So I’ve just spent all my saved money on my trip to South Africa – and it was well worth it! But I’m now back to square one, saving up again. Sometimes it seems a silly task due to the fact that as soon as I’ve saved a decent sum, I spend it all at once!
My mum is a big believer in building up a passive income and I’m starting to see the benefits. The general idea of a passive income is to have funds coming in without having to put in the work. Well that’s not quite right. You put in the time and effort to start off with, but manage to build up a process by which eventually you’re not working but still receiving money for the initial work. For example, you write a book and get it published and then put it as a product on Ebay. You’ve put in all the work and as the book gain’s interest, you continue to sell it with no real continual effort from your behalf.
Now it’s to be a long time before I see this dream realised, but it’s nice to be aware of ways to bring in funds to put towards a goal and if I had this built up now, I’d be less worried about taking working holidays (granted, I learn lots and work lots and acquire contacts on these holidays) that aren’t actually earning me any money while I’m away.
If you’ve a goal in mind – whether it be instructing horse riding; running your own property; renting a horse related property; start up your own business but you’re not sure where to find the funds. For example, for insurance, purchasing a property or shop or ongoing costs of rent, feed, etc I encourage you to look around at the funds on offer. Just be willing to prove that you can make a living off your dream.
The Nescafe Big Break (http://www.nescafebigbreak.com.au/) although taking a break this year, has for the past 17 years provided funds (up to $20,000 to winners) for young Australians/New Zealanders to start up their own business.
The New Enterprise Incentive Scheme (http://www.nna.asn.au/NEIS.htm) is focused on bringing back to the workforce people whom were previously unemployed, by training them up in business skills, creating a business plan and helping with funds to start their own business. I have a friend who is so excited as she has just finished work with NEIS and is to start her own photography business. Have you a passion for taking photos of horses, creating calendars, diaries? Perhaps you hadn’t considered the possibility of turning it into a business!
Sorry that both of these links are Australian oriented, but if the only thing holding you back is funds, start researching the schemes or people that are willing to invest their time and money in others. Initially it may be a way for you to kick start things, but who knows – in the future it may be a way for you to invest in someone else’s dream.
Also, don’t underestimate the value of putting your money to work. Consider a savings account – every little bit helps. Ing Direct, an online savings acount is free to set up, has an interest rate of 6% and has a competition offering $10,000 to a random person whom sents up an account:
“When you use an Automatic Savings Plan (ASP) between 1 August and 31 October 2007 to deposit funds into your Savings Maximiser, you’ll be automatically entered into the draws to win $10,000 in bonus interest. For every one dollar you deposit in August, September and October, you’ll have one entry into the draw for that month. Deposit $100 in August and you’ll have 100 entries into the draw for that month.”
“If money can’t buy happiness how do you get a horse?”
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Thank you for your submission to the blog carnival. Excellent advice. Wouldn’t it be lovely to be earning money for that book you wrote, while you are on vacation. Just have to write a book that sells I suppose.