People look for additional sources of passive income to ditch their full-time jobs. There are a few reasons why people might want to do this.
- It can be boring to do similar tasks year after year
- They don't want to work for someone but do it now for the money.
- There has been a recent transition in the job that's not interesting
- A 9 to 5 job creates a strict routine and sometimes wastes a lot of time we have.
- Spending more time with the family
- Earn independently without having a risk dependency
The above are some of the reasons that I can think of. If you ask me why I want to ditch my full-time job, some of the above points suit my needs too. Before we ditch our full-time job, we have to be very clear on what we are going to be doing after ditching. The biggest revenue generating thing for us would be the full-time job that we are having. A good time to quit our job is only when we are developing more money than our full-time job and that is self-sufficient.
Sacrifices that we have to make
With a full-time job, the revenue can be at its peak and we might be lavish in our spending. If we are planning to live with the passive income we are generating or with the side hassles that we already have, we have to make sure that we have enough to take care of our basic needs. Full-time job income is a sophistication and it can be hard to get that kind of revenue from a part-time job. It can take a lifetime for someone to generate such revenue as a passive income.
We have to get a little bit reserved about our spending. If we have to continue the sophisticated life that we are living already, then it is better to find multiple passive income sources so that we don't have to compromise on our lifestyle.
Sooner the better
Ditching a full-time job does not work out for everyone. Some people are completely bound to working in a full-time job and they are used to it and comfortable with that. They might find it hard if asked to have their ventures. But people who dream about having financial freedom should plan when they ditch their full-time jobs.
It is good to have financial freedom attained sooner rather than later. The reason is because if we do it at an early age, we will have some youth left in us to travel around the world or do something with more energy. It is not that old people cannot travel but it will be nice to enjoy life when we are young and healthy.
The other advantage we get from attaining financial freedom earlier gives us more time to take risks if we want to try something new and learn something new. The things that we try need not even generate any revenue for us but we can keep doing things for the sake of fun too without needing to worry about the money.
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