Saving for a rainy day
by Philip Scott
Its been pouring on the Gold Coast, and it always makes me think about that old saying ... saving for a rainy day.
So this is going to be a slightly philosophical (not it starts with Phil!), but what does that really mean, and is it smart to do so? (It relates to business and systems I promise! Work with me here!)
Saving for a rainy day I guess stems from back when everyone worked outside and if it rained you couldnt work ... so you didnt get paid. These days we have insurance against rainy days ... its called income protection and you should to talk to my good friend Richard Hill about that!
There is another saying ... prevention is better than cure, and while this was never meant to apply to business, I believe its appropriate. Prevent rainy days from upsetting your business by having income protection, and passive income aspect to your business.
No, Im not trying to sell you a multi-level marketing program! Im trying to show you yet another benefit of implementing systems in your business!
Passive = Nothing for you to do.
Income = What we all need to a) survive, b) thrive.
Passive income comes from putting in a lot of work in the beginning, so you can be passive at the end!
So I dont believe in saving for a rainy day ... I believe in investing for a rainy day. And that doesnt mean just money, it means mostly time! So for now Im off ... going to invest some time into growing my passive income!