Have you ever faced any such situation in your life where
- You lost your job and wondered how to pay the bills?
- Seen photos of your friends on Instagram enjoying their vacation in exotic destinations and wondered what is stopping you to go there?
- Worked day in and day out for weeks or even months, then realized that you are unable to spend quality time with your family?
Have you answered yes to any of these questions? Or maybe all of them? I can feel you, my friend. I have been there.
It was February 2009. The Great Recession(December 2007 – June 2009) was at its peak, thousands of organizations had to shut down and over 8.7 million people lost their jobs. I was one of those people. I had a very limited saving, which didn’t last long. Luckily, I got immense support from my friends and family which I can never forget. That incident made me understand what Mr. Kalam had said – “Love your job but don’t love your company, because you may not know when your company stops loving you”.
While I was searching for a job, I knew one thing. A job is not something that can secure my future. That was the moment where I started my journey of entrepreneurship. At that time, I haven’t ever heard of the word “entrepreneur”. It was not a “trend” that it became later. But for me, it was a need. The first product I built was a cab aggregator service. Why I built that is a long and interesting story which I will share some other time. But the hard fact is, it didn’t work. Eventually, I joined a job in September 2009 to take care of my bills. But the entrepreneurial bug was there deep inside which didn’t allow me to sleep at night. During 2007 and 2015, I tried my hands in eight businesses as a side hustle, and all of them failed miserably. Finally, I built my first successful business as an author, and now I own four successful businesses.
Now, why I am sharing all these with you is because I want you to open your eyes, clear your mind, identify your potential, get out of the social bubbles, and chase your dreams. Anyways, let’s come to the topic and understand why Passive income is not a choice, but a need.
- You have a dream.
Lets accept it. We all have dreams. That makes us human. But as Mr. Kalam has said, “Dream is not that you see in sleep, dream is something that does not let you sleep.” And to make those dreams come true, just a nine to six job can’t help you much.
- You should not rely on just one source of income
You should not put all your eggs in one basket. This is a piece of advice which means that you should not concentrate all efforts and resources in one area as you could lose everything. The best way to build your wealth is to diversify your income sources.
- You live only once
You have got just one life. Do you want to waste it doing something that you hate? Or you want to flourish it with doing something that you love? It doesn’t matter what you are passionate about. You can make money by doing practically anything you like. You just need to have a strategy, dedication, and hunger.
- You have friends and family
Humans are called social animals for a reason, right? It is important to surround yourself with family and friends for support and comfort in both times of joy and distress. Studies have shown that having supportive relationships is a strong protective factor against mental illnesses and helps to increase your mental well-being. But is that possible while you chase your dream and struggling to keep your boss happy at the same time? Think about it.
- You have only 24 hours a day
Like oil and gas, time is also a limited resource. You have only 24 hours a day, out of which 8 hours you need to sleep and around 3 hours you need to spend with your friends and family. On average, you spend at least 2 hours in commuting if you are in a city like Mumbai. On top of that, you spend around 8-10 hours in the office. That leaves you with only a couple of hours where you can work actively to build your wealth to live a life you have alwayz dreamed of. However, passive incomes can make money for you while you sleep.
I know it is not going to be easy. It should not be. Success is not easy. The path to success can never be easy. But the journey becomes less troublesome when you have a guide. And hence I’m here to help you chose the right path and be your companion in your road to success. Feel free to ask me any questions that you have in the comment section.