Passive Income for Life

As MoneyNing has mentioned in his blog the few main reasons why he has a deep desire to earn money, I shall pen down my reflections on the topic as well to follow his conversation. These are the motivating points in driving me to make more money.

Family

The top most priority in wanting to earn as much money as possible is because of family. Coming from a family of four (the typical number for a nuclear family in Singapore today), I’ve come to realise that it is increasingly more difficult to survive on just one stream of income. Especially if that stream of income is small and has little potential to grow.

Unlike in the past where families are huge and supporting parents in their old age are spread out thinly over many children. It is not the case these days. Imagine too that once you get married, you have 2 sets of parents to support in their old age too.

I hope to give of my best to my parents when they retire. And having more money can help me do that.

Desire for more children

No doubt that the Singapore government is pushing for more Singaporeans to have more children by giving larger and larger incentives, it is still insufficient if you want to put your children through good schools and provide a reasonably good living. To have more children than the ‘normal’ two brings about a proportionately heavier burden on the finances.

Having a huge burden on the finances translates to a need for more time to work and succeed in your employed job too. Which in turn affects the amount of time you can have with the many children you want to have. Having more money eases not only the financial stress but also indirectly free up more time for family.

Pursuit of interests

The desire to pursue interests of setting up my own businesses like restaurants, retreat houses and childcare centres fuels me to find additional streams of income to support such ventures in the future.

Giving back to society

I hope not to only provide some financial aid to the needy in society but also to fund certain efforts of my own to benefit others. In a way, I hope to set up certain societies or adopt certain organisations that I believe will provide more than financial aid to society. People in this world need more than money – they need attention, love and care, physically, emotionally and spiritually. I hope having more money can help me spearhead projects that liberates people, not just feeding them.

To live adequately

I’ve come to realise that even the littlest things in life can bring the greatest pleasure. I’m not the kind that indulge in abalone or shark’s fins soup. Nor caviar tempts me. I hope the increased income I have in the future helps me to live adequately, live in a convenient and comfortable home of my own (not too large but just pleasantly furnished), allows me to eat a sumptuous buffet once in a while and let me travel and see the beautiful world outside Singapore that God has made.

These are why I seek to earn more in my life.

How about you?

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