The Importance of Passive Income

A late realization from a veteran Software Engineer, but better than never.

Image Credits: https://pixabay.com/vectors/money-rich-man-boss-relaxing-cash-6163908/ & https://pixabay.com/vectors/money-online-earn-business-cartoon-6780010/, great illustration by Mohamed_hassan

Update (2024–04–13): The Joy of Small Passive Income.

I have worked as a Software Contractor for over 20 years, with a relatively good income. Nevertheless, for my family, which relies on a single income (and many others can relate), it has felt like a rat race.

• Housing
  The Australian Government makes housing more expensive while politicians yell “improving house affordability” during the election campaigns. The reality only worsens. The numbers do not lie (see below).
  I found it hard to comprehend. Australia has plenty of land but not many people.

“Australia is one of the toughest places in the world to buy property. The 2023 Demographic International Housing Affordability Scheme report found that all five of Australia’s major property markets — Sydney, Melbourne, Brisbane, Adelaide, and Perth — had been ‘severely unaffordable’ since the turn of the millennium” — Nine News, 2023–03–21

• Childcare, School and University Fees
  I am not complaining about those fees, even though they consistently rise well above the inflation rate year after year. My family received little government childcare subsidies, the reason, as my accountant told me, “Your income was high”…