal. It sounded like an unattainable dream, much like a debt-free life. But after a few months or a year, the results are there, as small as they may feel. But those small results get big fast once the ball is rolling.
I was really amazed to sit and ponder the similarities in building a passive income and paying down debt. Both are things I could not have done a few years ago as I just was not in the correct frame of mind. I wasn't looking into the long term as a reality. The future seemed like something I would deal with in the future. Doing a ton of work and receiving no money (in fact, I was shelling out money at the beginning on domain fees, etc.) was discouraging, but I kept trudging through only because I enjoyed what I was doing. Then things transformed and the passive income snowball is growing and plowing right over the debt.
Financial freedom is coming. I can just feel it. And allow me for a moment to pull out a cliche: If I can do it, anyone can.
Showing posts with label Success. Show all posts
Showing posts with label Success. Show all posts
It's Rolling!
Despite the set backs that have occurred over the past week, the timing of things could not have worked out better. We received our tax refund which effortlessly replenished our emergency cushion. This obviously has both of us feeling much more relieved.
It's funny because I used to feel secure knowing that if things were really awful, at least we had enough line of credit to cover us. But now that thought terrifies me. I finally see the truth behind that line of thinking. When things get bad and you need money right away, putting it on credit is like slapping a band-aid on a severed foot. It may be fine for a minute but things are only going to get worse.
On top of the relief of no longer relying on those band-aids, the refund was also the tipping point we needed to pay off our first credit card! We are no longer standing at the top of the hill packing the snowball. We have finally set it free on its way rolling down the hill!
I know we still have a very long way to go, but it is an amazing feeling to get to this spot. The feeling of shredding a credit card, deleting the payment app on my phone and closing the account is the perfect fuel to keep us going. At the start of this blog, it was figured to take us three years to pay off that first credit card. And here it is, a little over a month later and it's gone. All it took was some focus and determination.
So now we get to watch the snowball roll, throwing more snow at it as often as we can, and soon the mountain it is zooming down will look more like a rabbit hill. I know we will hit more set backs, but I refuse to let those stand in the way. We will be debt-free!
It's funny because I used to feel secure knowing that if things were really awful, at least we had enough line of credit to cover us. But now that thought terrifies me. I finally see the truth behind that line of thinking. When things get bad and you need money right away, putting it on credit is like slapping a band-aid on a severed foot. It may be fine for a minute but things are only going to get worse.
On top of the relief of no longer relying on those band-aids, the refund was also the tipping point we needed to pay off our first credit card! We are no longer standing at the top of the hill packing the snowball. We have finally set it free on its way rolling down the hill!
I know we still have a very long way to go, but it is an amazing feeling to get to this spot. The feeling of shredding a credit card, deleting the payment app on my phone and closing the account is the perfect fuel to keep us going. At the start of this blog, it was figured to take us three years to pay off that first credit card. And here it is, a little over a month later and it's gone. All it took was some focus and determination.
So now we get to watch the snowball roll, throwing more snow at it as often as we can, and soon the mountain it is zooming down will look more like a rabbit hill. I know we will hit more set backs, but I refuse to let those stand in the way. We will be debt-free!
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