Today I went to get a haircut at the usual place that I go to and the couple that own and operate the business came back from a vacation. As expected, they mentioned that they had a wonderful time and their kids didnâ€™t want to leave.
The lady mentioned how it wasnâ€™t too bad financially as the whole two week trip for everyone came out to around $3000. While she mentioned she would love to do it again since it was so cheap, she brought up the point on how a lot of people neglect to remember that at the same time when you donâ€™t work you are losing even more money in multiple ways. Example, no revenue is coming in and your building rent is going to waste.
With that in mind, thatâ€™s always the main reason why it is wise to try and establish some form of passive income source so that you can still generate an income even while you are not there. With her situation it kind of forces you to be more diligent with money since there is a business involved. In general though, itâ€™s all about understanding where your money is coming and going.
Like with the vacation example, if you just see it as you have $3000 so itâ€™s time to take a trip, itâ€™s kind of a setup up to be living in a just getting by situation. Always have an income plan for downtimes as well.