Tempus Fugit! as the saying goes. Time truly does fly, and frustratingly seems to speed up the older you get. I think there’s a name for that effect, but i’m not sure we need to really know it here. However, time is a finite resource for everybody and is thus the most precious in The World. Some of you out there have more of it left than others, but you can never be sure. The man with the big scythe always pops up uninvited.
We don’t make best use of our time though, and a good deal is wasted watching rubbish TV programmes or arguing on internet forums and Facebook about unimportant subjects. Time is the fourth dimension, and despite the best efforts of Einstein and Brian Cox, we can’t turn it back. It flows inexorably on, but each person has only a tiny snippet of it, then we’re gone.
The average life expectancy of a human in Britain today is about 80yrs (how many hours is that?). I know it varies by gender and by area of the country, but that’s roughly how long we have to make our mark on this Earth. That seems a long time, but let’s examine it in closer detail.
A 3rd of our life is spent asleep. That’s 56 hours of every week, or 27 years of our lifetime! That’s an incredible length of time just recharging our batteries. While we are asleep of course, we can’t do anything else. We can’t work or earn money in that time.
We don’t start work until 18 years old, and we stop when we are 65. That leaves us with a working window of 47 years. Still plenty of time to earn money though, right?
Now, let’s look at the week. Only 168hrs in each week, with 48hrs in a weekend. Most people only work on 5 days, so that leaves 120 hours. As we’ve already said, a third of our time is spent asleep, so that leaves us with 80 hours. Most jobs are 35-40hrs/week, so that means that during the week, we work for roughly 50% of our waking hours. No-one wants to work weekends, that’s family time (but plenty do).
Wages are typically between £8 and £12 per hour. So, doing a quick calculation, that limits earnings to between 35×8 = £280 and 40×12 = £480 per week. That’s roughly £1,100 to £2,000 per month. Tax will take a sizeable chunk out of that for most people. Indeed, mortgages or rent could easily consume 75%-all of this in certain areas of the country. It’s easy to see how most people have nothing much left at the end of the month.
So, what can we do about it? Conventionally, there are only two choices, we work longer or we get a payrise. We are already working for 50% of our waking hours, so increasing that will only lead to burnout and exhaustion. A pay rise? Most people only get 1-2% each year, and traditionally that is mostly eaten up by inflation. We are stuck! The answer is seemingly that most people can do little about it.
What is the answer? Is there an answer? Well, people like the Kardashians and David Beckham have stumbled on a way by being famous. The have multiple sources of income (perfume, endorsements, branding, media, public appearances, sponsorship) and the money rolls in 24 hours a day, 7 days a week. They appear to have multiple personas, all earning for 168 hours per week, 52 weeks of the year. They are money making machines! Can mere mortals do this too?
Well, to do it you have to think outside of the box. This is primarily a property blog and as most of you know, property is the way to a passive income. You do the work once (buy the house, rent it out) and are paid for it every month in rent. By rinsing and repeating this scenario, you can build up a nice little portfolio and a good income. But, remember what Grandma used to say about putting all your eggs in one basket? Rules change, markets crash and tenants leave. You need another secondary income stream to sit alongside your property business.
The Internet has made information the biggest product in the World. Everybody needs it and people will pay for it. This is where the opportunity lies to make limitless passive income. You don’t need a product or even a website, you can make really good money promoting other people’s products. Then, when you get good at it, you can start promoting your own products. What can you promote? Basically anything!
This is the way to earn money like the Kardashians and Beckham. It’s the ONLY way to break free from the hours/pay rate trap, because multiple income streams allow you to earn like there are 5 or 6 ‘you’s, all bringing in money 24 hours a day, 365 days a year. I’m enrolled with Wealthy Affiliate because I believe in multiple streams/diversity of income. You should seriously consider it yourself to both continue your education and maximize your potential.