This essay is contained in my new book. I'm delighted to announce that The Sojourner's Passport site has launched! You can visit it at http://www.sojournerspassport.com/.
Everyone, I can't thank you enough for your ongoing encouragement and support; I truly appreciate it. Your support is what made this possible. And here's a special shout-out to my web designers at Educo Web Design. They're nice people to deal with, and they do outstanding work!
Peace and blessings,
Khadija Nassif
An effort to stand for justice and oppose the "ruinous traits" listed by Muslim scholars in all their forms: rancor, unhealthy attachments, malice, jealousy, vanity, stinginess, avarice, cowardice, indolence, arrogance, ostentation, heedlessness, anxiety, depression, and oppression.
Saturday, August 15, 2009
33 comments:
Thanks for stopping by! {excited waving}
Please understand that this is not a free speech zone. Profanity and hate speech are not welcome and will not be posted. This blog seeks to foster a courteous, reasoned exchange of ideas. I would ask that before posting, everyone (myself included) seriously consider whether the proposed comment helps or hurts the cause of opposing the ruinous traits listed on the masthead.
Please feel free to add your input to any post at any time. There's no "expiration date" for the issues that are discussed here. I welcome, value, and learn from your contribution! Thank you in advance for your cooperation and your input.
That was a really positive story about that smart couple!
ReplyDeleteThanks for sharing. And I may seriously consider ordering Tim Ferriss' book.
Thanks for the 411.
Felicia,
ReplyDeleteYou're welcome! There are all sorts of people doing all sorts of things. They don't register on most AAs' radar because:
(1) it's usually wiser to keep quiet about one's affairs---the haters can't sabotage what they don't know about; and
(2) AAs are so entrenched in learned helplessness that we ignore the examples that are literally right in front of us.
These various trends (such as outsourcing, etc.) are happening all around us. AAs can either get ahead of the trend and make it work FOR us; or we can continue to be a day late and a dollar short. And continue to suffer the consequences of being behind.
Unfortunately, most AAs wait until circumstances FORCE them to try something different; which is when it's most difficult. [This is similar to how it's usually easier to find a (new) job when you already have one. The longer you're unemployed, the harder it gets.]
Peace, blessings and solidarity.
Khadija,
ReplyDeleteGreat article and information. I like the idea of "multiple" revenue streams and I have a few ideas that I need to figure out how to put into action. Such articles help greatly.
Fortunately, I like what I do during the work week but need to "spread the risk" in these uncertain times to have other ways to make money or even better passive income.
Thank you for posting this!
Yes I tried to avoid getting stuck in a cubicle for the rest of my life but I didn't build the preferred career of my choice either. I tried but for various reasons I allowed myself to be sidetracked in caretaker mode for others and was still dealing with the "black community" indoctrination. Now I have shifted but I'm not quite on track yet and I don't have any more "figure it out" time. And the economy doesn't help but STILL I know there's a way around this. I just need some input and to create opportunities.
ReplyDeleteKaren,
ReplyDeleteOh yes. As you know, generating passive income is the key the real wealth. Passively-generated income is one of the main topics that Tim Ferriss talks about in his book. [He talks about passively-generated income from the angle of freeing up the hours in one's days. He's had a business that generated large sums of money. But the catch was that he was working 12-hour days, which is self-defeating.]
Another key that he describes is finding ways to automate one's income---ways to run one's work and business in a way that does NOT require one's constant heavy-duty involvement and micro-managing. All in the service of having time to do other things during the day---like go skiing. Or whatever else one wants to do. LOL!
___________________
Faith,
I hear you. I would suggest that folks start by reading Mr. Ferriss' book and also his blog. And then brainstorm the ideas discussed there in terms of their own talents and circumstances.
It's a paradox, but I believe that in certain niches there are even more opportunities available because of the current economic troubles.
Peace, blessings and solidarity.
Hmm...this passive income you speak of (stroking chin).
ReplyDeleteI just realized that I haven't had an official vacation since 2001, but that streak will be broken by month's end.*
I'll be getting Tim's book this week; *I found out my LQ (lifestyle quotient) is infinity--apparently, at the rate I'm working, I'll be slaving for just one day's vacation. Uh, ow. Yeah, I'll be looking towards the five streams of income and fulfilling my childhood dream once and for all.
Rainebeaux,
ReplyDeleteYou said, "*I found out my LQ (lifestyle quotient) is infinity--apparently, at the rate I'm working, I'll be slaving for just one day's vacation. Uh, ow."
Yes, it can be shocking to take stock of what one is actually doing. I knew that this particular post wouldn't get many comments. *Smile* It's deeply uncomfortable to poke, prod, and scrutinize entrenched patterns. And most people have resigned themselves to being dead during the week.
Rainebeaux, you're not alone. My LQ is STILL entirely too high---but I'm feverishly working on changing all of that.
You said, "Hmm...this passive income you speak of (stroking chin)."
Yep, passive income is the key. The problem with working for money (as opposed to having either other people, an automated system of some sort, or your money working for you) is that there are only so many hours in a day.
This is the highly-paid professional trickbag. The doctor or dentist is only billing while s/he's performing medical procedures. The lawyer is only billing will performing legal work. There are only so many procedures that can be performed in a day. There are only so many "billable hours" in a day (for attorneys).
Also, what if you just don't want to be bothered anymore with all of that? [Which is the point that I've reached.] This is where passive income comes into play. Things that make money for you that you don't have to micro-manage, or be heavily involved with---as opposed to how people are heavily involved with working jobs or practicing professions. Things that are making money for you while you're asleep, at the gym, and on vacation. Traditionally, these are things like rental properties, stock investments, etc.
However, with the new technology there are other additional possibilities for passive income, such as mostly automated online businesses, etc.
I hesitate to talk about this sort of thing in detail because everybody has to do their OWN homework based upon their OWN talents and circumstances. What is viable for one person's skill set might not be viable for another person's skill set.
But the other exciting thing about the new technology is that there's all sorts of information about this available literally at folks' fingertips. I looove Amazon.com! LOL!
Peace, blessings and solidarity.
Hi,
ReplyDeletethis is very off topic but i am very curious and would like you to confirm the following:
recently i read a blog similar to yours that said that white muslim men and black muslim men hate black women and i read that there are several muslim blogs that talk very badly of Black women...now i have never heard about this so i thought i'd ask you about it.
Why are they doing this? and is this any muslim men (somali muslims as well?) or what...? i'm a bit confused, i don't even know if you will recognize what i am talking about but i thought i'd ask anyways.
I didn't know muslim men hated BW so much. Sickening.
S,
ReplyDeleteHere's my take on your question:
There is a HUGE distinction between "Orthodox" Sunni Muslim AAs and AAs who are in the Nation of Islam. [Audience Note: I am an "Orthodox," Sunni Muslimah. I've never been a member of the NOI.] The VAST MAJORITY of problems within AA Islam are coming from "Orthodox," Sunni Muslim Blacks and NOT the Nation of Islam.
I explained this EXTREMELY IMPORTANT distinction between these 2 categories of AA Muslims, and the history behind this in a blog post from January 12, 2009 entitled "Demographics is Destiny: What Went Wrong with Sunni ("Orthodox") Black Muslims."
I would strongly urge you to start with that post; and then read Abdur-Rahman's posts that I reference below in this comment. You have to understand the context in order to understand the problem. And it's just too long and involved to try to explain in a comment.
From what I've seen over the last few years, I believe that "Orthodox," Sunni Muslim BM don't just hate Black women---they hate Blackness altogether. Including their own Blackness. More than a few of them adopt fake Arab, Pakistani accents and try to pass as foreigners. They also hate women in general, including the Arab women that they buy from overseas; it's just that they share many other BM's general fetish for whiter flesh.
More than a few of them ["Orthodox," Sunni BM] literally make pilgrimages to small villages in Morocco in order to buy Arab wives. In fact, so many of them do this that a Muslim BM blogger named Abdur-Rahman Muhammad did a blog post telling other BM that "going to Morocco is not the answer." He also did an excellent series of posts entitled "Why Blackamerican Muslims Don't Stand For Justice" that explains much of this "Orthodox," Muslim Black self-hatred. I highly recommend reading this series. [He's the blog host of A Singular Voice which is listed on my sidebar blogroll.]
**Audience Note**
ReplyDeleteAnyone who wants to further discuss the madness among the "Orthodox," Sunni AA collective is welcome to do so in the comment section of the Demographics Is Destiny post.
Thanks.
Usually when a company is sold or "outsource", I'd say it's time to start looking for the exit...My experience has been when is trend occurs, the employees are the ones who are short changed i.e., reduced benefits, promotion opportunities, etc...
ReplyDeleteCW,
ReplyDeleteYou said, "Usually when a company is sold or "outsource", I'd say it's time to start looking for the exit...My experience has been when is trend occurs, the employees are the ones who are short changed i.e., reduced benefits, promotion opportunities, etc..."
Exactly. And folks need to have their OWN plans and side incomes anyway. The age of dependable, "good" jobs is OVER. Even the government is downsizing and cutting benefits for its employees.
There's an excellent book called The Sovereign Individual that talks about the huge shift that is occurring regarding the nature of work. The Factory Age of rising income equality is over. The age of highly paid, yet only semi-skilled labor is over. The time of being a secure, passive employee is over. All of that is OVER.
I quoted from the book during a post from 2/8/09 entitled "For Your Own Survival, You Must Become a "Sovereign Individual" Instead of a Typical Employee":
". . . The model business organization of the new information economy may be a movie production company. Such enterprises can be very sophisticated, with budgets of hundreds of millions of dollars.
While they are large operations, they are also temporary in nature. . . While the people who work on the production are very talented, they have no expectation that finding work on the project is equivalent to having a 'permanent job.'" The Sovereign Individual, pg. 237.
Peace, blessings and solidarity.
It takes courage to move outside of one's comfort zone, no matter how uncomfortable and unhealthy the comfort zone may actually be.
ReplyDeleteThe good news is, you can do it! If you have not started saving money, do so. Having savings to fall back on has made all the difference in the world for me as I embark on my 'real life'.
Which is more frightening? Making a change (with planning and fore thought) or staying where you are (if you're not laid off) for the rest of your working life.
Peace
This why I love your blog Khadija . You recommend great books and websites to improve our lives.I love reading anything about starting my own business in fact the list of business blog are like 20. Thank you for the link I 'm going to start reading it religiously. What great advice. I too would love to start a business soon . As soon As I gather the funds I'm going to set it up. Where I live there are no jobs. Most people are lucky if they find one with income they can survive on. Most of our rich people are business owners ( or crooked politician):(. I always knew that working for myself was the only way to go.Studied business for a year then decided instead on setting up the business. My grandfather made himself that way with no college education. So it's in my blood. I tell every young women I meet here that having their own business in the only way to go. In Haiti no one is give job opportunities to Haitian . In fact they bring over Fillipino workers to replace Haitian Employee whom they do not trust.
ReplyDeleteAlso I would love maybe to suggest that the people who follow this blog share links, books, blogs and other things ... that is all about improving and inspiring into leading our best lives.
Peace
SouthlandDiva,
ReplyDeleteYou said, "It takes courage to move outside of one's comfort zone, no matter how uncomfortable and unhealthy the comfort zone may actually be.
The good news is, you can do it! If you have not started saving money, do so. Having savings to fall back on has made all the difference in the world for me as I embark on my 'real life'."
Excellent advice!
_____________________
Zindzhi,
Hello there! {waving}
Ki jan ou ye?
Thank you for your kind words about the blog; I truly appreciate it. Yes, my focus in on BW moving forward. [Now, I will talk about the obstacles to moving forward, but only because they're blocking the path forward into better lives! I don't like talking about mess just to be talking about it. LOL!]
You said, "My grandfather made himself that way with no college education. So it's in my blood."
Yes, you can and I'm sure you WILL do it! *Smile* Let me quote from a recent comment Evia made on another thread. Her first husband was Nigerian, and she lived in Nigeria for several years. Evia said:
"Khadija, to use a saying: "the journey of a million miles begins today." We can build as from THIS day and looking at yesterday should only give us all the more incentive to start building today.
With every group in history, they started building one day, at the point when a portion of them became conscious of the need to build. ALL groups have been in the ashes at some point. We are rising from ashes like the Phoenix, just as other groups have.
I just posted a comment on Faith site that it is entirely possible for AA women to build and operate powerful social and business NETWORKS that could uplift us in all ways as a group of women and add tremendous value to us, our "brand". We COULD do this if we were to STOP looking back and stop finding reasons why it won't work.
Part 2 (continuing Evia's comment)
ReplyDelete"I use as my model for this idea, the Nigerian trading women in Nigeria. Many of those women are totally illiterate, but over time, some of them have become very wealthy and powerful due to them organizing themselves and starting out with a little trading stand by the side of the road selling oranges, boiled eggs, roasted peanuts, etc. Little by little they saved their money, paid their children's school fees because they strongly believe in investing in education (even though they had none) invested in other businesses and building houses that they rent out at exorbitant rates or sell. Over the last 30 years, those trading women. as a group, have become powerful in Nigeria. In some cases, they influence government policy or dictate it.
And let me repeat, many of them are totally illiterate. My previous mother-in-law was one of those women. She couldn't speak English and I couldn't speak her language, so she and I did a lot of smiling at each other. LOL! But she was a savvy trading woman.
A critical difference between Nigerian women and AA women is that they are THERE for each other in most cases. They support each other. They support their men too (because there IS definitely reciprocity), but they also support each other as women to the extent that they can. That's a part of their culture that I love. The things I've seen them do for each other is nothing short of sublime.
Of course, there're some of the common issues between women because we're all human, but I, as an AA woman, STILL get a lot more support from Nigerian women than I do from AA women.
For ex., I know that anything that I'm selling or doing, I already know that once I let Nigerian/African women know that I'm doing it, I already KNOW that a typical African woman will buy it or support me much more so than a typical AA women. For ex., when my blog went private and I charged 33 cents a day for admission, nasty, small-minded AA women really showed their butts about that, whereas I got notes of support mostly from Nigerian and other African women. When I was selling items on Cafe Press, it was Nigerian women or those with Nigerian names who mostly bought those items.
My point is that today is to be used to go forward. I know we don't have the culture that Nigerians have, but we still must copy from others just like they've copied from us and go forward with the knowledge that it's only our minds that are holding us back. Nothing else.
August 8, 2009 11:14 AM"
In response, I said, "I've watched a similar progression with the White ethnic/Latino fruit sellers. When I started high school, some of these folks were literally standing in the middle of the street (on the yellow line) selling plastic baggies of mixed fruit to commuters on their way to work in the mornings. Fast forward 30 years later, and they own multiple produce STORES."
So, yes, Zindzhi, I'm confident that you can and will do it! And you're starting young and without "baggage," which is a big advantage.
You said, "Also I would love maybe to suggest that the people who follow this blog share links, books, blogs and other things ... that is all about improving and inspiring into leading our best lives."
Yes, I hope that readers will share useful information here. That's one of the goals I have for doing these Wildest Dreams posts.
Peace, blessings and solidarity.
Khadija,
ReplyDeleteAdmittedly, I think that while the work I do has a strong connection to my values, I feel like I am nothing more than am enabler on some days.
However, I don't think that I could see myself doing anything els. I used to have a hardcore corporate "job" that was very well paying, but resigned after about 1.5 years because the work became boring and I wasn't having the tangible societal impact that I wanted to.
It was really scary to quit that death job, pick up and move to a new city where I hardly knew anyone, and throw myself into work that was much harder than anything I had done before for a fraction of what I earned before. However, if I were goven an opportunity to do things all over again, I would have done the same thing. I needed that jolt of uncertainty to help me rediscover what was and is important to me.
BLKSeaGoat,
ReplyDeleteYou said, "Admittedly, I think that while the work I do has a strong connection to my values, I feel like I am nothing more than am enabler on some days."
I know what you mean; we briefly talked about this a while back. I still feel the same way as I did then: --I believe that the service that we're both offering in our respective fields is extremely important. The fact that some or many (and on some days even most) of the clients are undeserving and/or misusing the service does NOT negate its value.
As I view it in my particular field, I'm there to help keep the overall system somewhat honest. As I view it in your field, you're there to help those people who actually want better lives for themselves and their children.
In both instances, what the nuts do (or don't do) with the services that are offered does not outweigh the overall value of what is being offered.
You said, "However, I don't think that I could see myself doing anything else."
Now, that's truly a blessing to feel that way about one's work! I felt that way for a long time about my work. And then I changed, as people often do over time. I would probably still be willing to do it if I could do it part-time. But, my job doesn't have part-time, or flex-time. Like many cemetaries, it's designed to be a totally "in OR out" sort of place.
You said, "It was really scary to quit that death job, pick up and move to a new city where I hardly knew anyone, and throw myself into work that was much harder than anything I had done before for a fraction of what I earned before."
Yes, it is scary to leave cemetaries. Even when you have another job lined up to go to. And I'm not one for high-risk moves when it comes to entrepreneurship. I agree with the "chicken approach" that author Michael Masterson recommends: That you build your side gig to the point that you can gracefully afford to leave your cemetary job. This approach takes patience.
Peace, blessings and solidarity.
I would probably still be willing to do it if I could do it part-time. But, my job doesn't have part-time, or flex-time. Like many cemetaries, it's designed to be a totally "in OR out" sort of place.
ReplyDeleteOdd how those kind of jobs are always set up that way. I tried to work part-time as well. You'd think given the high level of burn-out in social services they'd be willing to accommodate flexible schedules, but no.
I remember some of the comments from co-workers when I resigned. My supervisor expressed surprise that someone with my 'intellect and education' would want to stay-at-home. Another co-worker actually called me SELFISH. Let's see, I stayed at home to raise my own child, and that's selfish. Don't even get me started on the fight that ensued when I asked for a lock on my door so that I could express breast milk. Never mind that we were spending endless hours telling our clients that breast was best. Apparently that didn't apply to employees.
There are times when I miss the income, and fortunately, that aspect is getting better each month, but I definitely don't miss that job. God willing I won't ever HAVE to work a 9 to 5 again. Yes, I still have deadlines, and presumably always will (that's why I'm not around much these days), but I'm definitely living my own life and it feels good.
Roslyn,
ReplyDeleteYou said, "Odd how those kind of jobs are always set up that way. I tried to work part-time as well. You'd think given the high level of burn-out in social services they'd be willing to accommodate flexible schedules, but no."
Yes, it IS curious how these high-burn-out jobs operate. I'm thinking of the lawyers in my firm that handle capital (death penalty) defense cases. Many of them find themselves in a position where, if they stopped doing capital cases, they face an EXTREME salary cut.
All of which is crazy. It would be much better to allow people to rotate in and out of taking those sorts of cases and dealing with that level of stress. Not to mention the questions of "Is it a good idea for any attorney to have an ENTIRE caseload consisting of capital cases? Is this good for their clients?"
I don't think that's a good (or mentally healthy) idea at all. [This is why, past a certain point, I stopped interviewing for promotions in my firm. I REFUSE to put myself in a spot where I would have to deal with non-stop murder cases. Forget about capital cases.]
You said, "God willing I won't ever HAVE to work a 9 to 5 again. Yes, I still have deadlines, and presumably always will (that's why I'm not around much these days), but I'm definitely living my own life and it feels good."
I'm working feverishly to join you in that circumstance!
Peace, blessings and solidarity.
I am living for the weekends. Ineed all the rest and relaxation I can get. With these furloughs and layoffs in our state I a glad to have an income. I am very blessed in this economy. I may have to take a paycut next year, but at least I will have a job.
ReplyDeleteCheck out george4title on youtube. He has done alot of commentary on the economy especially California.
ReplyDeleteCalifornia is really bad off.
They are a year ahead of other states ; bankrupt and have negative credit rating. Also check out visionofvictory too. He talks alot about the stock market. I a feverishly paying off debts. I will be debt free exceptfor my home by next Fall 2010. Hallelujah
Sistrunkqueen,
ReplyDeleteThanks for the info. Yes, I also believe that the situation in California is a sneak preview of what's coming to the rest of the US.
You said, "I a feverishly paying off debts. I will be debt free exceptfor my home by next Fall 2010. Hallelujah"
YES! YES! {raised fist salute} Alhamdulilah!! ["Praise God!!"]
Peace, blessings and solidarity.
Mwen Byen meci ! Thank you for the answer it was thoughtful and made me smile. Not a whole lot of people here believe in me , because I'm a woman. I pay them no mind, because I have a vision for myself. I let my fear of tacking risks, bad friends and family members sidetrack me,but no more. I have detailed ideas that I want to set in motion.
ReplyDeleteI Know about the Nigerian trade women. I read it in a french magazine. They are so rich that they are the one that lend government officials their luxury cars to take foreign diplomats around the country.I am in awe of what they have accomplish, Imagine if women of the world got together this way. Korean women who go to America also do this. the pull their resources together to open businesses. Of course now they dominate the black hair care industry.
In Haiti The Syrian families who move here have done this and of course they own some of the most important business in the country.
what we need is to set up a network to help one another, To be became powerful matriarch.
I posted on one of Faith post about coming solutions , detail plans for those of us who want to leave but have no resources or don't know where to start.
Maybe we might have to start a mentor ship program to make this happen. I have spent a year trying to plan my own escape, but with lack of funds I am enable at the moments. Plus this country is quite unforgiving on women and their dreams.
here a fw blogs i follow that are great
http://springwise.com/
http://www.nichegeek.com
great business ideas
http://www.ambitionisnotadirtyword.com/
Brazen Careerist.com
http://socialentrepreneurship.change.org/blog
http://damselsinsuccess.com
http://www.dumblittleman.com/
http://www.getrichslowly.org/blog
GreenBiz.com Green Business News
http://www.iwillteachyoutoberich.com/
http://www.inspiredstartup.com/ I love his advice on how to grow your business
http://chrisguillebeau.com/3x5
It's about the art of noncomformity.
Plus I follow closely what warren Buffet says. he gives really great advice about investing.
Also sharing my bookmarks
http://delicious.com/Saada/entrepreneurship?setcount=100
sorry about the long post and the typos in my previous . It was late
Peace
http://realwomen.wordpress.com
http://startupprincess.com/wordpress/
http://www.women2.org
http://www.workhappy.net/
for inspiration http://www.ymib.com
http://blog.acumenfund.org
http://fastforwardfund.blogspot.com
http://www.afrigadget.com/ ingenuity from African entrepreneurs
http://www.inhabitat.com/
http://www.worldchanging.com/
because Green tech and business fascinate me and is a great
industry to have business in for the future
http://www.globalfundforwomen.org
Zindzhi,
ReplyDeleteYes, just remember the example of the Nigerian trading women! Thanks for the information; I'll start reading through the links today.
Peace, blessings and solidarity.
Hello Khadiaja,
ReplyDeleteWell...I can't really say much on this bc I am a student. I went straight from undergrad to grad school, but I am hoping praying and planning not to be one of those people.
@ zindzhi
Thank you for all the links. I would love to join forces with other BW to create wealth. In the past I would be afraid to mix money with others, but I am at the point where I really see how we need people and I am willing to extend myself if others are.
At least I would be diversified. I have my own projects, but it takes a while and it would be nice to have more diversity and support.
Hi Khadija please forgive me if I am derailing but have you heard about the model Liskula Cohen who wants to sue an anonymous person defaming her on his/her blog? Cohen asked Google who this person was, and when the Google people wouldn't reveal the person to her, she had to take them to court so that they were made to reveal the defamer's name.
ReplyDeleteNow that Cohen has won her lawsuit against Google, she wants to file a defamation suit against the blogger who talked about her.
Cohen has been quoted saying 'Why should she ignore this? If something happens to somebody on the street you're notgoing to ignore it?'
White women stand up for their good name in the public eye and for their image, but it's time for black women to do the same even against other black people. But will that day ever see the light?
AK,
ReplyDeleteYou said, "Hi Khadija please forgive me if I am derailing but have you heard about the model Liskula Cohen who wants to sue an anonymous person defaming her on his/her blog? Cohen asked Google who this person was, and when the Google people wouldn't reveal the person to her, she had to take them to court so that they were made to reveal the defamer's name.
Now that Cohen has won her lawsuit against Google, she wants to file a defamation suit against the blogger who talked about her."
No, I wasn't originally aware of this. THANKS for letting me know about it. The additional good thing is that other BW bloggers are spreading the word about this news story, and the legal remedies that may be available to them regarding the wrongful conduct of the Internet Ike Turners and Ikettes.
____________________
Aphrodite,
Good for you!
Peace, blessings and solidarity.
@ Khadija Thank you for allowing to post the links and this space.
ReplyDelete@ Aphrodite
You are most welcomed! I know what you are saying about being reluctant to invest with others. That is why you have to lawyer up and make sure the contract is respected. Mostly there has to be established trust and similar vision.
I'm looking for partners myself, but like you I am weary. I do not give out my trust easily. It has to be earned and the person must demonstrate serious commitment and vision. They must also be loyal. Loyalty is everything in business.
plus my business would be a global venture. It is something I see missing in the global south.
One additional comment about passive income. No you do not need to work at it every day, but that doesn't mean that you can completely ignore it either.
ReplyDeleteFor example, the money I made from tutoring, ESL convo, etc. I invested in "freedom funds" (funds that readjust your asset allocation over a set time period) and some index stocks. However, that does not mean I sit on my rump and hope all goes well! I check my investments at least 1x/month and re-allocate/re-invest as needed. Investments are volatile and what is right for you today may not be tomorrow.
Also, rental property as investment requires some input from you, unless you want to devalue your investment. If you are an owner-manager there is a lot of work involved in getting good tenants, maintenance, etc. If you hire a management company to deal with tenants, you need to check that they are doing their job. When I lived in Oakland, my building was sold by an owner-manager to a retired woman who hired a management company. She was completely hands off. In 2 years her building had water damage from un-repaired leaks in the roof and pipes that the management company ignored because she never checked up on them. If she had visited her property on occasion or done a tenant survey, she could have caught these problems before hundreds of thousands dollars of damages had been done.
So, in summary, passive income does not mean no work/attention, just less than a job.
Anonymous,
ReplyDeleteYou said, "One additional comment about passive income. No you do not need to work at it every day, but that doesn't mean that you can completely ignore it either."
Come on, now. Nobody said anything about "completely ignoring" the source(s) of one's passive income. Nor did anybody say that passive income means "no work/attention."
I can't tell if this comment is intended to be helpful (for those who are absolutely clueless) or nitpicky (toward me). Whatever. Onward and forward.
Peace.
Dear Khadija,
ReplyDeleteI meant it to be helpful because you can not even fathom some of the things I have seen people do with their investments, especially rental property. I'm sorry if it sounded like I was speaking the obvious (and maybe it is to your readers), but I have seen so many of my friends and family destroy their investments through neglect and lack of oversight that I want to cry. To work so hard and to put so much away only to lose it breaks my heart and makes me want to choke them at the same time.
So I had to chime in just in case there is a reader out there who thinks passive = inactive.
Sorry if it came off as nitpicky towards you, which it is not. You are an amazing writer and if I had a dime for every time I read your posts and found something that helped me reflect on my life and choices, I could quit that day job.
So my aplogies...I should have presented my ideas more clearly
so glad I have time to read blogs again.
ReplyDeleteThis was a wonderful post and very timely for me as I'm in a period of transition now.