Vital topic: income in Traditional Finance and in Crypto Finance

in LeoFinance9 months ago


On the long and complex path of achieving financial independence, it is vitally important to earn an income. Without that step, everything else is impossible. It does not matter the level of financial education that is reached, if it is not possible to monetize the knowledge, it will not be possible to advance.

It is essential generate income. And not only that, also that income must give profit, give net profits. That is, the income achieved must exceed the expenses produced. We must monetize and be profitable to have a healthy financial situation that allows us to advance on our path of enrichment.

The recommended thing to be profitable is to build more than one source of income. Thus, having several sources generating money, the probability of being profitable is greater (the money earned must be greater than the money spent).

Income can be active or passive. Active income is the result of direct work, of constant action (for example, the salary of a job).

Passive income is that generated without direct or constant intervention (for example, income obtained from investments).

In the crypto world there are several ways to earn active income (such as Trading) and also passive income (such as Mining, Staking or Farming).

One of the most complicated things is starting from scratch and building our sources of income.

Starting from scratch, many earn their first coins in Faucets or by participating in Airdrops (some with very good results, but it's almost a matter of luck).

In a more advanced phase in crypto practice, higher income is generated by learning to do Trading or Arbitration (this requires a lot of technical knowledge). Others trade Digital Assets such as NFTs or are content creators on YouTube (and other similar ones) and on Blogs (and other Platforms that include Web3).

Finally, there are the Crypto Investors who are investing their saved earnings in multiple investment options. In general, they are in search of Passive Income (it is what allows you to obtain money while you sleep).

Final thought: focus on income, on making money. You have to monetize and also be profitable. It is mandatory to beat this challenge to continue leveling up in the enrichment game.

Posted Using LeoFinance Alpha