Being a bit of a "Numbers Geek," I like to keep track of my progress and chart "how I am doing" with pretty much everything from my blood pressure to my investments.
As I have written about before, I was taught about the value of passive income at an early age, and the whole idea has had a major impact on my thinking, to this day.
Income Without "Working"
As I increasingly attempted to "adult" (used as a verb) my way through life, I repeatedly looked at ways to generate passive income, in one way or another.
I was a landlord for a while, owning a couple of condos that rented out but learned the hard way about declining real estate markets and economies. I also learned about tenants calling at all hours because a disposal was clogged. Too "hands on" for my liking.
Then I turned to writing because the idea of ongoing royalties was more in line with my acceptable risk level: I felt far more comfortable with making a large "energy investment" to put at risk, rather than a large "capital investment" in things that would return a passive income. I joined my first "get paid for content" site in 1999 and actually kept getting a few royalty dollars for over a decade.
I also tried my hand at stock photography and print-to-order greeting card design, once again ventures where the only thing "at risk" to earn those residuals was my initial creativity and willingness to plug away at it.
Predicting a Chaotic Future
I've never really thought of myself as a "prophet" or "futurist," but even back in the 1980's it seemed almost inevitable to me that more and more human jobs would be replaced by robots and automation... as a result of which we would increasingly move towards a world in which the entire notion of "working" would end up looking like almost nothing we were used to.
I suppose this sense was also somewhat fueled by having been a voracious reader of science fiction since my early teens...
Naturally, most people thought I was nuts — and they still do! — and pointed to all manners of projections showing that while people would be "made obsolete" there would all sorts of new jobs for them to slide into.
To be honest, I don't give a rat's rear end what so-called "economists" and "experts" predict about future job growth and the economy... the primary "problem" being that they typically work with forecasting models while the rest of us live in the real world. Chances are they've never tried living in their cars, wondering how they would scrounge up a couple of dollars to buy a can of baked beans to ward off starvation...
The analogy I like to use is that of the weather. I don't care that the latest meteorological predictions say that there is a 90% chance of sun today when I can look out the window and it is RAINING and there are heavy clouds everywhere.
But I digress.
Technological Obsolescence, Once Again...
It seems painfully obvious to me that within another 20 years, huge numbers of people will quite simply be displaced by AI and automation, and they will simply NOT be NEEDED to fulfill work tasks on a level that even remotely resembles anything we're familiar with today.
Meanwhile, the "Talking Heads" drone on about re-training the workforce and blah, blah, blah but the old slur "Learn to code!" has pretty much become solid gold bullshit because more and more AI can actually write its own code and no humans are needed. Or... where perhaps there were once openings for 500 coders, there's now room for 10 supervisors.
"Having a JOB," itself, may be headed towards obsolescence... or be regarded as a great privilege, rather than a necessity or a right.
Solving the Supply vs. Demand Bottleneck
Unfortunately we're also hurtling towards a massive bottleneck as automation will continue to create more and more products for us to consume... a reality that will run in parallel with the traditional "Profit Paradigm" meaning that the corporations owning the automation seem unlikely to lower prices of goods even though they no longer have to pay the salaries and health insurance of millions of "Ed Bobs" and "Thelma Sues," just a tiny amount for robotic maintenance...
That will crash head-first into the attendant reality that you're producing a bunch of stuff for people who increasingly have no visible means of income to purchase that stuff because they no longer have jobs or even access to jobs.
And trust me, the uber-wealthy won't be taking up the slack by suddenly developing the need for 15,000 toaster ovens or 93 Teslas each!
So... Passive Income to the Rescue?
Which brings us to the importance of passive income: this idea that in a rapidly shrinking workspace, we can somehow derive income from sources other than working, in the traditional sense of the word.
In many ways, this is where there is an opening for applied decentralization, perhaps in ways similar to what we are already seeing on a micro scale here in the Greater Hive ecosystem through projects ranging from CUB DeFi to several individuals leveraging their individual skills and ambitions as dividend paying tokens that serve as a sort of crowdfunding.
As a micro example, Mrs. Denmarkguy's non-profit has a Hive account, which in turn owns some UTOPIS tokens, and this morning a small amount of Hive arrived in her wallet as a dividend. The ability to own those tokens the result of social engagement.
Now, if we can somehow figure out how to expand that on a truly massive scale, perhaps it offers a glimmer of hope that we will not have to end up living in cardboard refrigerator boxes or tents at the sides of the freeway... or wind up in some dystopian version of a particular Black Mirror episode living out our lives as little more than meat puppets in the Matrix.
And so, I look at the 3.103 Hive I earned from curation yesterday and have both gratitude, as well as hope that we will somehow be able to keep living, breathing, eating and blogging in a future where we no longer have such things as "going to work," except as it applies to pursuing our interests.
And maybe that's not such a bad life.
Thanks for reading, and have a great remainder of your week!
How about YOU? Do you think passive income will become a major part of YOUR future? If so, what sources do you think it will come from? Do you think "work" (for humans) will continue to exist on the SCALE it does today? Comments, feedback and other interaction is invited and welcomed! Because — after all — SOCIAL content is about interacting, right? Leave a comment — share your experiences — be part of the conversation!
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Created at 20211005 22:52 PDT
0362/1603
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Yes. Thanks to passive income I bought a little car this summer… (2018 VW Golf for $19k ) for road trips, camping, kayaking, etc … from mostly passive income (curation and delegations) on Hive, ProofofBrain.io, Blurt.blog, staking SPS on Splinterlands etc etc…. It adds up. Another good one is creating very short Travel videos and posting to YouTube, HideoutTV, Dtube, Odysee, etc etc… this is perpetual, infinite income forever. If you can get by on a few thousand dollars a month this is the time to be creating videos, digitalart, photography and sharing everywhere. I mean Everywhere. A little adds up to a lot. Especially when you convert all those various Cryptos to Bitcoin on Ionomy.com
Well, based on the time I've known you via Hive, you're probably one of the best prepared individuals I've come across... and your tireless involvement in so many different projects will undoubtedly serve you well in the years ahead!
You're exactly right, the way to go is to have multiple "trickles" from different sources. In the end, it adds up to something... to wit, you bought a car. That's really cool!
I like the idea of Ionomy, but I haven't really used it much on account of what seems like a lack of substantial liquidity... but maybe that has changed? I has been over six months since I last checked in there...
I could have bought a nicer car if I had held my Bitcoin a little longer but we did a lot of awesome family road trips this summer, memories worth more than Bitcoin….
I completely agree with you. A lot of society has already gone from "one income households" to "two income households" with both parents working... but that's just the beginning, now we're going from two income household to hundred-income households, with all these different forms of income being cultivated and unlocked.
Our in-house term for it around here is "patchwork economics."
You make your life function by having small income streams — none of which are large enough individually to support you — come together to create a sustainable life. We've been working towards it since the late 1990's... it takes some adjustments to how we think about life and work, but it's totally doable.
To me decentralization seem to be the key to an already chotic world...
A friend once told me, if you don't get what fatches you cash even when you sleep, you will work all your life.
Decentralization gives all the wanted freedom and opportunity to earn an explore, and that has been my sustainability strategy.
Thanks for share an awesome post
Decentralization is definitely going to be a major pathway towards the future, and I image opportunities like Hive will be particularly important in Africa, although I understand anything related to cryptocurrency is somewhat frowned upon in Nigeria. Just keep pursuing your sustainability dreams!
You had me at "Numbers Geek!" @denmarkguy
I wish we had that magical crystal ball to look into the future, project & invest accordingly 🔮
Since we do not, we may as well cross our fingers and roll with the passive income dice!🌬🎲🎲🎲🤞
Upvoted and curated!
I guess the best we can do is make educated guesses, based on the direction things seem to be heading.
Automation or not, I am pretty sure I will have to keep paying the bills, and that means I have to come up with funding somehow.
You write beautiful, with a bitchy humor spice.
While the world have been overly excited about "automation" and how it would take over "workloads" I guess people never actually stopped to realize it also meant "a reduction in job vacancies"
The demerits were often ignored, but you've been able to cite them out.
Yes, as the numbers in automation increase, the relevance of "passive income" is awoken.
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There are almost always two sides to everything, and people with the "big ideas" are often blind to the downsides of their creations. Sure, the promoters of automation realize people will be out of jobs... BUT they have an answer "retrain them."
But that's not an answer. Take the trucking industry. Self-driving trucks will do away with three million jobs. We don't need three million truck drivers who have learned to write code, to work in an industry that already has more coders than it needs.
Cheers to no longer working in the future! Just kidding! Anyway, some jobs may be difficult to replace by AIs. Like doctors, nurses and caregivers.. but I can be proven wrong.
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It'll happen soon in the medical field. Diagnostics computers are already more accurate at predicting "most likely" medical problems off a given set of information than doctors. We are only a few years from automation doing the "intake" part of your routine visit to the doctor.
But yes, for not "having to go to work" in the traditional sense...
Wow that's exciting but somehow scary to know. Thanks for the info
Investing early and heavily (depending on your assets but a high percentage of disposable income) is the difference between being rich when you are 50-60 and just being okay.
Great read and format ! Following you now ;)
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@tipu curate
Upvoted 👌 (Mana: 80/100) Liquid rewards.
Thank you @ninahaskin!
I want passive incomes. I hope Hive will help me.
Like all things, you have to be patient; it takes time.
On Hive, perhaps the simplest place is to put some HBD in the "Savings" and you'll earn 10%.
Thank you for your opinion! I mean suggestion. I will try.
Thanks for the awesome article. This has been weighing heavily on my mind... i'm getting older and all.
i was taught was buy a house get a good job. (done both) We have plenty of income but we need to work hours. We only can get more money if we work more hours.
Ive recently been trying so hard to switch to income streams that have more passive in them.
why oh why oh why did i not invest or diversify when i could!!!! Because NOBODY TOLD ME TO.
Its such necessary information for out children. The language of money!!!
The need to think outside the box is real.
All thanks to a colleague in 2017 who told me to buy ETH and XRP.... (i didn't... well like $10 of each). She had a huge job, and did all the other things on the side. She now has a jag and a lambo and a helipad on her roof. sigh....