Passive Income Can Become a Primary Source of Survival

[libert19]

...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.

Yes, that's correct, I survived using bounty campaign payments during covid (thankfully, payments of bounty I was doing were in stablecoin and it wasn't some worthless alt), I mentioned it in post as well that was made sometime back.

Bounties - please don't hate me — it's nice extra income. When pandemic started it was my saving grace.

[capokmerah]

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

I also remember the Covid-19 pandemic. My passive income truly saved our family. As the head of the family, I lost my primary job, which was our family's only hope at the time. During that difficult time, the idea arose to start a side business: selling online or affiliate marketing. To this day, we've managed to survive with that business, saving the proceeds for unexpected expenses.
Now, I've also got my job back.

o, I think it's important to develop a side business that can serve as passive income, but don't lose control of your active income so you can maximize both.

[goro_chief]

I'm glad you were able to recover during times of scarcity. I also suffered from the economic effects of COVID-19, and I think I agree with you about taking more than one passive income option. The only thing that is certain in life is that nothing is certain, and you always have to have a backup plan in case of an emergency. Working online can be a way to push forward, but never cling to the idea that something will last forever. Not even we ourselves are capable of that

[Jateng]

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.

Passive income is often seen as a side income that complements your main job. It is a valuable financial tool, helping you save during difficult times Or if you got any job threat but it's not completely replace it with your permanent job. Many companies and online advertisements exaggerate that of generating passive income is an easy task ,making it sound effortless, but the reality is very different. In reality building a reliable source of passive income requires significant effort and discipline. I tried exploring different options but it difficult to identify trustworthy sources. Some opportunities were temporary and some often turn out to be unreliable or even completely fake. True passive income usually takes time to establish and may require careful planning.

[Oluwa-btc]

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.

Personally, passive income is financial security, it's about building options early as it grows faster overtime.Passive income reduces dependence on a single paycheck,if active income stops, you have something in your hands.With passive income,you’re not forced into bad jobs or desperate financial decisions.Everything comes from a place of protection and wealth building.

[DrBeer]

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?

First, a few clarifications
1. Passive income does not allow you to “live luxuriously.” Passive income is a type of income that simply contributes to your budget. If it is substantial, then of course you can talk about “living luxuriously.”
2. Passive income is just one part of a diversified set of your assets.
It is also very important to understand what passive income is. “Completely passive income” is the assets in the bank of a person who bequeathed them to you, and the event for the bequest has occurred. You receive dividends from the assets in the bank without having invested anything.
Conditionally passive income is, for example, commercial real estate that you have purchased and are renting out. The value and liquidity of the asset are well preserved, but it brings you income without any significant effort on your part.
Or, for example, the same bank deposit, although I have a negative attitude towards this, because your money will, at best, cover inflation, but nothing more.
Passive income, “basic” income, is, for example, shares that you bought with your own money, on which you receive dividends, while the shares remain highly liquid.
In my opinion, a significant portion of assets, closer to retirement when we cannot or do not want to actively manage our business, should become passive income. This will ensure the preservation of the value of assets and provide us with a high quality of life in the final stage of life!

[SquallLeonhart]

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.

This is true, I had a side income as well, not that I still have that anymore, but I once had it and I did so well that I ended up selling that business to someone else and got myself a brand new car once. This was many years go of course and not anytime recent, but it is true that it can grow substantially if you work hard on it.

At that time, my main job was some work in an office and I was making not a good salary, but whenever I get back home, I used that time at home to build a web business and I was doing affiliate website and I was making a decent income, someone paid me a whole ton and that's why I sold and bought a car instead, and while I would have made more if I kept the business, I decided I didn't want to do it anymore as well, so it wasn't just about money.

[Cryptomultiplier]

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?

First, a few clarifications
1. Passive income does not allow you to “live luxuriously.” Passive income is a type of income that simply contributes to your budget. If it is substantial, then of course you can talk about “living luxuriously.”
2. Passive income is just one part of a diversified set of your assets.
It is also very important to understand what passive income is. “Completely passive income” is the assets in the bank of a person who bequeathed them to you, and the event for the bequest has occurred. You receive dividends from the assets in the bank without having invested anything.
Conditionally passive income is, for example, commercial real estate that you have purchased and are renting out. The value and liquidity of the asset are well preserved, but it brings you income without any significant effort on your part.
Or, for example, the same bank deposit, although I have a negative attitude towards this, because your money will, at best, cover inflation, but nothing more.
Passive income, “basic” income, is, for example, shares that you bought with your own money, on which you receive dividends, while the shares remain highly liquid.
In my opinion, a significant portion of assets, closer to retirement when we cannot or do not want to actively manage our business, should become passive income. This will ensure the preservation of the value of assets and provide us with a high quality of life in the final stage of life!

We shouldn't overlook the fact that passive income is also a type of investment. Be it diversification into a potential asset or knowledge or pursuit of goals, whatever stand with the potential to earn us some form of benefit mostly financial benefits in the long run and that looks as interesting and easy, could be a good primary source of survival without knowing.

I enjoyed the story by OP and while I might have had an experience that required that I also relied on passive income for survival, I didn't know the importance of acquiring the knowledge back then, until it started paying off in one way or another till this present day.

[Shadiq]

Passive income sources provide the most freedom. If you talk about the main source of income, then it certainly carries an identity, but it keeps a person subordinate and under pressure of work. The impact of various disasters is within the main source of income.

The advantage of passive income is that it gives us freedom and helps us earn some extra money. When our passive income is more than the main source of income or can provide money, then why should I bear the pressure of the main source of income? In some cases, a main source of income is needed to carry an identity. But when that need is gone, passive income may be at the top of most people's list of preferences. Men prefer to be independent, so if they have the option of doing business or earning reliable money through online work, they will definitely feel comfortable doing it, I am not above it.

[Pi-network314159]

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

Definitely we should because the society is not friendly to anyone, if you don't have an alternative or a passive income to support your hustle you might be frustrated when. Your major source of income disappoints you. During the COVID-19 pandemic I never had an alternative or passive ok income job that will sustain me, I suffered sincerely. I was not even awear of this forum, I searched and searched for online job that I can do to sustain a living but i had no clue of a place like this forum back then if not I wouldn't have suffered like the way I do. So alternative or passive income source is good.

[Despairo]

What you explain above isn't passive income, that's an active income.

If you're freelancing, trading or being an online marketing, you have to spend time and effort. The same thing when you work in offices, you have to spend time and effort, the difference is just the place and how flexible your work is.

Passive income is when you sleep, you can still able to make money e.g. using auto bots in trading, staking, etc.

[iBaba]

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.

I have seen an advantage in building your passive income strength from my uncle, who is a civil servant retiree, these passive incomes he had built over the years of his active service are the sources that are sustaining him the most right now and not even the pension or the gratuity that is no where to be found.

Passive incomes are areas young people should be focusing on when building a their financial strengths, things like buying of lands, buying of stocks or investing in bitcoin are areas we should be looking at now and not how be driving cars or building mansions. This is the mistake that most of us do including myself, investing more in the now than we should in the future which is more important. Once we have this money, the first thing that come to our mind is upgrading our phone or getting a new girlfriend to spend on.

[7juju]

It is very important we established passive income source, it can become very helpful in times we least expected just like the COVID -19 time you mentioned. If we already have a source of income we should also focus getting a passive income source than looking for more alternatives. Many people suffered during the COVID era because they didn't have a passive income source. Those that had many alternative sources of income, but the COVID situation shut them down they were like people that doesn't have sources of income as of that times the lockdown were effective because they weren't making money. So maintaining a balance should be the most effective way to positioning yourself in whatever situation that may arise in the future.

[Fiatless]

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

The global economy has become unpredictable. Therefore, one should seize any opportunity to have multiple sources of income. Acquiring additional skills, starting a business or engaging in online side jobs are all good alternatives. If you are lucky enough to have a running business which is doing well, it could grow to become your major source of income. Relying on paid jobs these days is risky because many companies are downsizing and laying off workers. Having a side hustle that brings passive income is a protection when your main job is challenged.

[Fakhrulenclix]

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

The global economy has become unpredictable. Therefore, one should seize any opportunity to have multiple sources of income. Acquiring additional skills, starting a business or engaging in online side jobs are all good alternatives. If you are lucky enough to have a running business which is doing well, it could grow to become your major source of income. Relying on paid jobs these days is risky because many companies are downsizing and laying off workers. Having a side hustle that brings passive income is a protection when your main job is challenged.

That's right, so the point is we have to have a permanent job and besides that keep trying to build a business or other things that can be used as a side job to increase income, I think a permanent job must be had even with a small salary because with the limitations and the current global economy which is difficult to predict, it creates quite a big risk if we only rely on passive income to survive, it will create chaos in managing finances and it will have a big impact on stability.

[CageMabok]

...

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?

There's nothing wrong with building passive or alternative income sources, as they're highly recommended for both those who already have an income and those who don't have any income in their own lives. And when I read your short story, I started to feel motivated to start another business, one that might be a little different from the one I have now. The struggle to build a business from the ground up and the struggle to build a business relying on existing income are very different, so I started to imagine starting some real businesses that aren't necessarily affected by the internet. I also enjoy earning money online and have experienced how difficult it is to earn income during the global COVID-19 pandemic.

[Synchronice]

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?

Not only the primary source of survival but passive income can become the root of your wealth. For example, let's say that you work a 9-5 job and suddenly you decide to start streaming games because you like it. At first you might not earn anything or what you earn, might be a few bucks. The positive side is that you have fun during your free time and your earn some bucks. This is a passive income but if you become lucky and gain popularity on streaming platforms, like iShowSpeed and Mellstroy did, then this passive income can become the reason behind your wealth and success. This not only applies to streaming, it also applies to any other hobby.

[NotATether]

1. Cryptocurrency: earning profit from holding crypto coin.

I would not say that crypto can really be a passive income source if you are just HODLing it, unless you are actively trading then the margins are too thin to be any sort of income. Though I am saying this as somebody who has made a not-so-small profit from HODLing. But for me it's always been cash flow that's most important.

Without cash flow, you might as well be broke.

I have had some success with some of the other things you mentioned such as services and affiliate marketing, but I would say there's two factors that decide whether you will really make it there or not.

First off is when you get in, because if you're not in at the right time you simply will not have any volume.

Second is are you ready to handle that volume. Because if you can't then it's like water filling up a full glass.

Now on the topic of where you're going to find those people. Local is still the best option if at all feasible... but failing that, social media sites have all these people in one place.

[White pawn]

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.

When all income comes from only one source,one problem can wreck everything.You becomer vulnerable to too many financial attacks,job loss, burnouts,market collapse e.t.c.Most people are not poor because they earn little,it's because every expense rely on their next paycheck all the time.Active income says no work, no pay;passsive income says work once,earn repeatedly.
You can sleep, learn or even travel, and income can still come in.That shift alone is a huge mental/financial relief to people.

[LastKiss]

~snip~

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

Letting money work for you is a dream many people share, but it isn’t easy to achieve. Before earning passive income, most people find themselves stuck in a monotonous work routine, trading time for money every day. That’s why it’s important to start thinking about passive income as early as possible while also being careful not to fall for scams or unrealistic promises.

Having a reliable source of passive income can provide peace of mind, especially during uncertain times. If we ever lose our primary job, passive income can help reduce financial stress and give us time to recover. With the growing number of mass layoffs happening today, no one truly knows when our  turn might come. Preparing early by building legitimate passive income streams is not just smart it’s becoming a necessity.