4 Reasons Why You Need Passive Income

[Suba]

Everyone dreams of being able to achieve financial freedom, therefore we need to be prepared the longer it will be able to realize financial freedom, that's why it is hoped that preparation starts at a young age, by diligently saving and not being consumptive, so that it is very possible for you to prepare funds to create passive income. .
In simple terms, passive income is one of the income earned without having to work actively, or only need to work a little. For example, you have crypto Ether or Cardano that is staking on a well-known exchange like Binance or Kraken. Besides you will get crypto every month, you will also get capital gains.

Here are 4 reasons why we need to have passive income, let's discuss together.
1. Limited Productive Period
The changing of days, months and years will make everyone older, while the productive period of work is limited which is limited by retirement. Income decreases while the level of living needs remains the same every month, this is one of the important roles of passive income.
2. Achieve financial goals faster
Passive income can encourage you to reach your financial goals faster and also make your finances more stable. So that makes you work not for money but as a fun activity.
3. Old Age Guarantee
When you are over 60 years old, your strength starts to wane, you really need passive income to support your life. So in your old age you can let your money (your investment) work for you.
4. Don't Get Trapped on One Income
For someone who only relies on one income, for example only from salary, it will be too difficult to escape from that source of income if something happens, for example the company goes bankrupt or you are not suitable to work at the company but you cannot leave the job or resign.

 

[Ganibade]

Limited Productive Period: As we age, our capacity to work actively decreases since time is a limited resource. By establishing passive income sources, one can protect their financial future and live a more comfortable and secure life beyond the few years of active productivity. To lay the groundwork for long-term financial independence, start early, save regularly, and make intelligent investments.

 

[Sotherefore]

Making money passively is what so many people are interested to do. It's comes with so many advantage just like you said. I personally will want to have opportunity that I have a passive income because at least I will always be very sure of having some money at the end of the month to take care of some of my needs.

But we just have to face the reality. passive income is very nice and everyone will always look for opportunities to make money passively but the process of having a stable passive income is not always an easy thing . That's just what I've come to understand ever since I came into the online space.

Inasmuch as there are different ways passive income could be made on daily basis , people have to put into consideration that the journey toward achieving this financial success will not be an easy thing.

 

[Mika]

You can earn a living by working on a job, but you cannot build your wealth through your paycheck. You need savings, but your savings cannot build your wealth. Therefore, you need to use your money to build passive income sources. One of the easiest ways to build passive income is through investment, when you have invested, your assets will not only grow but also give you profits. Your wealth will gradually build if you continue to invest and reinvest. People have limited productive time, you cannot work when you are old, and you can work when you are sick. If you are old or sick, you need income, so if you have managed to build a passive income when you were still young and when you were not sick, the passive income will help you maintain your life. Having passive income also means you have multiple sources of income.

 

[Chibson]

I quite agree with your assertions. The importance of building passive income for yourself cannot be underestimated.

One of the major things that always motivates me to build a very good passive income for myself is that one day I may not be able to work effectively as I am doing today because I am still very young.

The fact that everybody will get old one day and will not be able to work effectively again is a very good motivation for you to build a very good passive income stream for yourself in your younger age.

Whenever you build passive income you will actually not depend on one source of income. if you invest in something like real estate you may actually be doing a lot of other businesses and you don't have to bother about your real estate property until it appreciates in value, then if you want to sale, you do so but if you want to keep it more, you will also decide.

 

[Steve Bartell]

I agree, we need more passive income streams. I am currently not happy with the one I am earning but will keep looking for more.

 

[Holicent]

Passive income is a way to make money without doing any work. You don't have to worry about running out of resources, or having to spend hours every day searching for the next job. If you want to be financially independent, passive income is a great way to get there. Here are some reasons why you need passive income:

You can retire early

Without a steady flow of passive income coming in, it will be difficult for you to retire early. Your savings may not be enough to cover all your living expenses while also sending you a check every month. If you have a lot of debt or other commitments, this can make it even harder.

You can travel more often

Doing things like traveling around the world on a budget is possible with passive income. Once you have some extra cash flowing in each month, you can go explore new places and learn new skills that will help you build up your passive income portfolio over time.

 

[Augusta]

We all need extra ways of making Mindy and passive income is a good idea it will help us achieve financial goals better. it is even an easy way to get money faster and simple.
Passive income can encourage onr to reach your financial goals faster. So it is to go for one you know and understand how it works

it does also help to make your finances more stable. So that makes you work not to be tedious.
with passive income you can let your money work for you.

 

[germanky]

agree and i can add a couple of more, great share

 

[Axis]

There are literally so many reasons why me personally would need a passive income. One of the reason is that the country which I reside has a diminishing currency and this has obviously led to the increase in the cost of living and decrease in the standard of living. The worst part is that individuals who consider themselves leaders over the welfare and existence of their citizen are doing nothing about it. So in order to survive in a country like this I would need to have a good passive income stream. Some extent I have achieved this but not entirely, the internet has been a rescue zone for majority of Nigerians as it has alleviate many Nigerians from poverty or from blaming the government all the time.

There are more than 5 million income streams on the internet and according to statistics there are still more income streams coming and majority of this income streams are passive income streams.