Passive Income Can Become a Primary Source of Survival

[bitzizzix]

Passive income seems to have become a primary source of survival and can even change lives for the better. It all started with the COVID-19 pandemic, which has impacted the income levels of many people. Everyone is scrambling to find ways to continue earning money, especially in the digital economy. Many people are leveraging digital technology to generate income greater than their previous fixed income, making them comfortable with their passive income, which continues to grow and generate substantial profits. This includes online buying and selling, monetizing social media content, selling graphic designs on marketplaces, and so on, all of which generate significant passive income for many people today. They even prefer to avoid permanent jobs tied to companies or bosses and time commitments because having a job that generates passive income as a primary source can achieve the goal of financial freedom and a sense of freedom in life.

[shield132]

The title itself explains a lot of things. We know passive income helps us to fulfil our family needs and live a luxurious life. But have you ever thought that passive income would be your primary source of income sometimes for survival? If you had never thought, then remember the COVID situation; a lot of people lost their jobs. So unless you had alternative or passive income sources, then how hard was it to survive during COVID? Those had alternative or passive income sources; then it was their primary income source, especially those who are freelancing over the internet. It doesn't matter whether you are doing trading or crypto marketing or any other things.

For me, I had been working abroad. Though I hadn't lost the job, I left my job willingly by resignation. I think I will start a business once I come back to my home country. The time was during COVID; I came back and started a business as well. But unfortunately I lost my investments from that business, and I became jobless, and there are no income sources as well. But I have been involved with online earning through crypto marketing and trading as well. So then my online earnings become my primary income source to survive with my family. Thank God I didn't have to struggle to survive due to my passive income that later became my primary income source. Now I am established again and have a good business in real life as well.

So what do you think? Should we focus on establishing a passive or alternative income source?

Passive income is nice when you have a normal job with a normal salary and earn additional money from this passive income. It's especially nice because you are used to your salary and you have calculated it on your everyday necessities, but additional passive income gives you additional money that makes you happier because that's the money that you can completely spend. I don't know if I described the situation as easy to understand for everyone, but this is an amazing feeling that I've experienced.

Btw now I'm focused on alternative income sources. I want to get UI/UX design orders from many people/companies to earn additional money from small projects. In the best case, I want to create a business that will run without my involvement and will generate some money because at the moment I can to fund the business but I don't have time to run it myself because it doesn't worth for me to leave my job.

[Coyster]

Quite a lot of people do not truly understand what passive income is, because if they do, they'd understand that you need huge capital to earn a living through sources that require your minimal involvement. For example, earning rent from a rental property.

Passive income is great and i believe it takes time to build it. And within that time you need a real job or to actively run a business. Only then can you channel funds to areas that do not require you to be active in. Such as buying bitcoin, stocks, gold, properties, etc. My point is that before you can totally depend on your passive income for survival, then you must have invested a whole lot of money into it, which sadly a lot of people do not have. Otherwise, you still need a job on the side to allow your investments earn you money through compound interest/exponential growth.

[slapper]

I'm happy you survived through that time, really. But what you're calling "passive income" wasn't even passive during the time of covid. You were involved in some trading and marketing cryptoactively. That's diversified active income with no fixed location requirements. The distinction is important as true passive income is rental properties or dividend portfolios, not skills turned into remote work.

It wasn't that people needed to have passive income in Covid. It was that they needed anti-fragile incomes structures. The people that survived best had either skills that were able to pivot to remote delivery, savings buffers, or social safety nets. Notice how "passive income" isn't the load bearing variable? The true insurance was flexibility and liquidity.

The question "should we focus on establishing passive income" assumes we're all starting from the same place, with the same capital to work with. We're not. For someone living paycheck to paycheck, that advice requires resources that they don't have. What we have learned from the pandemic regarding the economy is that economic resilience is not found in any particular income architecture, but in the optionality of the economy and its capacity to learn fast when the world changes.

[NurseHub]

 A very good number of people survive now on passive income because the active income has become so less in terms of pay compared to the passive income, you can be working and earning so low because of the current economic situation of a country especially like my country, then a passive income earn in other currencies could become a main source of income and a means of survival to the extent that a lot of people quit their jobs just to take their passive income more seriously since it pass better than the active income. People may not have thought of it that way but they definitely is already surviving on it.

[IjawMan]

So what do you think? Should we focus on establishing a passive or alternative income source?

With the economic uncertainty and the lessons many of us had to learn during the Covid-19 pandemic it is not a choice but a necessity for each man to have a passive means of making income outside his primary source. As many passive income sources as a man can make I'll say they should get it rolling.

Depending on a single source of making income is an un-clever and risky way to survive life. People with one means of income with no backup for an alternative to survive are usually the scariest when a matter of layoffs is spoken of in their place of work. And they are ready to be underpaid for a job role that is believed to be of a high pay, cause they do not have what to fall back on losing the job which is the primary income source.

[livingfree]

So what do you think? Should we focus on establishing a passive or alternative income source?

I think for as long as we've got the resources and strength to do it, we should do it while we can.

But living off with passive income, dividends and other investments that we have, it's the dream life of most. Some say that it's not real but it's not real for them because they're not working hard to make their life enjoying through that goal.

I'm also planning to live with passive income as my major source of income. Though can we call it passive like you own some Bitcoin and just living off with it like you'd sell every month to live off of it?

[r_victory]

All income is welcome. Passive income, for me, comes from something you don't have to sell your time to get, like investments that yield interest, for example. A business, however, is not passive income because it requires your daily dedication, your provision of services, and consequently your time. I think it's interesting to focus on both, and think about other ways to generate passive income, with various money flowing through it. It's not easy, but it's entirely possible.

[TypoTonic]

-snip- Those had alternative or passive income sources; then it was their primary income source, especially those who are freelancing over the internet. It doesn't matter whether you are doing trading or crypto marketing or any other things.

I don't think we could consider trading, crypto marketing, and freelancing as passive income. Those are extra jobs or side hustles that require a lot of work. Passive income does not require any active work (e.g., income from rent, interest from lending, rewards from staking, etc.).

So what do you think? Should we focus on establishing a passive or alternative income source?

Of course, it could act as our insurance, in case of unforeseen circumstances like the COVID situation a few years ago. In my country, the underemployment rate is quite significant, so any additional source of income is always great to have, whether active or passive.

[ultrloa]

-snip- Those had alternative or passive income sources; then it was their primary income source, especially those who are freelancing over the internet. It doesn't matter whether you are doing trading or crypto marketing or any other things.

I don't think we could consider trading, crypto marketing, and freelancing as passive income. Those are extra jobs or side hustles that require a lot of work. Passive income does not require any active work (e.g., income from rent, interest from lending, rewards from staking, etc.).

Those activities does not offer passive profits to us since everything in that activities is temporary. We don't know what future holds and anytime we can be cut and will not get profits from those options you have mentioned. That's why I agree that those are not to be consider as area on where we can get passive income. I also treat it as side hustle which is another great way to earn money.

If they want to have passive income maybe they should work or build something that they can possess or control which can possibly give them continuous income without exerting to much effort. Maybe rental properties and other type of investments which their money can work for them to generate those passive income that they are looking for.

[davis196]

You didn't explain what exactly is your passive income source. Are you afraid that someone might "steal" your ideas or something?
I believe that there's no such thing as truly passive income. You have to either invest in stocks and other assets, that would bring you dividends, or you have to build a business, that brings consistent profits 24/7 without much maintenance. The first option requires big capital, the second option requires hard work and a decent starting capital. Having a stable income source is important for survival, during hard times, but not many people are business-minded and have enough knowledge about finance and investing.

[WatChe]

All income is welcome. Passive income, for me, comes from something you don't have to sell your time to get, like investments that yield interest, for example. A business, however, is not passive income because it requires your daily dedication, your provision of services, and consequently your time. I think it's interesting to focus on both, and think about other ways to generate passive income, with various money flowing through it. It's not easy, but it's entirely possible.

Due to growing inflation, it's good to have other sources of income to counter inflation. Those who do job, for them what matters is extra income and it doesn't matter whether it comes from passive income or we have to work for it. With time we can create passive sources where we don't have to work to get money like you already mentioned. Even if someone has no passive source of income, he must work hard to generate money and then look for creation of passive sources.

[YOSHIE]

So what do you think? Should we focus on establishing a passive or alternative income source?

Yes, it should be like that, alternative and passive income has been sustaining human life for centuries.

So, we all know that currently almost the entire country/world is feeling inflation, meaning I see in real life, those who have alternative and passive income who don't complain, For those who don't have an opinion like those mentioned, they feel devastated and complain that the economy is difficult, goods are rising, income is unclear, meaning that today there is money, tomorrow there isn't, what's worse is that one day $100 will come in, the next four days won't.

I see that currently many people who earn alternative and passive income have entered both cryptocurrencies, the goal is investment, they know that Bitcoin in the future will be an aid to the passive economic sector for the sustainability of life, they know that Bitcoin can suppress inflation and interest rates.

[Bitcoin Maxi]

Passive income or an alternative source of income sometimes have been a life saver. It has sustains people and make people have what to fall back to especially in a situation where you lost a job or your employment or contract is terminated.
Alternative source of income is great and it is good one build on it especially if you're earning very well from your active career. While still earning from an active source it is crucial if your earnings are high you plan and build a passive income source at least it aids in situations like retirement from service or in one's old age.

[DubemIfedigbo001]

But I have been involved with online earning through crypto marketing and trading as well. So then my online earnings become my primary income source to survive with my family. Thank God I didn't have to struggle to survive due to my passive income that later became my primary income source.

Can marketing and trading be categorized as "passive income"? I think both of these require some effort that makes them not-passive. In my opinion a passive income is something that you don't have to do anything, like staking if we are talking crypto related, other than that any kind of interest you get on your capital can be called passive income. Trading and marketing are alternative source of income.

Passive income source does not need your active participation, it can function independent of you and generate income for you, more like your investment vehicles you have built such that it runs on autopilot, and it generate consistent revenue for you while you focus on other things. I have a gym, and I've employed an instructor, cashier and receptionist. The activity of the gym runs independent of me, and I have both financial and operational records sent to me daily for verification. I go there only once in a while to validate efficiency. With or without me it functions, that is what I call passive income.

So what do you think? Should we focus on establishing a passive or alternative income source?

The two are very important, you can have alternative sources of income since no job is completely to be trusted. I believe more in passive since they are income generation vehicles could function independent of you, passive income vehicles require good capitals to startup, but they are very rewarding. Ther is more financial security that comes from having passive income sources.

[Coyster]

In short: yes, everyone should work toward at least one backup income source. Not out of greed, but out of preparedness. Life is unpredictable, and income flexibility is a form of financial insurance.

Correct, it does not even have to be a passive income, just something on the side other than the main job. Because like you said, many people do not truly understand passive income, for example, trading isn't passive income. That said, it is great to get into things that can generate extra funds for you and your involvement in them can vary. One could require your attention more than another, and that's fine.

It is with multiple sources of income that you can now truly grow your asset column and start earning passively. It is also important not to forget to reinvest interest you earn on your assets, that is how to grow wealth slowly through compound interest.

[Marvelockg]

Thank God I didn't have to struggle to survive due to my passive income that later became my primary income source. Now I am established again and have a good business in real life as well.

So what do you think? Should we focus on establishing a passive or alternative income source?

With how unstable the economic situation of the country is, it's a very risky thing if you're depending on a single source of income to even start with. You need multiple sources of income and none of them are to be played with or undermined because the one you pay least attention might be the one that will sustain you at the time the otter ones are not doing so well.

As a matter of fact, your income source should cut across physical stream, online stream and go to the extent of your intellectual properties being part of the things that generate income for you. If one is not working well or for any reason is slow, the other becomes the next option you can run to. The goal is to stay Ballance regardless of the source of income that's not doing well.

[el kaka22]

While passive income is good, people mistake what "passive" really means. Passive is like savings account in a bank that gets interest, you literally do nothing. These days a small amount of work is still seen as passive. Like renting a house, if you own a house and rent it to someone, they think it's passive, it's not, it still requires you to do so much but people do not see that unfortunately.

I would personally say that the best we can handle this would be making sure that we handle passively, as in do no work. Passive income and side income are different but not for everyone. These days, having more than one income sources would be good and it can be passive or part time but make sure continuous income for life time.

[junder]

A very good number of people survive now on passive income because the active income has become so less in terms of pay compared to the passive income, you can be working and earning so low because of the current economic situation of a country especially like my country, then a passive income earn in other currencies could become a main source of income and a means of survival to the extent that a lot of people quit their jobs just to take their passive income more seriously since it pass better than the active income. People may not have thought of it that way but they definitely is already surviving on it.

If that's the case, I think this is similar to what my brother-in-law experienced, where he managed to earn a side income that exceeded his primary income. He ultimately decided to resign from his main job because he felt his substantial side income was sufficient.

However, considering that a primary income, like a salary, can sometimes be quite low, even with a large amount of work, the amount might be almost the same. However, with side income, it depends on your own work style, if you put in extra effort, your results will also increase.

[Shishir99]

So what do you think? Should we focus on establishing a passive or alternative income source?

People should focus on establishing a passive income which will help them in the future. Being a landlord and having a couple of buildings that they can rent is the one of the most popular in my country. If you have a building in a city, you don't have to do anything else to survive. You can have a side business, you can earn money from the rent which will be enough for your family.

A lot of people in my village also buying land in city and trying to build their own home and rent them to make some money. I think this can be considered as passive income since you don't do anything once you build a house that you can rent.