Benefits of passive income

[Carpon]

Passive income has a wide range of benefits and in this thread, I will be sharing some of which I feel are much felt generally.

1. Passive income is beneficial because it acts as an alternative way of getting money. You may have a business which generates little income but when you have a passive income source, you can be able to augment it with your passive income.

2. Passive income helps you to save better. When you have a passive income source, you will find it easier to save that money and because you have more than enough, as a result of the passive income, you won't feel the pain or strain that saving may bring on you.

3. Passive income is a good way to keep yourself going without a job or when you retire or lose your job. Many people get into trouble when they retire, lose their job or business and this is because they have no source of income which they will depend on. Passive income will help you survive when such a situation faces you.

 

[Shaf]

I really love the concept of passive income. Who won't want to make money without working for it? That is the greatest benefit of earning money passively. You have money working smartly for you to make you more money without additional stress, time or effort.

The power of passive income is grossly underestimated, and people don't really know how to tap into it. Since most passive income sources require time and effort to establish and then maintain, it is easier said than done. I have seen people who are able to retire early though because of passive income.

Some retirees I know who planned to have passive income are doing far better than their counterparts. The money they earn as pension is used for luxury instead of essential needs.

Another benefit of passive income that is underestimated is that it can serve as a source of capital. If you have a passive income source, you can save that money over time to use as capital, and it cam even serve as a source of backup fund for the business after establishment.

 

[arunima25]

Income of any sort gives a sense of security. Extra income hurts no one. Especially if it's a passive one which needs no or minimum effort on a regular basis. It's an added financial security and gives you a lot of psychological comfort.
Everyone wants to have a source of passive income but getting into a right one is tricky. But once you land there, you are assured of flow of money without putting much of your effort and time.
It's even more beneficial for the retired ones to have a source of passive income already set in before they retire. It adds to the financial comfort when your active source of income stops. It's in addition to your pension amount ( if you are getting one) and helps you maintain the quality of life after retirement.
Those already having an active income from job or business love to have a passive source of income. It means some more savings or some more money to uplift the quality of your life. And it never hurts to get extra money from your passive income.
The job market is unpredictable and in case of financial turbulence, a passive income and the savings from it comes as a big help.

 

[antiljano]

Hello im new here. I really love the concept of passive income.