How much time have I went on working on creating different types of residual income opportunities? This is something professionals should ask themselves each day.
A problem that most professionals face is that we base so much of our financial picture upon our linear income. That is, the more time we spend at work, the more we earn. There is a direct correlation between the time we spend at our job and the time we spend working. This is the same as someone who is paid hourly for their work at a minimum wage job, except a professional does not likely work for minimum wage. For the professional, if we are not working, or we are on holidays our income stops. Worse for some (like it has been for me) is that if we take holidays we not only do not earn money, but the overhead in our professional practices continue. This means that even if I am on holidays, the office overhead like rent, staff salaries, professional fees, and the like still have to be covered. It means that if I take holidays I go financially backwards. A lot of the time, due to the stress and financial pressure of taking such holidays, I have often not bothered, preferring to go to work each day instead rather than going through the stress of leaving the office.
Because of these reasons, as my professional career has developed, it has been harder and harder for me to take vacation time. Until recently I thought that is the way it was and I accepted it. Now I know there can be another, happier, and less stressful way of living. This other way is not supported by our economy that asks us to continually over spend against ourselves, against our future income, and against any hope of happiness.
9 types of residual income that as a professional you can think about developing?
Written by Val Hemminger, the nonconforming professional