Why the passive income source is necessary ?

[SANIA]

Passive income is a huge investment for your future and for your retirement.
It also helps people to retire early In life.

The concept of passive income is not like quick rich scheme or get rich quick method.
As I said it is a huge investment for your future. One has to utilize his time, hard work, focus, resources, and sometimes money too for building a passive income source.
It is not easy to stay patient during that time when you are not getting instant rewards.

But the seeds you sow will finally reap as long as you continue to work and learn.

 

[Good-Guy]

Passive income is a way of earning lots of money. Not all the people in this world are able to make passive income and majority of the world population is living under really poor conditions. There are many reasons why a person should try to generate passive income. One of the biggest reasons why you must do it is because you need to improve the lifestyle. passive income improves your lifestyle. Another reason why you should generate passive income is because the rates of inflation is increasing so much in the world. It is no longer possible to survive if you earn an average amount of salary per month.

Passive income has many benefits. Not only can you improve your life, but you may also need to view passive income as a necessary thing nowadays due to the fact that you may need a lots of money at any time. Let's say you get into some sort of medical emergency, you will need money and if you do not have a source of passive income, then you may get into trouble. In such case, you may need to borrow money. These are some of the reasons why you need passive income nowadays.

 

[Suba]

Passive income does not require effort and time, so why do we need to have passive income, especially we can use it as additional income apart from the main income. Reduced anxiety or fear about current and future financial conditions, we will not only earn interest, dividends, rent every month from passive income but will also get capital gains.

 

[moonchild]

It is necessary to plan for retirement especially as an employee because without retirement plans you still scrape for money here and there to make a living, that's why you need a solid plan to get ahead.

I've seen many retirees that invests their pensions into agriculture and it keeps them occupied and they use to provide for themselves, while some that have capable children get taken care of., it really boils down to your plan.

Options get slimmer as one ages so there isn't much you could do after retiring your energy is at its lowest level too.

Business seems like the only way out and you can build your business while you are still working so that before you retire your business have grown to take care of you and your needs.

In my country I've seen a lot of retirees campaigning for their rights and pensions it is really an eye sore, to see someone that sacrificed his life for an employer and still cannot afford a good life after retiring.

It's good to make your own plans and shouldn't wait till you have retired before you start thinking of what to do because by then you are late already.

 

[Setho]

There has been a lot of talk about making money passively especially online and the lot of people really do not even understand why you have to be having passive income in the first place. Passive income in general is very difficult to get especially when you are just a beginner support over sometime it can be able to hear you a lot of advantages. First of all it is very important that you should have different passive income sources because it is going to take you closer to financial success. Everybody is definitely going to be interested in one type of free products or the other and passive income is just a way of getting free money .

One of the things that it is good to have different sources of income especially passively is that you can be able to learn a lot of things about other industries . For example if you are a medical officer and you are having a small blog in which you are managing , you can be able to know so many things about how technology work and how search engine optimisation work which is something that does not concern medicine at all .

 

[Chibson]

Creating a passive income source is something everyone should try as much as possible to do because the joy of making money while you are sleeping is priceless. It will give you a lot of Joy if you wake up every morning seeing your phone booming with different alert of money coming from different sources.

The truth is that it is not really easy for you to create any passive income stream because he takes a lot of hard work and determination for that to be possible. If you want to go into blogging for example you need to dedicate a lot of your time and energy for that to work. many people who venture into blogging think that it is something you will get into today and start making money from it tomorrow but probably that is not the case because he takes a lot of times sometimes.

If you want to go into YouTube you also have to make quality videos that would attract a lot of people's attention and from there you can be able to monetize your channel. It takes a lot of consistency for you to succeed and some level of knowledge also. There are numerous passive income streams people can venture into and make a lot of money for themselves sitting at the comfort of their homes on the internet.

 

[Jctroy]

Its the holy grail haha . Imagine getting 5k a month doing nothing? That would be awesome.

 

[Jasz]

The passive income source is necessary to help you manage the cost of living. The inflation rate has risen in recent years, causing the price of goods and services to rise. The cost of living is increasing faster than your salary and this makes it difficult for you to maintain your standard of living.

The passive income source can help you bridge the gap between what you earn and what you spend on a monthly basis. It will allow you to save money for emergencies or invest in assets such as stocks and bonds that will provide long-term financial security for your future. This can give your family assurance that they have something to fall back on if anything happens to either parent during their lifetime.

The number of workers who are laid off from their jobs has tripled over the last five years. The number of people with disabilities who cannot work has increased dramatically. Many people who have lost their jobs have also been laid off due to lack of education or training. This situation will only get worse if a person continues to work without earning any money. In such cases, a person needs to find ways to earn some money so that they can continue living their lives comfortably.

 

[Jasz]

Active income sources are type of income that requires you to do something to generate the money. It can be a job, business or any other type of work that involves you putting in your time and effort for an earned income. Active income sources include your salary, wages, tips, or commissions from any job you work at.

Passive income sources are any type of income stream that does not require your active participation to make money. The most common forms of passive income are investments in stocks, bonds, real estate, royalties from creative works like books or music, and businesses in which you're not actively involved.

Which is better? Well it depends what you want in life. If you want to live a more relaxed lifestyle then passive income would be ideal as it doesn’t take up too much time and allows you to have more free time to do the things you love doing. But should know this takes time and not easy to achieve. However if you are wanting a challenge then active income would be more suited to you as it will keep you busy and can provide more satisfaction at the end of the day. Nothing is really easy, but passive income is worth it when you can't stress yourself anymore.

 

[blessingc]

Passive income is necessary because it helps you have a stable income and freedom from financial stress. It plays a very important role in personal finance. Helps you feel confident of what you are earning cause you know it's stable, you don't just earn from what you do but extra penny that you are being awarded, it's helps reduce anxiety of how and when you are getting paid because it's a sure way, it's a must that you get paid. Its automatic.

It makes it easier to achieve your financial dreams and goals. When you make money from different platforms at anytime of the day it helps you achieve your goals faster with confidence.


It can help you retire early from your job when you start aging, passive income isn't only for the young, it is for everyone as far as you have the passion for it you can make money.

It reduces financially stress and calculations, it is kind of exciting too, to generate income passively, you can earn money at any time or hour of the day even though you are sleeping your money ney is counting for you. You just wake up to meet more money.

Passive income is an interesting way of making money, with peace of mind and less stress.

 

[Mika]

You can earn a living through your active income, you can even buy property from the money you save from your active income. However, the active income will never make you rich. You need a passive income source to build wealth. For example, you have job that pays very well. How much can you expect to save from your salary, 5 percent, 10 percent? You may never be able to save more than 20 percent of your salary. If you can save just 20 percent how can you build your income because you might end up using your saving during emergency situations. Therefore, you need to build passive income sources. You will have to invest money to generate a return on your investment (for instance earn dividends from your stocks), invest in a business and generate income (in the beginning you will have to be active, but later, your business will become passive income source). For instance, you can start selling on ebay. I have not used ebay to sell products but I have used ebay like a local online marketplace to sell items and made money. I have sold my old devices and gadgets to make money. The best thing about ebay is you can sell old products.

 

[Lens1000]

Passive income could be likened to making money on autopilot and there are several ways to generate income passively. Blogging is a way make passive income. Vlogging is also another way to make passive income etc. It is important to stress that making money on the internet is not as simple as YouTubers portray it. The majority of YouTube money-making channels sugarcoat the entire ways of money-making on the Internet.

You are vulnerable to ponzi scheme as a rookie. I'd also like to emphasize that it's one of the things you'll encounter as a newcomer to the internet . I went through the same thing, drove through challenging terrain, and eventually discovered some reputable platforms where I could make some money. Trendri is a paid to post sites that also allows you to get some money passively. If you are a member of this forum you will understand what I meant by making passive income here. People making comments on your threads here will give you some money too.

It is the aim of every business men to create ways to generate passive income and that is probably the best thing to do right as an entrepreneur . Although, it's not really easy to do this.