We really never can expect the unexpected. We’ve talked before about how financial freedom is investing in planning for the unplanned. Let me share some more reasons why investing is a great Plan B for passive and consistent income, in case life turns out differently than you planned.
A few weeks back, my mother had a severe stroke and lost a significant portion of her speech. About a week later, she had a secondary stroke. Now she is in rehab, slowly gaining strength and able to put some words together.
In just a few days she will be 100 years old. She has lived a good and full life, and I know she is ready to pass on to the next thing.
Have You Thought About Investing as a Plan B for Income?
I tell you all this not to gain your sympathy but to make a point about how you are spending your time and how you are preparing for the unexpected. When life happens, it doesn’t check your calendar availability.
The nature of my work is such that I’ve been able to spend more time with my mother as she progresses through this next stage of life. I have been able to step away from the busy-ness of life. This allows me to help my mother transition out of her home into a nursing home and make her as comfortable as she can be.
Being able to spend that time with her has also comforted me tremendously and eased us both into this transition.
When I think back on the passing of my father more than 33 years ago, I wasn’t able to be around as much. I was still in the military, moving around the world and it just wasn’t possible to be at home. His death was from a sudden heart attack and my brothers were still alive to help out. In the years following, while my mother wasn’t alone (there was family nearby), I was off in the military and set up practice away from her home. The nature of my life and work didn’t allow me to just “log off” unexpectedly and for days at a time.
Today, with the nature of my work as an investor, circumstances are much different. I’m still able to get work done from a distance. As a result, I can do all this without compromising time with my mother and moments in which she needs me.
In fact, I can’t say this ordeal has slowed my progress on work-related projects at all. In large part, this is very much attributed to the amazing work done by Natalie and Shannon. Hands down, I could not do it without them.
Are You Prepared for the Unexpected?
What I’m trying to say here is: how would you handle an event like this if you were running a small business or self-employed, and had no Plan B?
If you’re working a traditional W-2 or running a business (that can’t run without you), you can’t simply drop it all and walk away without consequence.
I’m not saying you need to be a full-time investor, but have a back-up plan. When life throws you a curveball, it’s good to know you have a safety net. A wonderful net is therefore passive income from investments that do not tie to your 9-5, traditional form of employment. If somehow your work is compromised because life happens, it doesn’t mean you lose everything.
A Plan B lets you focus on what matters, when you need to. You’’ll have prepared financially.
Investing Allows You to Focus on What Matters
If you can get your finances in order and generate a consistent passive income, you don’t have to worry about your W-2 job. What’s more, you don’t have to worry about your finances. Hence, you can put your attention where it’s needed.
For example, my mother’s care home costs $12,000/month. That’s around $400/day, and there will be costs on top of that. Is it a lot of money? Yes. Can we afford it? Yes. But it has taken a lot of planning and preparation. I have a regular, reliable cash flow that allows me to take care of my mother. The best part is that income does not come from my working hours, so I can still be there for her.
When You’re Ready, We’re Here
Want to find out more?
Contact us here about investment opportunities for passive and consistent income.