Passive Income and The Great Resignation
The worldwide pandemic has led to an explosion of resignations and interest in passive income.
The lockdowns, layoffs, and closings have broken the work cycle in America and around the world.
Will it return to normal?
The pandemic may have ignited this trend, but the deep-seated desire to live a more meaningful life was always there. All that people needed was a catalyst. So what has happened? What is it people want?
I believe it comes down to seven things.
- More Free Time
- Less Pressure
Passive Income And The Great Resignation 2021
Up to 40%1 of people are looking to make a change in their work situation this year. The feelings are that life is short, and I don't want to spend 40 years doing something I hate with people I hate.
Companies with a terrible culture, have leaders who treat employees like a commodity and pay sub-standard wages, will find themselves in trouble without a workforce. In addition, if a company sticks with the old philosophy that everyone is replaceable, it will lose to its competitors that emphasize a great employee experience.
Now is the right time to get in a company with a great culture, somewhere that values talent, and you have a passion for the work. However, I still believe you need to develop a side hustle and grow something of your own. It would help if you relied on yourself because things can change no matter how great a company is. Owners sell companies, die, or maybe hire the rotten apple employee that ruins the culture.
The great resignation has led to an explosion of interest in passive income. Passive income will lead to a much more happy and secure future, but first, you must lay the groundwork. Go ahead and find that new job but start working your side hustle to lead you to passive income. When your side hustle income equals your job income, that is the time to quit your job. That is true freedom.
What Is Connecting Passive Income To The Great Resignation
During the lockdown, many people had the realization they loved being at home. Removing the commute and getting ready for work has added an hour or two to their free time. In addition, working from home gave us the ability to take a break when we wanted, do some exercise, and still get our work done.
The lockdown has started us thinking of how to make this a permanent way of life?
Control of your income is a beautiful thing. Not relying on a job for your payment and security frees you from staying in lousy work culture.
Living paycheck to paycheck can exert a tremendous emotional toll. In today's work environment, where you are easily expendable, you are a paid slave to your employer. Oh yes, you are free to leave but can you? The Great Resignation is a movement to find more meaningful places to work, but the reality is most of the places you jump switch to will ultimately be the same or become the same as the one you left.
For this reason, building and controlling your future is the actual escape plan.
Because of the demand for employees, companies will do something, and for most of them, that will mean throwing money at the problem. More money might work in the short term, but the underlying issues are still there, and if you chase just money, you won't find happiness or fulfillment.
Better that you find the best possible job but don't lose sight of building your side income. It would be best if you also control your expenses as that will get you to freedom quicker.
When you are in control, a tremendous weight comes off you, provided you have done it the right way. Don't just quit your job and hope for the best. Create your income, and then you can jump ship. If you leave your employment before you are ready, you will likely fail. Don't gamble that your business idea will make money. Prove it out first.
Most jobs don't fulfill any meaning in your life. You do the work, and you get paid. People are looking for their lives to be more meaningful. If you build your passive income businesses, you may be providing jobs to others, creating the wealth that you can use for charity, and you can live a more meaningful life with time for those that matter, such as family.
More than anything, we want to be happy. Unfortunately, most jobs will never create happiness for you. You can make tons of money and not be satisfied if you have to be in a toxic culture every day. Unhappiness is the biggest reason 95% of people want to own their own business. Sadly, most never take the first step, and some plunge in with no plan and fail. Don't let that be you. Create a workable and realistic strategy and put it into action.
The desire for a better life has existed for as long as I can remember but it is truly amazing how the forced change of the pandemic has unleashed people to take action. I truly believe Passive Income And The Great Resignation 2021 is the start of a new way of life for many people and just maybe we can break free from the corporate chains. I am especially happy for the younger people that have the time in front of them to develop their new environment. I hope companies get in line with the new way of thinking but I have my doubts they will. For older people, use your experience to create for yourself. I hope all ages realize this is not Boomers versus Millenials but it is all of us against big corporations' greed.
Just think about what you can do and accomplish over the next year.