Money makes the world go round
Subsequently, in our current environment, in order to just maintain our growing cost of living, it is either necessary to earn more than ever before or sacrifice the luxuries which we have grown accustomed to. Most people opt for the former, but there are only ever so many hours in the day.
Time is Money
Famously Warren Buffet, who is considered to be one of the most successful investors in the world, once said:
“If you don’t find a way to make money while you sleep, you will work until you die.”
Globally, life expectancy in the last 20 years has risen at “its fastest rate since the 1960’s, increasing by 5.5 years”, leaving many unable to financially keep up. For instance, the Financial Times has stressed that in the UK, “the average female will outlive her savings by 12.6 years; while for men the gap is 10.3 year”, resulting in “10% of Britons working past the age of 65, which is double of those in 2000.”
This phenomenon is not unique to the UK, however it is noted globally through the revaluation of the retirement age in multiple different countries. Hence, creating a successful passive income is not only an underestimated tool to act as a current safety net or a relief on your active revenue, but it is also a great provision for the future enabling one to commit to either part-time employment or even early retirement.
This trend to pursue an independent influx of capital that is scarcely dependant on time is becoming increasingly important for individuals whom aspire to exit the rat-race society that the active income insinuates.
Ultimately, money is a requisite in our society, it can be earnt, spent, saved, and your personal quantity will always differ, but our time is fixed; it can only be wasted. Thus, the pursuit of a passive income is superior than that of an active income, as it emancipates your time, giving you the freedom to enjoy what life has to offer away from the world of work.
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