Tuesday, October 24, 2006

To Become Wealthy: More on Passive Income

My husband is a very patient man. I am not. It is sometimes painful for me to sit patiently and wait. So I am expecting that the steps it takes to build passive income to come difficulty to me. I want to be wealthy now; I want to quit my day job now. And there are plenty of people out there who promise instant wealth. I do not believe them. I can not see how I am attend one seminar or buy a few products and suddenly be wealthy. I am very skeptical of those promises.

My husband and I live a comfortable life. We both have decent jobs. (His is much more decent that mine.) We bought our first home a year ago, right before we got married. It is a wonderful house with plenty of room for our future family. I am in love with this house and think about all the things I would rather be doing there while I am stuck at work all week long.
We are also fortunate that our only debt is the house. We have no outstanding car, school or credit card debt. And we are able to save some money each month. But now I realize that simply saving money will never make me wealthy. Sure, we invest in the stock market, but what do we know about stocks? Our day jobs have nothing to do with the stock market. I own some index funds in an IRA and he owns shares of Google. Both are pretty safe investments. They may pay out well one day and help us retire, but they will not make us wealthy.

Both of us work for our money, but we are going to switch things around and have our money work for us. It sounds easy, but it is taking more work and time than I expected. I have discovered that even passive income takes a lot of work to set up. But I would rather work hard now to rest later, than have to work with no end in sight.

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