Passive income by literal means, is something or which you are not actively trading your time for money. For example you can earn from a job by working 9-5 in a office, but that means you are actively giving 8 hours everyday to earn a particular salary. With passive income you an make money even when you are sleeping. Yes, you read it right, you can make money 24*7 with passive income sources. Now this is not that easy as it sounds. Generating passive income sources is like building assets and then those assets will earn you money. But building those assets take time, hard work and dedication. After a hustle of sometime you can bear the fruit.
Now there are many ways to build passive income sources. This can include various new age online income sources like blogs, websites, apps, YouTube channels or any business which gives you flexible work timings. Also there are some traditional passive income sources like rental properties, investment in stocks or even interest on money in your bank account.
Here I want to list down the benefits and advantages of passive income, which will give you better insight and motivate you to take your first step towards life of financial freedom.
1) Passive income gives you platform for financial stability
Passive income allows you to keep more than one income source since it gives you freedom to earn while not giving your active hours everyday to the job. So with multiple income sources you can manage your finances well and not need to worry from paycheck to paycheck for paying your bills. Once your monthly finances are managed, you get extra time to think and generate further passive income sources which leads to more income and more managed time. So, in this way passive income is the first step to financial freedom. If you observe rich people, there is one thing common among all of them and that is 'multiple income sources'. Nobody ever gets truly rich with one single income source. So, if you focused on passive income you are already on the path of the rich.
2) Passive income allows you to work from anywhere and at time
Now by going through passive income route you are not stick to any 9 to 5 job. So, you can work from anywhere and at any time of the day. And this is the perk which every individual wants. Imagine you can work while traveling the world. You can work while living in any city or place you want and explore new things. Imagine you have the option to work 15 days tirelessly then take a week off. In my personal opinion this is the best thing which passive income offers.
3) You can make time for doing things you love
When stuck in a dead end 9-5 job, we always miss the time to do things which we actually loves. Because office project deadlines are far more important than our beloved hobbies. And the biggest reason for this is our dependency on paycheck to clear our monthly bills. But with passive income as backup you can genuinely make time for the things you want. Now its not always about pursuing your hobbies but about pursuing your passion. For example if you don't like your current job, you can easily leave and search for kind of work you really want to do and this could be only possible if you have financial backup in form of passive income.
Final thoughts
Having said all the benefits of passive income sources, its worth giving your time and effort to generate them. How ever initially you need a lot of work and patience for building passive income. Now this is the catch due to which most of the people give up the idea of generating passive income. Building them is itself a process. But in the end its worth doing it. Also its better to beat your financial problems than watching a stupid tv show, scrolling through negative social media wasting time in other useless things.
Comments
Post a Comment