In today's world things are getting costly. We are unable to fulfill all our desires with the income that we are getting. Most of our time goes very busy working in our job. Even we find it hard to take a vacation or a recreation. Having a good source of passive income can help us make some room for our desires and enjoyments. Apart from sophistication for some people the day job is not giving them enough money and they end up requiring some additional job or a business that can give them some additional income.
Secondary income is safety
I started having this feeling when I saw a lot of teams declaring the closing of business. Especially this happens a lot after COVID-19. We cannot say COVID is the primary reason but automations is becoming a key thing in making people lose their jobs. Today what people can do manually is being done by a bot or an AI. This is going to increase in the future too. We have to do a self-assessment to see and understand what things that we do regularly might get replaced by a bot in the future. This is when we can start thinking about having a secondary income for safety.
For some people, it can be a family business and interestingly many people even started doing agriculture after COVID. That's a good alternative too because it will not create any conflict of interest with our IT jobs. With such explorations a safety mood is created and when our employer stops loving us, we might have something at least to incline.
Investments that give passive income
We earn a decent amount of money every month but we have to make the money we earn to do the job for us to make more money. Investments of the right type can help us earn passive income. There are a few low-risk investments that can give a passive income as the outcome. Buying a house or a commercial property and renting that out can be a good source of passive income. The advantage here is that the value of the property will also be appreciated and at the same time we will also be getting rent from the property. Investments like these can be a good source of passive income for us where we don't have to do any job than investing our money and watching it give some returns to us.
Passive income should override active income
Many people can start thinking about financial freedom and freedom from 9 to 5 jobs. If that has to happen, people will need a strong background. A lot of money would be required to do that. Only if we reach a point where our passive income is greater than the active income we get and if we reach a point where we can continue living our regular normal life even if we don't get our active income anymore, we can easily call ourselves financially free and that is the best moment. It is easier said than done. Having a regular income via passive source is something very huge and we can achieve that only with the help of secondary income sources.
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Either we return to a primitive way of living by giving up on modern human civilization and its lifestyles, or we explore new ways to sustain it. Any transition is volatile and aids a burden on middle-class people. When your salary is exhausted mind month let alone talking about fulfilling desire, people start relying on credit card to sustain till the end of the month and this is so profound in metro and big cities.
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There has to be always an alternative plan, active -passive income is one good thing that keeps one person knowing how to survive without the first one not going well as per wishes.
What passive sources of income gives mostly to us that I admire that, you have your backups first to at least help solve 10% of the cashes you need. What if no lenders and friends to borrow you this much, then even a slight boost of needs the emergency time is vital.
I always wish people to have so, even if they can create that - a short supply of money be guaranteed any means. Thats the edge.
The major problem people have with passive income is that they believe they can’t earn a huge amount of money from investment so they don’t want to do it but passive income is the best!
It is a fact that things have become so expensive, we are not living a good life because we earn less money and things have become more expensive, so we have to change some things now and three or four of our incomes. If there are means, even then a good life will be lived.
It is hard to predict how much money we might need in the future.
Yeah I totally agree with you.
Passive income is a great source of relief. When you get frustrated by your eemloyers its always the shield to preseve your up keeping. Financial planning is key.
Diversification is key, yet many are so under financed to even ponder upon investment.
Yeah many people want to get out of the stress from the employer.
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It is actually necessary for us to always increase our source of income and I believe one of the major ways is for us to grow it through passive income
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