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Relying on a single income stream in a hostile economy like ours is no longer sustainable owing to hyper-inflation.
The situation has seen so many individuals struggling to meet their basic needs of life since their monthly earnings cannot match up with inflation.
With this, there is need for every sensible individual especially those whose earnings can barely meet their financial obligations, to ponder on means of boosting their financial life if they really desire to remain afloat.
The continuous rise in prices of commodities occasioned by endless inflation has and will continue to have an unfavourable effect on the standard of living as well as the worth of Naira if it is not curtailed by the relevant authorities. Hence, the need to have a positive mindset on how to outsmart inflation and remain financially relevant.
Having additional sources of income will help you to achieve your financial set goals and peace of mind. More so, there is no way your monthly take-home can give you that financial independence you are craving for if you are a paid employee.
That is why, it is very significant to consider the need to engage in passive income to augment your earnings. Besides, passive income is one of the most profitable and valuable investment one can really take on in this harsh economy.
What is Passive Income?
Passive income is that money you earn without having to do much work. It also signifies how you unfasten your expertise to earn from the time that you do have in a day. With passive income you can make money while you are asleep or awake. Also, it is to a certain extent, one of the most vital ways the rich get richer.
There are different residual income opportunities that entail less work than others but for that of most passive income ideas, you need to put in some effort at the onset.
But, the amasing thing about it is that no matter the amount of efforts you put forth at the beginning, later down the line, you will start to yield fruitful results even with less work or minimum effort.
Passive income if well pursued will make you to be financially independent such that you are not scared of the rainy day or losing your job.
Yet, if the only way you have to make money is to go to the office, then, you will never be able to quit let alone getting an extra means of survival through passive income.
Passive income is not reliance on how many hours you work as once your income stream is set up, you can make money with little work needed to sustain it.
The under-listed factors will assist you to see the need to engage in passive income:
Financial Strength
With passive income, you are not scared of financial storms that comes your way; it could be in the form of job loss or emergency occurrences which makes people without the required wherewithal run helter skelter for financial assistance but that is not your case because you are financially prepared to weather the financial storms through having other sources of income.
Do you know that if you can count on money coming in without you having to work for every kobo , then financial stability is sure as the more of that money that comes in, the more confident and stable you will feel in your finances?
Freedom Of Time
Time is our greatest asset, it waits for nobody and as such far more valuable than money. Money can be spent and earned but time can only be used just once.
Remember, once that time is passed, it cannot be regained. That is why passive income is imperative because it gives you freedom of time, signifying that you have the dexterity that comes along with not having to struggle to make ends meet at the end of the month.
As long as you can ensure that your passive income exceed your monthly expenses, you are at liberty to spend your time as you choose.
You can also engage in work connected to creating extra passive-income streams of revenue. The choice is yours. You have the freedom to choose because you have the freedom of time, which passive income is all about.
Reduces Stress
There is nothing worse than having the pressure that comes with inability to pay up your monthly bills; it will surely give you stress, fear and anxiety especially if you are a paid employee, meaning you have to try as much as possible minimise cost to live within your income.
Passive income assists to assuage all of these worries because you are not afraid of losing your job or being the consequence of corporate-downsizing.
When you do not have to be troubled so much about looming financial disaster, not only do you feel better psychologically and emotionally, but it transforms into physical liveliness.
As you have more strength and motivation to go out there to get extra earnings.
Less Dependence On Monthly Salary
Having passive income means that you do not need to rely on your monthly salary because you are sure of your survival even if there is delay in salary payment. You are not scared of your regular monthly bills that you need to take care of since you have other sources of income.
Passive income gives you the determination to achieve your set goals and reach financial independence.
Freedom To Pursue Your Passion
Passive income gives you the freedom to pursue that skills or career you love doing the most or passionate about since you are not restricted by time and location.
It also enables you to generate an active income by following your heart even while working as a paid employee.
Do you know that you are likely to make more money when you pursue that career you are passionate about vigorously rather than relying on that peanut you receive at the end of the month as salary?
Allows You To live And Work From anywhere
Passive income permits you to live and work from wherever you desire. Since you do not have to constantly work in order to earn passive income, you also do not have to work from a precise location.
Inasmuch as you are making enough passive income to fund your lifestyle, you can go to any location you wish to stay.