The new #silverprompt for this week's challenge is:
PASSIVE INCOME
When I think of passive income, I envision money coming into my bank account without me lifting a finger. Now my question is, does your retirement fund, social security, and interest from investments count? I would think so. I worked to get a pension and now that check comes in every single month, as does my social security. How about a 403 that I contributed to each month, to me, it's money in the bank, and unless the US economy tanks, I will get that money every month until I die.
I have always encouraged my children to save through their paychecks. You can live on your paycheck, and forget about the deductions, if you are going to pay Uncle Sam, pay yourself first. If you start young, however small your contributions are, time will take care of everything. My rule was to increase your contributions when you get a raise, even if it's just $50 a month. As a #silverblogger, I have learned a thing or two and I wish I had done more in the way of saving, but when you are growing up in a family, it costs a lot of dough.
Hahaha, just kidding I meant loot, stash, cash. I was afraid at first to give up my job to retire, but when I weighed the pros and cons, I knew I was done at age 62. Who knows how long one will live, I had stored up so much on my to-do list that I said enough. Time is priceless.
The last 5 years of my career I poured it on. I not only worked a full-time day shift, but I took calls, which meant the hospital could call me at any time to come in to work in the operating room for an emergency case. It was tough some nights, sometimes I would shower there and then punch the clock again at 7 am even though the OR case just ended at 5 am.
But the money was great.
Ching ching.
So, let's get back to passive income.
I published an article last week about my dad.
@farm-mom/my-dad-what-a-corkersilver-prompt-generations.
Well as luck...foresight would have it, my father provided for his children a true passive income, with his vision of developing land with rental properties, the passive income from these buildings would provide a nice retirement for my mother and him. After he passed, that income would come to his children each quarter of every year unless we sold the property.
WHAT A GIFT
I am still blown away by how really smart my dad was, he has provided us with a wonderful gift that I as well as my siblings so appreciate.
In the year 1957, I was 3 years old. My parents were a model couple, kind and beautiful, at least in that picture. They were flawed just as all of us are, but their commitment to each other and the family was unwavering.
I wish you all could have known them, they were fun-loving, open-hearted and the best parents anyone could ask for.
Dad sure knew how to take care of us, and hopefully I will be able to leave my children a gift from above also.
Yup, passive income should be a generational thing. I am working on that as we speak.
The #silverbloggers are right on target, giving us ole folks the chance to share the pitfalls and successes of growing old as productive and happy people.
This is my answer to this week's #silverprompt : passive income. If my dad could do it, so can I, it's all a matter of long-term planning.
Gosh I hope I can become as smart as my father; it will make for a serene passing.
May you all find peace and tranquility in your silver years and be grateful for making it this far.
I sure am
Much Love
Jackie O