Factors to consider before adopting passive way of money making

[Augusta]

A lot of time we only dwell on the good sides of having a passive source of income. The benefits might be enormous like having
lower tax rates. one has unlimited earning potential. much money is earn without working and no ceiling on how many investment properties one can own. But there is still the downside to it that you would need to consider before going ahead

So what are the factors to consider before investing in passive way of earning money.


it will be less security. We don't have to be deceived sometimes things with passive income don't go as planned. The thing is that stock market do crash and even real estate markets collapse.as well.So no guaranteed here.


Another one is limited interaction as you are in no work place to meet people always. And going solo can be lonely. So you are limited to your thoughts and ideas.

Lack of incentives as gotten by active workers. So buying insurance, funding retirement account and paying the full Social Security will be done by you.

What do you think?

 

[saoussen5765]

People will compare agencies offers in the first place. These little change increment will make difference for buying and selling properties or stocks. This is why sometimes the difference in fee makes a lot of difference in the passive income of someone @Augusta. Therefore you have also to make in consideration old age of state may decrease its value when reselling.

 

[Mika]

You need passive income to build stable finance as you can build income through multiple channels. The best thing about passive income is you can continue working on your active income and you still make money from your passive income without using a lot of effort and spending a lot of time. However, creating passive income is not very easy. You can create passive income through multiple methods, the most common methods are an investment and creating a product or service. Investment needs a lot of money and creating a product and services require skills and knowledge. You can invest in multiple assets to minimize your investment risks, and depending on your skills and knowledge you can create different kinds of products and services. You can create a blog or vlog, a digital course, web apps, membership sites, ebooks, etc. In order to build stable passive income from your products, you also need SEO skills

 

[oldbuddy]

A lot of time we only dwell on the good sides of having a passive source of income. The benefits might be enormous like having
lower tax rates. one has unlimited earning potential. much money is earn without working and no ceiling on how many investment properties one can own. But there is still the downside to it that you would need to consider before going ahead

So what are the factors to consider before investing in passive way of earning money.


it will be less security. We don't have to be deceived sometimes things with passive income don't go as planned. The thing is that stock market do crash and even real estate markets collapse.as well.So no guaranteed here.


Another one is limited interaction as you are in no work place to meet people always. And going solo can be lonely. So you are limited to your thoughts and ideas.

Lack of incentives as gotten by active workers. So buying insurance, funding retirement account and paying the full Social Security will be done by you.

What do you think?

Earning passive income does not dictate that you are going solo. It just means my money is working for me 24/7 leaving me free to spend my time on interactive websites like Trendri.