My parents are of the mindset that people should rely on their jobs and companies to take care of them. My father was a newspaper editor for nearly 40 years and my mother is retired from being in the education field.
They’ve always tolerated my whims, although, deep down I knew that they didn’t understand why I never got a “real” job. Residual income, cash flow…these whole concepts of making money without going to “work” never really clicked with them.
I’m pleased to announce that Mom is finally coming around.
I don’t know if it’s because she’s collecting residual income off of her pension, or what…but for whatever the reason, I’m happy. She told me that I have been making her rethink the way that money works, and illustrated the point with a recent conversation that she had with a long-time friend.
Mom’s friend, Anna, was a bit upset that her daughter, Mai, wanted to move out of the house. Not that it wasn’t time, Mai is 20, but that she wanted to move in with a family as a nanny.
I shuddered at the thought. I’ve done the nannying thing before. The mom rang me relentlessly to check on “my availability,” on a daily basis. I couldn’t imagine actually living with a family. Especially at the age of 20. Can you imagine? No parties, no overnight guests, no privacy, no freedom, and no fun!
My mom explained to Anna, that all Mai really wanted was free rent. And she posed an interesting solution.
Anna has been trying to sell her mother’s house for some time. Her mom passed away this year after a long struggle with Dementia, so the house had been vacant for awhile. I know that they had had renters, but for whatever reason, apparently they didn’t work out. This house is only minutes from where Mai goes to college. Where she would be nannying, however, would be an extra 20-minute commute.
Mom told Anna to let Mai rent the house from the family, and then she could choose who her roommates would be. The roommate’s rent would then cover the cost of Mai’s rent, maybe even leaving her with some positive cash flow. The house would be taken care of, Mai would be closer to school, and more importantly, she wouldn’t have to cater to some family’s whims.
Anna was immediately impressed and stated, “I need to talk to my brothers!”
My mother, ladies and gentlemen…how cool is she?
There’s always a way. Passive and Residual income opportunities are all around you. It may not be in the real estate sector for you, but once you start changing your views on how money works, it’ll come to you in droves. Start educating yourself on how to think creatively when it comes to your finances. Look for opportunities in every situation. Once you’ve crossed that bridge, I guarantee you’ll never go back to that “job” again!
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