Take a minute to think about how your life would be impacted if you took the time to create some streams of passive income. Suppose you succeed. What then?
What would your life be like if you were receiving an extra $100 per month in passive income? What about an extra $500? $2500? $10K? 50K?
At what point do you shift from that wouldn’t make much difference to that would be nice? Then when do you think, That would really take off some pressure?
What amount nudges you into I could live off of that amount? Then when do you think, Wow… I could really upgrade my lifestyle with that?
And if you want to think beyond that, where do you start thinking, Hmmm… I wonder what I’d do if I earned that much without having to do anything? What would I actually do with my time then?
It may surprise you that one of the reasons people avoid earning passive income is the fear that arises from being confronted with that last question. People often spend so much of their lives distracted by the daily grind of work, bills, and social obligations that they rarely give much thought to the bigger questions. Suppose you actually do succeed here in a big way? Then what?
If your end game looks bleak, empty, and meaningless, that’s going to hold you back. You’ll sabotage yourself before you get very far.
If you didn’t have to work and money kept flowing to you month after month, what would you do with your time? Would you play video games all day or do drugs or sit around watching TV and eating?
The irony is that if you answer this question honestly, you’ll probably come up with something that you could just as easily do when you’re broke, although perhaps not at the same level.
For many people the freedom to do what you want when you want sounds like paradise, but it presents its own challenges. If you’re not careful, you could easily slide into a serious depression in this kind of situation. People receive a lot of fulfillment from work, but if you no longer have to work, will you still be able to motivate yourself to tackle new challenges, or will you do little or nothing because you can?
It may seem premature to think about this now, but I think it’s pretty important as you move forward in your passive income journey.