Passive Income Can Become a Primary Source of Survival

[Shishir99]

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.

Pardon?
I disagree with you. I don't think a Bitcoin investment can generate passive income for you. It just grows in value, and you should not consider it as an income, but as a profit. I failed to understand why you do not think of a building as a source of passive income. I know many people in my village who actually invested some money, bought land, developed a house, and rent it to earn money. They are earning money from the rent without spending anything just after the initial investment. I do consider this as a passive income.

[pliego]

actually a building still needs maintenance so it is not 100 percent passive after the initial investment, you have to deal with repairs and tenants which can be a nightmare honestly, village life might be simpler though lol

[ginsan]

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.

Passive income is very important for us in the long run, but it is built after you have active income now, build value first to have a large flow of active income so that it can finance the portfolio and you can generate passive income, passive income will become the mainstream if active and alternative income cannot be obtained, only the amount is not bad according to the value of your needs.

So the calculation on passive income must also be clear, for example, such as your investment in a real estate project for example and you can get rental payments from tenants, or bank deposits or if in crypto which is safer is staking your coin either stable coin or others can provide a return that is relatively sufficient to build your needs.

[Agbe]

Snip

After graduation from High Schools or University, people thought they would secure a befitting jobs to do to change their lives but after education things change. No government recruitment in any where and the only available job to do from the government is Military Work or Joining the Nation's Police Force and not everyone like to join those forces so they do is to look for something to do to survive at the moment and they found it as the temporal work and waiting for the white-collar job to come and years passed, no good job and the temporal job became the main job for him. Like as you said, this forum has helped many people to pay their bills and it becomes the main survival of many men. What you said is 100% correct.

[aysha9853]

Passive income becomes important when things go wrong, not when everything is fine that’s why planning matters whether it’s crypto staking, savings, or real assets, the amount must match real expenses otherwise it’s just extra cash, not a real backup.

[Obulis]

Just like you experienced at op, your passive income source becoming your main income source as a result of business failure, that's a direct effect. To some people if not most people, their passive income source is by implications there main source of income since these passive income source is paying more than their every day efforts job (main job). But then even if the passive source is not going to produce more than your main efforts, the benefits of a passive income source can't be ignored. There are people who have even more than two passive income source. The advantages of building a passive income source is extraordinary.

[Mallampue]

Passive income becomes important when things go wrong, not when everything is fine that’s why planning matters whether it’s crypto staking, savings, or real assets, the amount must match real expenses otherwise it’s just extra cash, not a real backup.

Passive money income is not only for emergencies or dangerous situations like you said, this type of income is useful for making you rich faster because you can get income without spending energy to get it, so I don't think or yes in danger it is very important for me personally for example, This is not just looking at how the situation is but the use of the money you have to diversify (alternative) income or can include diversified investments that have a return every month or semester or year that you can maximize and the amount can be less or more than your living expenses if rounded up, the point is that the use of the money it gets is optional.

[Japinat]

It's really a must to gain passive income especially these days that working on a single job, like your main job, is no longer sufficient anymore. Inflation is high, so if we will only settle to a single source of income, we might often face financial crisis and its not healthy anymore if you always felt the pressure on how to make ends meet just for daily's survival.

Having a passive or alternative source of income is highly advisable. That way, if your main income is not enough, at least you have additional income that will go inside your pocket, that would help you not to get drained financially and emotionally. And you could live a much healthier and happier way of living.

[Questat]

The best choice, look for a stable main source of income and a passive income that will lessen the financial burden at the present and in the future. Because as always 2 heads are better than 1, same applied to having a dual income that bring more sustainable profits rather than solely relying on a single source of income.

However, this is not mandatory but if you know your capabilities and potentials to bring more income in your family, and to help you achieve faster financial stability and security, you won't ignore the value of having a passive income. Both sources of income are highly needed to live a more comfortable and relaxing life.

[alastantiger]

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

I think your experience answers the questions already. Covid showed a lot of us that a single source of income is a real risk, no matter how stable it looks. Passive income may start as a backup but in tough times it can easily become the main thing that keeps up afloat, just like you explained. That said the goal shouldn't be blind hustle into anything that promises money. Building alternative income needs patience, skill, and risk control so it supports you instead of draining you.

[Agathamay]

Passive income becomes important when things go wrong, not when everything is fine that’s why planning matters whether it’s crypto staking, savings, or real assets, the amount must match real expenses otherwise it’s just extra cash, not a real backup.

We're opportune to work hard? We have no option than to care for the initial needs and wants. Just work hard enough to the good lives we've promised ourselves. I don't mind evolving myself with risky features just to stand up strong. Passive incomes helps us cover the bills. We owed nothing to ourselves if we don't work. We're just here surviving and also hoping for the very best because in life, one can not predict what comes next.

[slapper]

The best choice, look for a stable main source of income and a passive income that will lessen the financial burden at the present and in the future. Because as always 2 heads are better than 1, same applied to having a dual income that bring more sustainable profits rather than solely relying on a single source of income.

However, this is not mandatory but if you know your capabilities and potentials to bring more income in your family, and to help you achieve faster financial stability and security, you won't ignore the value of having a passive income. Both sources of income are highly needed to live a more comfortable and relaxing life.

This advice only works if you have a main income which covers the basics though.

Like if you're barely making rent, "build passive income" just causes stress in a different direction. Due to the fact that passive income requires resources to get started. Time is a resource. Energy is a resource. Money to invest certainly is a resource.

And we've just gotten used to this notion that one job isn't enough anymore? That you need the main thing and the side thing and maybe another side thing just to feel secure. But why though. Why did we accept that working full time doesn't provide stability anymore.

I get the logic. Diversification does make sense. Don't put all eggs in one basket, yes. But there's something broken about a system where financial security requires you to basically work multiple jobs even if one is "passive". Because it's not passive in the beginning. It takes real work to set up. Sometimes years. And that's if it works at all which, most don't.

[DrBeer]

....
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.

But there is a caveat here
To generate a large amount of “passive income,” you need to invest sufficient funds for a long enough period of time so that after a while they start to bring in significant income. The mechanism of reinvesting “passive income” works well here for multiplying income. In short, high passive income is not easy or quick to achieve.

[Nahl]

Passive income could being an the dream for some people because without required working hard people can make living from those income and i can says passive income can be called financial freedom and we all know passive income can be gets from everywhere and one of them is put our money to investment tool which this way can makes us to earn dividen if we invest at stocks or if we decide to invest at the property then the passive income is come from the people who rent our property

Unfortunately poor people have to forgot about passive income for their life that because to build good income from this type of investment required huge money especially for those who want to make living from passive income i am sure the capital of money will be very huge and actually majority rich people in every countries in this world and have done this strategy even in my country there is a statement that rich people don't working more hard to earn money but their money are working for them which one of the best method is from passive income

[Shishir99]

actually a building still needs maintenance so it is not 100 percent passive after the initial investment, you have to deal with repairs and tenants which can be a nightmare honestly, village life might be simpler though lol

Everything has a maintenance cost. What other passive income streams are available that require no maintenance cost? Even if you keep your money in banks and think you can earn money from the savings without spending anything, then you are dreaming. You will have to pay taxes based on your income, and the banks charge them automatically. You earn a minimal amount from the banks.

There are some area in my country where the house owner bear only high costs, like repairing the building. The small costs, such as changing electricity items and sanitary products, are borne by the people who rent these houses.

[Faisal2202]

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

I am not to judge here but I always thought how can someone take the step to resign from the job and start a business, because business is not 100% guranteed it is full of wrong turns and it is also depends on the situation, and experience, like right now I want to start clothing business in my place, but if I don't have any experience I would definitely fail. I will first learn the skill of dealing with customers, where to buy, how to sell, etc. As everything has a start, I am planning to start small.

I don't know how you failed but I am glad you made it out and lived happily, because it is all that matters.

I also started my career in freelancing with this forum. I was a student, and I managed many things with the income I made from crypto. I also lost some amount, but I have no hard regret right now because I am 100% sure there is more for me to make from this industry. Sometimes we are 100% sure that we can take the risk and can get out too and if not easily we eventualy work things out but that's not the point, after hearing such stories which I have been hearing from the start, I don't want to take risk, like I left some jobs for other reasons not to start a business, I always made sure if it is in my favor or not, even if it is not I check for the morality it has. Like we know some jobs are good some are not haha.

[Unknown Op]

The best choice, look for a stable main source of income and a passive income that will lessen the financial burden at the present and in the future. Because as always 2 heads are better than 1, same applied to having a dual income that bring more sustainable profits rather than solely relying on a single source of income.

However, this is not mandatory but if you know your capabilities and potentials to bring more income in your family, and to help you achieve faster financial stability and security, you won't ignore the value of having a passive income. Both sources of income are highly needed to live a more comfortable and relaxing life.

This advice only works if you have a main income which covers the basics though.

Like if you're barely making rent, "build passive income" just causes stress in a different direction. Due to the fact that passive income requires resources to get started. Time is a resource. Energy is a resource. Money to invest certainly is a resource.

And we've just gotten used to this notion that one job isn't enough anymore? That you need the main thing and the side thing and maybe another side thing just to feel secure. But why though. Why did we accept that working full time doesn't provide stability anymore.

I get the logic. Diversification does make sense. Don't put all eggs in one basket, yes. But there's something broken about a system where financial security requires you to basically work multiple jobs even if one is "passive". Because it's not passive in the beginning. It takes real work to set up. Sometimes years. And that's if it works at all which, most don't.

Passive income is necessary if we want to be safe for the future. People want to earn more and more money but that is not possible if person has no good idea . People are earning a good amount of money from their job and they are not thinking about passive income.  Many people are earning good amount of money and they have secure job because there are many people who have government job and they want to start online business because that is necessary at that time because expenses are more at that time. Business people have different mind because they want to save more and more money and want to make passive income which is possible by investing in cryptocurrency.

[Z_MBFM]

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.

In any situation, one of the sources of income may suddenly stop, but to get backup from there, a strong savings or multiple sources of income will be required. During the Covid-19 that you mentioned, people's passive income sources were also stopped. However, at that time, those who had online-based sources of income were able to serve very well, but those who were dependent only on physical sources of income faced many problems. So, if everyone has multiple sources of income both offline and online, then only a person can live a beautiful life.

[Jewan420]

Passive income or informal income sources may be at the top of everyone's list of preferences. However, there should be no competition between the main income source or institutional income source and the passive income source or informal income source. Because both carry two types of identities and there are differences in risk.

Basically, passive income sources are high-risk, but independent and stress-free workplaces. They are not very effective in carrying identities. The amount of income can be more than the institutional income source. The main income source is less risky and provides stable income. It even provides respect depending on your position, which is not seen in the case of passive income. Starting a business as a passive income requires capital and experience, while freelancing requires long-term experience and knowledge.

[The Cryptovator]

Basically, passive income sources are high-risk, but independent and stress-free workplaces. They are not very effective in carrying identities. The amount of income can be more than the institutional income source. The main income source is less risky and provides stable income. It even provides respect depending on your position, which is not seen in the case of passive income. Starting a business as a passive income requires capital and experience, while freelancing requires long-term experience and knowledge.

Passive income isn't meant to be your only source of income. It does mean it's a secondary income source from which you may earn through investment or selling skills. You must have a primary income source to survive a regular and stable life, but if suddenly your primary income source is affected, then your secondary means of passive income would help you to survive. You may find a lot of stories about how sometimes passive income helps them survive.

Passive doesn't mean only online income; it could even be a fixed deposit into a bank. So at least you have some extra income per month; also, crypto users could stake their holdings. So profits from there would help you spend a better life. You have to do something that you are well experienced in, either online income or from real-life business. You just need to realise how a passive income helps us.