There are many great reasons for leaving a job that you either love or hate. The wise thing would be to have enough passive income coming into your pocket each month to pay for your expenses.
In part one of this series, we looked at What Is Passive Income. Now that you understand what passive income actually is, you will now have the understanding that it is possible and there are good reasons for leaving a job.
Practically, passive income is money you make while you are not working. Money coming in without working is a benefit to passive income that is easy to understand.
But, what are other benefits of passive income? Think of all the things you could be doing if you were not spending your life working for someone else.
By working your way out of a job, you will now have the time spend your life doing whatever you want.
Along with doing whatever you want, there are many other huge benefits to passive income that may not be as easily understood until you actually experience it. These are just a few reasons for leaving a job you either love or hate.
How I Quit My Job By Investing In Real Estate
In 2006, I bought my first real estate property.
Year after year, I bought another, then another, then another.
Each property made me $250 a month in passive income each month. That was after I calculated all the Income (Rent) and subtracted all the expenses.
$1,000 – $750 = $250 each month!
Now, over 30 properties, I make enough money to replace my income from my job. Now, I do not need to work any more because my bills are taken care of by my business.
The biggest thing is that I don’t do any work. My properties do all the work and I benefit from the money it brings in.
8 Unconventional Reasons for Leaving A Job
1. No Longer Have to Work for Money to Pay Your Expenses
For most people, the main reason to have a job is to make enough money to cover their expenses. If you had enough money coming in each month from your passive income to cover your expenses, what purpose would there be to have a job?
It could be to make more money but why keep working when you don’t have to.
In my passive income business, I make more money per hour building my passive income business than I could ever earn from a job.
Even though I have earned as much as $36 an hour, it still does not compare to the money I make when I buy one rental property (we will discuss this more later). With all my rental properties, I earn enough money from the rents to cover my expenses and have extra money left over.
2. Passive Income Builds On Itself
As you build your business, your hard work creating passive income will build on itself. The more money you make helps you to make more money. An example would be creating a business writing books.
The more books you sell helps you sell even more books. The general idea is that a writer is a best seller because they sell a lot of books, and they sell a lot of books because they are a best seller.
The more books sold gets the book in front of more people which sells more books.
Another example of passive income building on itself is with real estate as rental properties. With one rental property you may earn $3,200 a year in rental income.
If you don’t spend that income, you now have another $3,200 the next year to buy another rental that will make you another $3,200 a year for a total of $6,400.
Imagine if you have 10 properties that which brought you in $32,000 each year. Your business becomes a snowball (See part 1 for how the snowball of passive income is amazing!).
3. There is No Limit to How Much You Can Earn
Podcaster John Lee Dumas of Entrepreneur on Fire makes over $300,000 per year from his podcasting business.
Author Steve Scott makes over $40,000 a month with his book writing business. Blogger Michelle Schroeder-Gardner made over $112,000 in one month from her blog business.
This is just the tip of the iceberg. There are so many other passive income business owners that make enough money to cover their expenses each month.
With passive income, the sky is the limit. The longer you work on it, the more income you can produce. There is no boss telling you they cannot give you a raise. You are now the boss.
4.You No Longer Have A Boss
Since you are working for yourself, you are now the boss. Ideally, your business is paying all of your expenses with some profit left over.
With the extra profit, you can hire employees to do the things you do not want to do, or that do not make you enough money to spend your time on.
Having your employee’s do all the work will allow you to do the things that make you the most money that only you can do.
No Longer Having A Boss Is Freedom!
You no longer have to call in sick, ask for vacation time, or depend on him/her for a job. You are the master of your own course now. No one is there telling you what to do. You are now in control of your own life.
Also, you no longer are dependent on someone else for a job. If you pursue passive income you will no longer need a job because all your expenses are covered by your cash flow you bring in from your businesses.
5. You Don’t Have to Choose Just One Passive Income Business
A lot of the passive income business mesh well with the others. Say you are the creator of a blog and you create great content for the world to consume. All of that content can be re-purposed into other businesses.
Take that great content you already have and turn it into a book you can sell on Amazon. Then use the same content to create a podcast where you can earn money from sponsors and affiliate sales. What about YouTube? Create an awesome video that reaches a whole new audience with your content.
Real estate also has other forms of passive income connections. Create a blog teaching people who to make money in real estate. Lend some of your money to other investors and earn interest just like a bank. Create a webinar that gives virtual walk-throughs of the business so you can teach more people.
The main take away is to put your eggs in multiple baskets. Focus your efforts on a few passive income businesses that complement each other and run with it.
6. Stop Doing Things You Hate
Do you hate your job and would rather be working on your car? Are you stuck doing a job that you know your time would be much better spent doing other things?
Would you rather be creating music that people could enjoy than washing dishes?
When you have your own business with passive income, you don’t have to be stuck doing the things you hate. If there is something you hate to do, just don’t do it or hire someone else to do it. Life is too short to spend it doing things you hate doing.
7. Do What You Love
They say that if you do a job that you love, it no longer becomes work. If you are passionate about your work, it becomes a joy for you to do.
With passive income, you have the ability to choose what you want to do that fits your passions. Do you love to play the piano?
Why not create a YouTube channel that teaches kids how to play the piano? Do you love to write short stories? Why not put them together in a book and sell them on Amazon.
What about a passion for hiking up large mountains? Put together a blog that documents all your adventures and gives helpful hints and insights into your hiking.
The possibilities are endless. Here is a key. Find what you are passionate about and match that up with one of the proven passive income ideas in this book.
8. Set Your Own Hours and Work When You Want To
Being a business owner, the responsibility to work is solely on you. If you want to sleep in, do it. If you want to watch a movie at 2pm on a Tuesday, do it. Because you know what needs to be done in your business, you are able to work when you want to work.
If you are a night person and function better after 6pm than 6am, then start your work day at 6pm instead of 6am. If you have your passive income business built where it builds on itself, you don’t even need to work. In reality, you work when you want to and not work when you don’t.
All of these reasons for passive income will hopefully fuel you to desire to quit your job and invest your time in passive income businesses. Once you start, you will get the taste of the business and never want to stop.
You will be living the dream when you are living the passive income lifestyle.