Increasing My Sources of Active Income
Increasing my sources of active income
by: Kendrick Chua, The Wealth Warrior
How many times have I heard of passive income when I started working? A lot! And this is what the young professionals, myself included, are being preached about. Sometimes, it just gets really tiring hearing this over and over again like a broken record. Come on, reality-check, only a handful of people are already earning substantially from passive income at my age. Most of the people I talked to really have this in mind.
Nothing wrong with that but the danger on being glued to that idea is that you are prone to invest in get-rich quick schemes. PIPC, Franc Swiss and Global America all pitched that line! Investors, wanting to get out of the rat race and just let their money work for them, jumped in without researching and then got burned.
Money begets money and what I learned from the past four years that I worked in the financial industry is that it’s actually easier to increase active income for now.
I realized that I have several skills that can generate income for me. Whereas before, I only work as a life underwriter for this insurance company; now, I moonlight as a musician in weddings, a writer for publications and an instructor and tutor of foreign language.
As a result, I have increased my income by more than 50%! Furthermore, taking on other works make my life more exciting! I get to eat in the banquets of wedding receptions; get acknowledge for my articles and inspire my students. All these make me feel more fulfilled.
Increasing my income therefore means that I have more to invest now. My earnings from my part-time works allow me to pay for my monthly bills while my commissions let me invest in income-producing or capital-appreciating investments.
Increasing my active incomes allowed me to increase my passive income. That worked for me and I guess it shouldn’t be a problem working for you either. Each of us has a skill (or two) that can work for us. Use it! And let money eventually work for you.
March 4th, 2010 at 12:59 pm
so true. there are people who just do not want to do things right in such a way that they fall prey to scammers disguised as financial geniuses (who are broke)…
March 4th, 2010 at 1:53 pm
Passive income is cool; active income is also cool. It depends on the person’s priority. Also, even if a person obtains sufficient passive income to retire early, early retirement leads to boredom. I know some people, who retired early, created a new company simply because the boredom of not working or doing anything is unbearable.
April 12th, 2010 at 4:17 am
Ken very informative article about sources of Income. Keep on posting good articles. Thank you.
April 12th, 2010 at 12:29 pm
Thanks Jaime!