It has nothing to do with wanting to be a millionaire! Even though we’ve all heard or read that millionaires have 7 income streams.
Over the last year, my full time job oscillates between periods of intense busyness and boring nothing to do days.
During the intensely busy seasons, as in now when we are in our sixth lockdown and ramping up vaccinations, I am mentally tired and worn down coping with it all.
(As an aside, it is mentally exhausting listening to why people don’t want to be vaccinated and explaining why they should. And it is challenging to remain upbeat and supportive when working with anxiety all around us. We are all waiting on tenterhooks, praying that we don’t become a Tier 1 site (ie a Covid positive case visits our premises) which means we’ll have to quarantine for 2 weeks. We are back to anxiously watching the daily positive case numbers. And back to split shifts where the day and evening shifts have no contact with each other, including outside work hours)
When we are in the boring I-have-no-idea-what-else-I-can-do-to-look-busy times, I worry that my job is not secure and the business will close down.
It’s a blessing I have a job. And that I can leave the house to work thereby not experience the social isolation during our lockdowns. But it’s a double edged sword.
I am more likely to get Covid from my job. And inadvertently pass it on to others such as my elderly parents. Even though this is somewhat mitigated by all three of us being fully vaccinated, I still don’t want us to get Covid and the possibility of its long term effects.
Maybe it’s a case of the grass being greener on the other side. But working from home sounds blissful at this stage.
Therefore, increasing my income streams is one of my goals for 2021. Just so I don’t have to depend on my salary so much. And I can dream about working from home some day.
Ah, Passive Income Streams (make Money While you Sleep)
This is what we ALL want, isn’t it?
I am also on Octopus and have made about $130 (tax free) dollars that have bought me and the soccer player a couple of nice meals.
But certainly not passive..
And you’re right – the blog IS an expensive (and active) hobby!
I am looking forward to reaching Fi and getting enough income from both dividends and cashing out my shares to do what ever I like, on the other side of my 9-5.
Looking forward to hearing about what you do next…
Shaun
Hi Shaun,
My Octopus payout is going into my Antarctica fund! It’s just a little extra something – it will absolutely not be able to fund the trip on its own 🙂
I’d love not to have to sell my shares ie just live off my dividends but I know I’ve left it too late to build the portfolio to that extent. We’ll see though – I’m still plowing in as much as I can afford and just monitor what the dividend growth is.
Who knows? I never thought Coast FI was possible for me, a late starter either!
Like you, the DRP has made our passive income out of sight, out of mind. It’s changed a little this year because the incredible returns during COVID means we need to fill out the Capital Gains Tax Schedule and I’m having to go to a tax agent because I can’t figure it out myself (or with the help of 3 people from the ATO).
Are you including Super as well? That will form part of our FIRE plans, and although you have to work to get it (active), returns are still kind of a passive stream.
No, I did not include Super in this pie chart. Super is absolutely a part of my FIRE plan but I’m only including income I can access right now.
Blogging is definitely not as passive as most think – as a fellow personal finance blogger I can really resonate with this one.
Lots of work goes into creating these awesome pieces of content!
Great post keep it up 🙂
Thanks, Sam! It does take time and commitment 🙂 But it is so rewarding too (in non monetary terms) which is why I keep going … just wish I had more time
I just don’t get this huge lust for passive income.
I’ve been lucky in a couple of investments ( Surgicenter and building) but lost in others.
I often wonder if spending a few more hours per week in my specialty would have been equally rewarding financially. The calculus should be comparing earnings/hour.
Work hard. Spend less than you earn and your bonds and equities will passively create wealth
Hi Dr J,
I agree with you – work hard, spend less than you earn and your investments will passively create wealth.
I’m also tired of working my 9-5 and no longer enjoy it as much as I used to. But I know I have to keep going for a little while longer, to earn the income to invest in more shares.
If I can create passive income via a creative means that is totally different from my 9-5, why not? And if I enjoy it and am able to make connections with others and learn new skills, then it’s a winner 🙂
But I’m under no illusion that it is my active income that is funding my future freedom right now