Passive income – a long term goal

Who is Bill ? At one point I was defined as “an angry coagulate of superior intellect and vast technoculture”.

Well yes, I am those things. More importantly, I’m a guy who has hardly ever cared for tradition. One time-honored tradition of the human race is to work until you’re very old and/or dead. Give 40 years to a company, build up a retirement fund, and hope to have enough life in you to enjoy it. I consider that mentality obsolete in the 21st century. Now I do believe in work, everyone should give what they’ve got to the world, but there are more important things in life than money, money, money!

Now I’m a young fellow, 27 years dumb. Like many people my age, I’m up to my gills in debt: student loan, car loan, credit cards I shouldn’t have racked up. Like many people in the computer industry, I’m up to my eyeballs in job problems. The jobs we can get are underpaying and highly stressful, and the jobs we SHOULD be doing typically aren’t “financially viable” unless you’re within slurping distance of an R&D manager at some large megacorp or federal ministry of something-or-other. I’ve been a computer whiz since home computers were invented, pretty much, yet I have extreme difficulty finding any sort of job that makes proper use of my skills. I’ve worked in call centers, computer stores, and at one point I even had a 2nd job in a video club 😛 All puny low-wage jobs that use 1/10th of 1% of my abilities.

For the longest time I just assumed I sucked at job seeking, and I certainly do, but the common element in all these environments is that I wasn’t alone. I’ve worked in shit jobs with brilliant people, with double engineering degrees and an MBA for dessert. They were earning the same pay as Billy Boy (or less, if I was their manager). They were all just killing time, waiting for their big break. Sometimes it comes, sometimes it doesn’t. Either way, any job will constrain your earnings; you either receive a fixed salary for full-time work, or base pay plus commissions for sales. If you suck at your job, you still get paid something, and even if you excel at what you do, you still don’t get much more than the idiot next to you who uses the “Reply to All” button five times a day. In fact, you’re might be making less than he does, because he’s a nice malleable pawn to management whereas you think you’re smart.

But what if you can’t find a job that fits ? What if all the jobs you want, you can’t have; and all the jobs you have, you don’t want ? You start your own business, obviously! But starting a business is a ton of work, and you don’t have any idea of how much money you’ll make, if at all. Well there’s Plan C: passive income.

What the @$&% is passive income ? It’s a term coined by Brian Lee at GeniusTypes.com, to refer to money you earn automatically, without having to work much. Interest on your savings and dividends from your stock portfolio, those are forms of passive income. Income-generating real-estate is a very popular form of passive income. Affiliate and ad revenue from your web site is typically passive income.

Passive income is an extremely powerful concept. You can look at it as sideline, a little gravy to complement your full-time job income. You can also see it as a complete replacement for that job. Wouldn’t it be nice if you could simply not work at all for the next three months, and not have to worry about your bills getting paid or how you’re going to eat ? I know I’m sounding like an infomercial but you can make that happen. It’s not an overnight thing, and it takes a bit of creativity, but wouldn’t it be worth your time to put maybe 2-3 hours a week into a project that could eventually free you from the daily grind ?

I do. I’ve started the ball rolling to hopefully one day be a free man, free from the tyranny of the almighty buck. More importantly, I think everyone should at least give Brian’s article on passive income a good read. Not everyone has the discipline and dedication to make it work, but the concepts of wealth can be applied to everything, not just money.

Both comments and pings are currently closed.

3 Responses to “Passive income – a long term goal”

  1. BitBurn says:

    So Bingk, how are you going to achieve this?

  2. Billco says:

    Well the plan so far is you’re going to turn tricks on Eddy st, and I’m going to collect the money.

  3. Bob Burg says:

    grosse merde de calisse…va donc travailler comme tout l’monde calisse!! hahaha!! 😉