Why passive income is important?

[Naz]

If you’re looking for ways to make money as an online entrepreneur, passive income is a great way to continue generating revenue even when you aren’t working.
For example, renting out a room in your home or offering services like freelance writing are both examples of passive income.
If you’re new to the world of making money online, passive income might seem a little mysterious. It’s not something that most people think about on a daily basis. However, with the help of this guide, you can learn everything you need to know about passive income and how to make it work for you.
Whether you're just dipping your toes into the world of entrepreneurship or have been trying your hand at it for some time now, there are always new things to learn. Even if you feel like there are no new ideas left in the world, the truth is that there’s always something new and interesting waiting around the corner if you look hard enough.

Creating passive income is one of the best ways to monetize your online presence and make money regardless of how much time you have available. If you’re just starting out with building an online presence – or are looking for a way to monetize your site or blog – then passive income is the answer. Passive income is money that you earn without actively working at it. It can come from many different places, such as renting out a property, selling stock, licensing your content or even creating your own digital product.
These sources of income are perfect for people who want to make money online without constantly putting in effort. The great thing about passive income is that once you put the initial time and/or monetary investment into them, they continue to pay dividends over time with little to no additional effort on your part.

The rise of the internet has led to an increase in the number of people making money online. New services and ideas about how to monetize sites and blogs have sprung up, all with the goal of helping users make money while they sleep or do other things. This type of income is called passive income because it can be generated without constant attention. Instead, once you set up your business, services or blog and find ways to advertise it, you can sit back and let it generate income for you. Many people think this sort of income is difficult to achieve; however, that isn’t true. There are many ways you can create passive income online as an individual or with a group as an LLC or corporation.

Passive income is the Holy Grail for online marketers. Why? Because passive income streams can help you gain financial independence faster, have more time to focus on other things, and keep your business going even when you’re not working on it.
Whether you’re just starting out with your first website, blog or social media profile or are hoping to expand your current digital ventures in order to achieve financial freedom, passive income is an important piece of the puzzle. The tricky part is figuring out how exactly you can obtain passive income streams from the internet!


What do you think about it, Why passive income is important according to your thoughts?

 

[Minemjnr]

Now it relieves us from financial stress and equally take care of some things we can not afford just with our salaries

 

[Jasz]

Passive income is money you make while doing nothing much. The idea is that you invest something once and then it keeps on bringing in the money. In the past, this was only possible with a business, but today, the internet is providing more opportunities than ever to generate passive income.

The first step to generating passive income is to have a business idea. This can be an app or website, but it can also be something as simple as selling t-shirts or giving advice on how to cook certain foods. Once you have an idea for your business, you need to put together a plan for how it will work and then execute that plan by creating the product or service and marketing it online. Once your business starts generating some income from its own efforts, you can start taking steps toward making it more passive by hiring virtual assistants or outsourcing parts of the process so that you don't need to spend all day working on it yourself. Their so many ways to achieve passive income, but it takes a lot of ideas and effort to achieve it once, after which you can sit back and get the reward.

 

[Chibson]

Making passive income is something that a lot of people are actually trying to do. Everyone likes the idea of sitting at the comfort of their homes and making some reasonable amount of money for themselves.

A lot of people also like the idea of making money while you are sleeping. These things can only be possible if you have a reliable passive income stream. There are several passive income streams in which you can build on the internet and start making some good amount of money for yourself.

If you venture into a business like amazon kindle publishing you actually stand a chance of making some reasonable amount of money for yourself. Amazon kindle publishing may be very hard especially for a newbie but with consistency you can be able to succeed on the long-run.

It actually requires you to have patience because there are times you may finish writing your book and you will not be able to make any money. It is therefore important for you to learn the necessary things before before you venture into the business.

Businesses like affiliate marketing can actually give you the opportunity to make some good amount of money for yourself. Affiliate marketing is definitely one of the hottest online businesses currently.

 

[Setho]

There has been a lot of talk about why people should be interested in building passive income streams and you are really not going to blame them because it is one of the things that you should always try to do when you are young .

Building passive income in itself is not easy because you need to find something that is unique and something that is guaranteed to be printing new money over a period of time even if you are not investing so much into it .

Passive income can provide you with alternative income which you can see as an advantage in case your main source of income is going to fumble one day.

One of the advantages of having a passive income is that you do not need to spend so much money into it . For example, if you want to develop a blog then all you need to do is to buy Hosting and then build the site. You do not need to do so many things after you have had about 100 articles . This is an opportunity that you can be able to make money from it for a lifetime provided that the articles still relevant.

 

[LoukiaCharilaou]

Hi everyone! Thank you very much for your informative and well-written thread about passive income. In my opinion, passive income is a dream for all people. Everyone wants to earn money without doing much and without getting tired. Passive income is important especially when you do not have a lot of time because you may have a demanding offline job but you also need some extra money to cover your all needs. Hope that everyone can make passive income because ,in this way, they will have an easier and more comfortable life. Have a great weekend all of you!

 

[TwixB]

I ' m fully agree with you, I need to make atleast 7 income surce

 

[King bell]

There are many reasons why you might want to start generating passive income. Perhaps you want to quit your day job and focus on your passion full-time. Maybe you need to generate more income to cover bills or save for retirement. Passive income can also make life a lot easier, freeing up more time and energy to focus on the things you love.

One of the most obvious reasons is that it can help you achieve financial independence. If you have passive income coming in, you will be able to cover your monthly expenses, even if you lose your job. Passive income can also provide a cushion for you during difficult times.

Another reason why passive income is important is that it can help you build wealth. When you have passive income, you will be able to save more money and invest it in assets that will generate even more passive income. This will allow you to create a snowball effect that will help you achieve your life long goals.

Whatever your reason may be, it’s important to understand the many benefits of passive income. Once you have a solid understanding of why this type of income is so valuable, you can start taking steps to create it for yourself.

 

[Ayuba Ernest]

There are many reasons why passive income is important. One of the most obvious reasons is that it can help you achieve financial independence. When you have passive income coming in, it means you don’t have to rely on a regular job to pay the bills. You can use that extra money to invest in yourself, your business, or just save it for a rainy day.

Another reason why passive income is so important is that it gives you more freedom. With regular income, you are always at the mercy of your employer. If they decide to let you go, or if they decide to reduce your salary.

One of the obvious reason is that it provides a steady stream of income that doesn’t require active work on your part. This can be incredibly helpful in allowing you to focus on other important things in your life, such as work or family.

Passive income also has the potential to grow much more quickly than earned income. While it may be more difficult to start generating passive income at first, once you have it set up, it will continue to grow with very little additional effort on your part.

 

[btaliat]

No one can be financially free in online domain except the person is on many passive income generating schemes. If not, the person can not be boosting of being free financially in online market. This asserts the importance of passive income.

There are many importance why people who seek to be financially free online should opt for passive income. The first reason is that it will give financial freedom to the person. What people desires the most is financial freedom. And when one is able to involve oneself in passive incomes. There may be the beginning of the journey to the financial freedom. This is because the person doesn't need to be active before he gets paid for the job that he had done.

It improves our skills. Passive income increases our skill and innovation. Many people always see the need to increase their skills for the skills to be fetching them money even while they sleep. I know of a girl that's now s branded name when it comes to comedy in my country. She said she has uploaded a video that doesn't even a like before when he she started. But now, she can boast of millions of views in just an hour.

 

[Mataracy]

Passive income is very good especially to this that are earning little more ney may be from government job or private job.
If one can venture in to an online business like selling online , written articles or doing some forum paid to post job. All these 8s very good and okay if one could sacrifice time and resources.
I said time and resources because if one can not stay online constantly or written tj earn then become some how hard.
Selling online will also entails some series of sacrifice like doing advertisement online so that many people will be able to patronize the product very well.

 

[Abigael]

Passive income is that side income that you get apart from the main income that you get from your main job. It is a very important source of income that everyone is encouraged to have because that is how you end up having a better financial stability. Of which most people are striving for that. The benefits include;

1. Passive income enables you to live a comfortable life. This is because it enables you to afford most of the things that you may need in life. It increases the amount of the money you make hence it ensures that you afford most of the things you need and want.

2. It enables you to save money. People who have a passive income source are better with their savings. This is because they can use their main source of income for paying their bills and save what they get from passive income.

3. Passive income makes you save when trouble occurs  with your main job - when working for someone, you are at risk of getting fired anytime or you may losses interest in it. When this happens, you are less stressed when you have a source of passive income. This is because it will keep sustaining you for a while when looking for another employment.

 

[Neuroid]

It acts as a great alliterative to the money that’s already coming in., giving you extra to lean on. It reduces your stress and you do not have to always stress about paying bills or meeting monthly targets. Passive income is also a great side hustle. If you find a source that is legit, I do not think there will be any issue. Just make sure you know what you’re getting into.

 

[Mika]

Income is broadly classified into two types, active income, and passive income. Active income means you work regularly, possibly, every day, and make money. For example, if you go to a job on the weekdays and draw your salary by the end of the month, you are making an active income. Even when you are a freelancer and work on your clients’ projects, you are making an active income. Passive income, on the other hand, is the income generated by something you have done in the past and something that does not require a lot of work. If you have invested in the stock and if you receive dividends, that’s passive income. If you published a book a long time ago and if you earn royalties from the book it is passive income. Since you do not have to work regularly, you need to build passive income sources. You can build your net worth only through passive income.

 

[King bell]

There are many different ways to earn money, but one of the most desirable is through passive income. Passive income is money that you earn without having to work for it. This can come in various forms, such as interest from investments, rental income, or royalties from creative works.

There are several reasons why passive income is important. First, it can provide a cushion in case of job loss or other unforeseen circumstances. If your primary source of income is from your job, then you are at risk of losing everything if you lose your job. With passive income, you have a backup plan.

Second, passive income can help you to retire early. If you are able to generate enough passive income, then you can live off of that and not have to worry about working into your 60s or 70s. This can allow you to enjoy your retirement years more and do things that you love.

Third, passive income can give you more financial freedom. If your income is not tied to your job, then you have more flexibility in how you spend your time. You can work less if you want, or you can travel more. You can also save more money if you don’t have to spend as much on work-related expenses.

Fourth, passive income can help you to build wealth. If you reinvest your passive income into investments, then you can earn even more money down the road. This can help you to build a nest egg for your future, or even pass wealth on to your children.

Passive income is a great way to earn money, and there are many reasons why it is important. If you are looking for a way to make money that is not tied to your

 

[sincerem]

I wouldn't call crypto trading like 'Futures contract trading' an passive income means. You simple need to be consistent monitoring your coins, and also swapping coins for another when you see no much improvement in the price for the digital currency pairs you opted for. Same goes to YouTube, you work everyday to get video contents up and running, replying to viewers chats, and filtering spam messages away. Such kind of task is hectic, and can't be considered a passive income way. Earlier time I thought about it as a passive income means, but I came to understand it isn't one. If I have the income I planned to get online, I'll buy websites, hire writers to write the blog posts, and generate revenue from my websites on a passive way. Real estate, long time spot trading is also a passive income means, since you don't have to monitor your project or coins consistently for profit to generate when it is right.