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By Ryan D. Forrester
Heigh-ho, Heigh-ho, it’s off to work we go.
We dig dig dig dig dig dig dig from early morn till night.
We dig dig dig dig dig dig dig up everything in sight.
We dig up diamonds by the score.
A thousand rubies, sometimes more.
But we don’t know what we dig ’em for.
We dig dig dig a-dig dig.
Pardon the jingle but, if you are of a certain age demographic you may recognize these lyrics from the classic Disney movie, Snow White & the Seven Dwarfs. Now, I’m sure most people do not prance off to work singing (and most certainly not a song like this) however, the message in this song is very relatable to most people today. Most people are in a routine of getting up and rushing off to a job that, for the most part, they don’t have a vested interest in. You have probably heard the phrase, “Another day. Another… “. Did you say dollar? Why is it that so many people know how this phrase ends? I believe the reason is because most of society has been conditioned with the industrial age mindset which has been passed down through generations.
Many people today grudgingly go off to work almost on autopilot in a negative state. There is no debate that we all need to cover our obligations and responsibilities but, far too many people have settled for a job simply to collect a pay check. As a matter of fact, Forbes magazine did a study that stated, “Unhappy Employees Outnumber Happy Ones By Two To One Worldwide.”^
The days of working for one company for 40+ years and earning your right to receive a solid pension are gone. More companies today are downsizing, outsourcing, and digitizing. A person approaching retirement these days are finding themselves being replaced by someone (or something) else before they get to the “golden watch”.
For a moment, at your current income level imagine that you could continue getting paid, whatever that amount may be, on a residual basis. Week after week, month after month, year after year, your pay would show up in your account on time, without you having to show up to work ever again. Pajama Money is pay that will continue to show up for you whether you get out of bed or not. If you feel that this is farfetched, think again. Musicians, authors, and even some actors get paid residually. For example, I think we can agree that Michael Jackson hasn’t put out a new record in just about a decade however, according to Forbes, the King of Pop has made $2.1 billion USD (adjusted for inflation), since his death.*
Now, if you’re not an aspiring musician, author or actor, don’t be discouraged because you can create Pajama Money in other industries. I first got introduced to the concept of residual income at the age of 19 when I entered the financial services industry as licensed insurance advisor. I was told that if I built a solid block of business I could be paid on that business for years to come, even if I one day decided to walk away from the company. Well, that day did come almost two years ago to the time of this writing and I’ve consistently received my pay as the company promised. I am now working on a new project building a secondary residual income stream as well. That is ultimately the goal, to build multiple passive residual streams of income.
When you build a passive residual income you can begin living life on your terms. The status quo is to trade your time for dollars but take a brief moment to think about it; if you didn’t have to show up to earn your income, what would you then begin to do with your time? I’m sure that you had some dreams that you just didn’t have the available time to pursue over years past. What are those dreams? If you get back in touch with them and find yourself a viable vehicle that allows you to create passive residual income or, Pajama Money, then you could live the lifestyle you truly want. You can choose when you want to work and not have your time tied to a pay check. You can travel, spend more time with loved ones, or do more of the things you truly enjoy doing like charity or volunteer work.
I’ll leave you with this short story about an old friend of mine who at the time had an ill mother. By the time his mother’s health began to decline, he had already been building his business for at least a few years. Thankfully because of the system he had created he was able to be by his mother’s bedside day and night, week after week while she was recovering. If he’d had a traditional job and his employer was generous enough, he’d have been running back and forth, to and from work to be with her at the hospital.
The fact is this, even if you absolutely love your job, your boss and all of your colleagues at work, residual income gives you options putting you in a position to be untied to a pay check. To me, there is no better way to earn than that of a passive residual income because along with all of its benefits Pajama Money essentially provides something that I believe everyone appreciates, and that is freedom.