I have a stable job so why do I need passive income?
Everyone works hard today, and most people have jobs that give them enough income for their day-to-day lives.
But I always say: if you don’t find additional sources of income, you’ll be working for the rest of your life.
When these extra sources of income don’t require your direct time, they are called “passive incomes” and they’re perfect for bolstering your current job wages and salaries so you can boost your savings and gain more financial freedom.
Let’s be honest – no matter how much we love the work that we do, we are still dreaming of that time when we can finally relax knowing we’re already stable enough (financially, and in other aspects!).
So, here’s why you might want to find an additional source of passive income now.
1.) You don’t have enough assets
What assets do you own right now? You may have personal effects, furniture, vehicles and so on, but while they have value, do they offer you an ongoing income stream? On the other hand, investing in property that you can then lease allows you to earn additional rental income on the side with minimum effort. As a bonus, properties increase in value over time, which makes them a worthwhile addition to your portfolio. If you don’t have enough income-producing assets, this may be the right prompt to look for assets that do.
2.) Your income only comes from labour
Jobs that pay by the hour may be regular and stable, but this comes with certain limitations. Once you stop reporting to work, the earning also stops. What if unfortunate circumstances come up? Say you get sick, lose your job or your company goes bankrupt? Do you have a backup?
However, if you have a passive source of income, you can keep earning during the days that you cannot work. Even while you’re enjoying the weekend at home spending quality time with your family, the income flow doesn’t stop.
3.) You want to retire before the government pension age
The Australian Bureau of Statistics found that while most people intend to retire at 65, 55% of people over 55 in Australia are already retired.
How about you? How are you envisioning your retirement? Do you want to start life at 65 or do you want to be able to sit back and relax while you’re still young and have the energy to do so? But the real question is, when will you have the financial freedom to do this? The more sources of income that you have, the faster you can save up for the retirement of your dreams.
4.) Your accumulated superannuation is insufficient
You’ve probably already thought about your retirement plan. But does your Super have enough in it to tick off everything on your bucket list?
Is it enough for you to live the comfortable retirement life you so greatly deserve? Remember – the goal is for you to enjoy life after retirement, not just simply survive on the super that you have worked so hard for. A passive income right now will give you more savings today that you can contribute and continue to give you more income after you retire.
5.) You want to do what you love now
But then again, why wait until retirement before you do the things you love? If you have financial freedom now, you’ll also have the freedom to make the choices that you’ve always been hesitant of making – like taking more holidays or spending time with the people you love.
Investing in a passive income source will help you break boundaries, and I really believe that the best time to do it is now.
So – do you need a passive source of income?
If any of the above resonated with you, then it’s time to look for additional passive income as soon as possible. The ultimate goal is for you and your family to have financial freedom both today and in the long run.
So, what’s the best way to earn passive income? Of course, by investing in property!
I like to say, if you look after the property for the first 5 years, it’ll look after you for the rest of your life!
We’re lucky in Australia as real estate offers you so many benefits, including rental income, tax advantages and capital gain over time – so long as you find the right property to get the maximum return on investment.
That’s where I can help you!
As your trusted Buyer’s Agent, my goal is to help you find and purchase the right property for the right price. Here at Worth Property Investing, we recognise the value of providing a bespoke service to allow you to establish valuable passive sources of income.
So, let’s talk about your future plans.
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