In recent months, I have been thinking a lot about passive income. Perhaps it's a result of the fact that I'm getting older, and in about a week it will be my 64th birthday.
By most measures, when you reach the age of 64 you're pretty close to what the world thinks of as "retirement age."
Of course, some of us may never have the luxury of actually retiring, and many of those who have been self-employed for the majority of their adult life may not have had an opportunity to create a pension scheme they can fall back on to support them in their senior years.
Perhaps it is simply the "price" of always having had a low level of ambition!
Hence the idea of passive income becomes increasingly important.
I consider myself relatively blessed in the sense that I derive a fair amount of my income from writing (which is typically not age dependent), and from my artwork (which is also not age dependent), and from trading in old collectible postage stamps which is — once again — also not age dependent.
But just the fact that I can keep working after "retirement age" and potentially all the way until they carry me off this planet in a wooden box doesn't necessarily mean that I want to.
I suppose there's a small part of me that had some vague hope that my involvement in crypto might help build some wealth and passive income before the time I officially reached retirement age, but I'm feeling less and less confident in that.
Or, at least, I have reached the point where I am more oriented towards investments that throw off regular dividend or interest payments... like we get from our own HBD tokens. This would be more like an income supplement, than anything.
Even so, the truth is that we always have to have a considerable amount of principal to invest in order to derive the sorts of yields that would materially help support us on a month to month basis.
Let's just say, for example, that you wanted to generate supplemental income of $1,000 a month. That amounts to $12,000 a year. At the current 15% interest rate on deposited HBD, that would mean you would have to have 80,000 HBD sitting in savings.
Even if I sold pretty much everything I own (except our house), I doubt I could come up with $80,000.
Of course we need not look at building a principal balance is something that happens all at once. For the moment, I would be grateful to just be in a position where I could afford to move all my ongoing HBD rewards to savings as they come in, rather than hold them back in case some payment suddenly comes up. It would be a slow build up but at least it would be something.
Which brings me to my next point, that of being grateful for small amounts of income from many different sources. I may not be able to reach that $1,000 a month in passive income — at least not right away — but every small bit helps.
And I think that's important. We need to remember that even the tiny amounts here and there all help — in some small way — towards our reaching whatever goals we set for ourselves.
Thanks for stopping by and have a great weekend!
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Created at 2024-08-24 00:27 PDT
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