There is certainly nothing wrong with working hard at something you enjoy. Nor is it wrong to work hard to earn a living.
The desire to get rich quick, to make money without any work and to get something for nothing is reflected in the popularity of gambling, crime and frivolous lawsuits. Laziness and greed are not contributing to a better society.
However, having to get paid for each hour you work or each job you do has its limitations. Here are a few examples.Hard work fascinates me. I could watch it for hours. Click To Tweet
Good Reasons to Automate Your Income
Perhaps you are looking after your aging parent. This can require a lot of time, energy and money. Sometimes your parent can help out financially — sometimes not.
Maybe your spouse is disabled. You could be a single parent trying to balance spending time with your children and making a living.
Retirement and Financial Security
Many baby boomers are reaching retirement age without sufficient pension or investments. If they can’t survive financially without working, how can they possibly retire?
Unemployment, Sickness, Disability, and Family Emergencies
What if you got laid off or fired? Although unemployment insurance, social assistance, or savings might help temporarily, how will you replace that lost income?
If you get sick or are injured in an accident or crime, how will you make a living?
If you had to take time off for a family emergency or funeral, will you still get paid? To what extent?
Vacations and Sabbaticals
If you are employed, you probably get some vacation with pay. What if you want or need more time off? Your employer might say no. A kinder boss might give you the time off without pay.
If you’re self-employed, the situation could actually be worse. You can take the time off but if you’re not working, you’re not earning. You get to take your vacation without pay.
What if you wanted to take a year off work? Could you finance it?
Do you do unpaid volunteer work? That’s admirable but it doesn’t pay the bills.
If you spend considerable time in your volunteering, the time you can spend in your secular work will be more limited. This means you have to make more money per hour in order to support yourself and your family. That can put you under increased financial pressure.Hard work never killed anyone. But I'm not taking any chances. Click To Tweet
Bad Reasons to Automate Your Income
Get Rich Quick
Building automated income streams is not a get rich quick scheme. It takes considerable time and patience to build automated income.
The Lazy Man’s Way to Riches
Again, building automated income is not for lazy people who want something for nothing. To build a successful business and automated income requires hard work and determination. But it can be done and the rewards are worth it.Work is the curse of the drinking class. Click To Tweet