Ever wondered what would determine a sufficient income be like? How do we decide that it is the ideal income we want? Our wants are unlimited and resources are
limited. Do we ever say that the income we get is more than enough and no further increase in the income is required at this point? The answer is ‘No’. We are never tired of getting more compensation, a raise is always welcomed. Now, the question is if we are ready to work compromising on a lot of other things like hobbies, family time, social life to get more money. Is money that big motivation?
Money is certainly a motivation to do work but there is a level of money after which the money instead of motivating, starts demotivating us and we can start losing interest in our work. We all first need enough to survive, then the focus first switches to the security of our family and later to have a better lifestyle which includes having enough luxury items to make life and work easier. Do we need more money after achieving these three compromising other things? We all have goals in our life, but we need to analyze if what we consider as our goal is actually something we actually want.
Here is one interesting case. We asked one of our seminar attendees the goal of his life and his answer was that he wants to “earn a lot of money”, on asking what he would do with that money, he kept mum for a minute and replied that he never really thought about it as he was already doing decent in his life and had enough wealth from which he was achieving a fair share of passive income too. Here we see that even though he had a good amount of wealth and income, he still was only considering earning a lot of money as his goal. He never really realized that money had taken control of his mind to the extent that money was no longer a motivation to work.
We need to make a clear distinction between our needs & desires. Money should not be the ‘Goal’, it simply is one of the resources that is required to achieve our goal. So, it’s just a companion to our destination and not the Destination.
So, what is the real goal?
It has to be. We want the freedom of TIME to do what we want when we want and how we want. Money can buy you some time for sure. Having enough money to follow your happiness, passion, spend quality time with family & most importantly with oneself. Money is only a resource to buy as much time as one can. Ask someone who is in their 60s or 70s, do they want more money or time? I think you know the answer to that. People mostly spend their prime age of life in earning money only to happily trade that off with time they cannot buy later.
How to buy time with money?
Creating Passive Income from existing wealth is the surest way to create more time. This is an income you don’t have to work for, you don’t have to trade for time and it practically can hit your account every month. People who live a life free of money worries are those people who have no financial goals and monthly expenditure and those people don’t exist. For everyone else Passive Income is a critical part of the income circle they are missing.
How to create Passive Income from existing Wealth?
Arpit Arora through its eye-opening Webinar, Mission: Financial Nirvana (webinar) empowers individuals to get started on their journey towards creating passive income from their existing wealth without necessarily having to invest more. This educational webinar has been helping not just the businessmen but also professionals and retirees make their first step towards living a life where their money work harder for them rather than the other way around.