Passive Income Can Become a Primary Source of Survival

[The Cryptovator]

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?

[As-Soon-As]

Yes, passive income was the main source of income during the famine, during that time, during the COVID-19 pandemic, a lot of people lost their jobs. Because they had to live alone in the house, there was no source of income, but those who were busy online were the only ones who found a way to earn. But I think that was during the pandemic, whoever got the opportunity to earn as much as he got, it doesn't matter. But later, those who created a real source of income played the only role, in this I want to say that passive income helped for a short time but it gave him the most opportunity to survive and fight in his life. But in real life, having a source of income in a person's life is the most important.

[Jatiluhung]

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

Actually, if we already have passive income, which means that money continues to flow to us even though we are not working at all or we are not involved in managing the field that provides us with profits, then it can be said that the person has almost achieved financial freedom. But it does depend on the amount of income. If the income is only enough to meet daily needs or is still quite small, then it may not yet qualify as financial freedom, but it is still a sign of economic progress for us. However, we must still strive for a larger income by working in a field that can generate additional income for us to save and invest for the future. So, that situation is still not financially secure. But it is certainly good enough to survive.

And to answer the question, I think everyone would agree that we must have the goal of building passive income sources. Because we cannot keep working forever. Our age will continue to increase, and we will grow older. To avoid financial problems in our old age, we must build that passive income from a young age. That way, we can enjoy our golden years more beautifully and freely, without having to worry about income sources or jobs.

And in today's digital era, building passive income can actually be done in various ways, unlike in the past when it relied more on physical developments such as building rental houses or kiosks that could be rented out or the like. But now we can even take advantage of social media by creating monetized content that will continue to generate income for us as long as there are viewers and as long as our content can continue to be seen by others. There's also the creation of e-books or digital templates.

However, I personally often think about starting a service that rents out musical instruments and other equipment—items purchased once but can be rented out continuously, requiring only low maintenance costs. But I've abandoned the idea because it still requires maintenance and isn't entirely passive income.

[348Judah]

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.

Passive income is very important to always consider having because we cannot always be provided with job security as things are fast changing, having a passive income serves as an alternative to what we do that earn us income, such could be from menial jobs or a part time offer that we go for and partly engaged into, just as it is unsafe to have all all investment on the the same asset, we can also help with the situation for our own self by having a passive income to serve as what we can fall back on in times of uncertainties, the covid period in 2020 truly taught many lessons to ensure they are having this in their plan for economy rescue.

[BitBakerr1]

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

Yes I think we Should we focus on establishing a passive or alternative income source because it is really helpful, if you are working and you don't have a passive income you are taking a huge risk because if you are sack or dropped because of some financial issues the company is facing you will be broke without hope of where to get money from and as a man it can lead you to depression knowing you can provide for your family anymore so I will advise you establish a passive or alternative income.

There a lot of ways you can establish a passive or alternative income for yourself which are.

1. Cryptocurrency: earning profit from holding crypto coin.
2.Business ownership: owning a business run by others is a very good way to generate a passive income.
3. Digital products: selling e-books, courses, templates, or designs is a good way too, my friend those this.
4. Online content creation: you can make a passive or alternative income by creating content on YouTube, Facebook, X etc.
5. Real estate income: you can earn a passive or alternative income by rent from your houses, land, or shops.
6. Affiliate marketing: i was doing this years back i was earning commissions by promoting products or services and i believe is a good way to earn a passive or alternative income.

[armanda90]

Absolutely yes, nowadays many time passive income become a primary source income for our self and many people looking last moment when Covid 19 pandemic, many people loss their main job and get helpful with passive income as freelance or earn money trough online by trading, airdrop or become advertising. I think for every one most important have looking for passive income with many way like become cryptocurrency trading, freelance, brand ambassador for any cryptocurrency project how to avoid if primary income from main job not stable yet.

Passive income very important side in our life how to back up if main income is not enough for daily needs, during you not the owner of business or become CEO at office I think we must have several passive income way and should be stable become our income.

[noorman0]

-snip-
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.

Yes, I remember working with you on a campaign. Apparently, we were saved by the same alternative when the real world no longer offered any hope of survival.

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

If you focus on alternative income, then that will be your primary; and it should be accompanied by careful consideration. Sometimes people are too quick to conclude when switching that their margins will stabilize over time just because their initial earnings exceeded expectations. The world today is changing too quickly and seems to serve different people in shifts. You might be privileged today, but next month you'll be bullied.

[Don Pedro Dinero]

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

Ideally, once you have your finances in order, with no consumer debt and an emergency fund, as well as a minimally stable active income, you can start thinking about passive income ideas.

The problem is that to achieve significant amounts of passive income, you need either a lot of money or a lot of time. For most people, it's a long-term plan. If it's money, you can start by buying shares that pay dividends, but it can take decades before you can collect significant amounts. If it's time, you can invest it in a project, which may materialise sooner, but you may also end up not achieving your goal and wasting your time.

In any case, I think it's an idea to keep on the horizon.

[Zigabel]

This has further emphasise the position and impact of a side gig or passive income as we may want to refer to it in this context, most often it is not give as much attention because it is believe it is not to be taken too seriously but there are days and times like this when it will eventually save the day just like in the case of OP,  passive income sources should not underestimated because we never can tell when it becomes the saviour of the day and fix situations we never foresaw it was going to fix.

[justdimin]

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.

Good luck mate, I very rarely hear about people are living out of trading and cryptocurrency, because these are all about skills and continuous learning which are practically impossible for most people and with this reason, they do face hard times in between jobs. Crypto marketing was the one, I had been into but when altcoins were not keeping their words, I started reducing my affiliations and right now completely out of it. Owning a real business is my long dream but as of now, I have not started its first step also.

When we have multiple passive income streams, we may get chances to live out of them. Longevity of your passive income stream may decide that you can depend on it for a survival or not. Bitcoin is still my passive way of saving but we cannot expect a monthly income from bitcoin saving which means right now I do not have any passive income stream but my bitcoin saving may support me after my retirement.

[HelliumZ]

Passive income is very important in a person's life, especially during times of unexpected danger where indirect income plays a much more important role than a person's regular income. Employees who work in private firms are basically afraid of being laid off at any time, but if they are involved in passive income, they have enough opportunities to support their family and themselves after being laid off. Just as people were able to live their normal lives with the help of passive income during the Corona pandemic, this terrible pandemic did not cause economic problems for those who were involved in passive income.

[Solodoski]

I think it's very important to have a passive income, because aside from it becoming your main source of income in time of crisis, it also helps in bringing in extra income to the house. Passive income as you have emphasized on your post can later become your main income if you lose your job, which i think is a bedrock to start from instead of starting from the scratch again,  so I totally agree that it's important to have a passive income that can help you survive hard times of time of crisis.

[Bluedrem]

If I consider the context of my country, it becomes very difficult for a job holder in my country to meet his basic needs with the salary he gets at the end of the month. And a person cannot work for the entire duration of his life, so when he retires, it is very important to save in advance to meet his expenses. In that case, there is no alternative to passive income. That is, in addition to the salary of the job, one has to find a way to earn money from other sources. Yes, you are right, passive income is very important for living a good life. Extra money means financial stability.

[SuperBitMan]

Having a passive income is a good idea however before we can think about having a passive income is when we have a good source of income when you are working in a place that the salary is very small you won't be thinking about passive income what you will be thinking about is having an emergency fund's and then going into more investment that can help you solve your financial issues.
Many people usually think about having a passive income close to there retirement which is very wrong we need to start thinking about it now because is very important in our life, you may be thinking you want to wait and what you are not expecting happens which is being dropped from work and you know your emergency funds can't carry you through.

[pooya87]

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.

In any case, I have always been a big fan of passive income. I have some bonds that generate some of it for me and they are completely safe (bank issued). I also used to have investment in a mining, some bitcoins I left there and they generated daily interest, which was nice.
As long as the risks are low, this can be a good source of alternative income with practically no effort.

[Fortify]

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.

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

It is my goal eventually to live off a passive income, but even passive is misleading because you need to keep an eye on it somewhat and make sure you always have a long term strategy for it, if you don't then it might start to buckle. I can also see it taking probably 15 years to build to the point where it could support expenses, but it would be providing a bare minimum at that point and I probably would still not want to live off that amount alone. It would take many people a lifetime to build a passive income, otherwise known as a pension, if they keep contributing to it and their government offers generous perks for investing in it. At the moment having a secondary income allows me to continue adding to that passive income at a reasonable rate, but is a fair bit of extra work each week.

[serjent05]

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

Why not venture both?  With active incoming while waiting for the passive income to kick in.  I think that it is a good idea to invest in something that can give us passive income while we are actively building our careers.  It is also good to look for alternative income in case the situation does not allow us to get funds from our main source of income.

Having a back up and fail safe plan is always best, and with the source of income, active and passive income should supplement each other.

[_act_]

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

It is called passive income but it is also an alternative source of income as long as you are making money from the passive investment.

But if you mean that is it good for someone to look for another active income, it is very good is what I think about this. Even if you can make the source of income 3, it is also good. There are sometimes the one that will give you more money will be the one you will think will give you less money. That is just business.

[Findingnemo]

~
 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?

First of all those are not really passive income, they are just freelancing but needs to be actively involved in it to keep making that money. And to answer the subject of this thread, yes everyone should focus on having a secondary income that may not need out full involvement.

And I know people who are living entirely from their passive income source like rental properties, dividents from the stock investments and others but they are not young to be honest so to reach that stage one should prepare very early and start making the ncessary changes to live the life without need to do any chores on our own.

[mrust_mobile]

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?

Starting a business is never a wrong decision. You'll make yourself a huge favor if you do that. No matter how much you earn from a wage job, you'll always stay an employee and that's too limiting. If you own a business, you can write off some of your personal expenses as business expenses and make them count in your books. I know it is illegal on paper but let's be honest, I don't know a single business that doesn't do that. It is the whole idea of running a business. To cheat on the taxes, legally. Yes legally because nobody can prove that you are cheating like that.

Let me give you an example.

You are the owner or CEO of a company and the board decided to make its board meeting in... where... say Caribbeans. Your expenses, all of them will be written off in the books of the company. Eat, drink, accommodation, plane tickets... all will be written off as business expenses.

You and the board members are having a vacation, the tax-man sees a legitimate board meeting. Who is goign to sue you? That's something no employee can dream about. The advantage of owning a company is just too big.