What is Your Time Worth?
Time is something that we cannot get more of, no matter how hard we try, there is always 24 hours in a day.
Once we realize that our time is precious, we can start to find ways to bill for that time more efficiently.
Time is literally money, and when you are working your 9-5 you are being paid for your efforts and hours.
It isn’t enough, but you’re getting paid!
So how much is enough and how do we get more for our time?
We have to look at time as our most valuable resource.
The hourly wage that we are paid is the amount that our employer believes our job and time is worth for those given hours. Believe me, I wish it was a whole lot more, and I am sure you do too.
The key is to find ways to be more efficient in our earning, including creating passive income that we can earn while earning other ways.
Passive income is generated when you work to create a revenue stream that will continue to pay you either in perpetuity or for a given period of time.
This blog could provide us with passive income on older posts that were written that still receive traffic. Once that work has been done, it will generate income as long as the post is alive and active.
There are a myriad of ways to generate passive income, and the more streams you create, the more secure your financial future can be.
Here are a few examples of passive income generators:
- Write a Book
While this isn’t an exhaustive list, it does give you the bread crumbs to find a path. We will explore some of these subjects a lot more in depth in the coming months.
Make Time Work For You
One of the most important ones from our list is investing.
By investing your hard earned dollars, those dollars create more dollars by compounding. The most beautiful thing in this world is watching an account grow due to compounding.
Compounding works by any capital appreciation or dividends earned, if reinvested, go on to create even more capital appreciation and dividends.
This process “Compounds” your money until a little stack becomes a large stack! Exciting!!
While other sources of passive income require work to be put in initially, investing can be a process of set it and forget it. Find an index fund, set up automatic deposits, and then watch the money grow over time.
The more time you give this, the more money you’ll have.
Actually, now that we are speaking on the subject, start now, literally right now! One of the keys to building wealth is making this decision and sticking with it.
A savings account is good for short term or emergency funds, but a true investment account in the stock market is the best way towards real wealth. And Compounding!
Make Your Time Worth More
The more passive revenue streams you create, the more time you will have.
The beauty of passive income is that it creates wealth for you without having to be babysat.
You don’t have to punch into a clock and wait for 5pm with passive income. While we are investing and writing this blog, we are still exploring more options for us to earn passive income. The sooner we create more streams, the sooner we can destroy the debt monster hiding under our bed.
Destroy your monsters too, by looking into ways of making your time more valuable, by getting paid when you sleep, by creating passive income streams that pay you what you are really worth.
What are some of the ways passive income works for you? We would love to hear from you and look forward to helping you realize your potential. So let’s get started!