- What is Passive income
- Advantages of passive income
- Disadvantages of passive income
- Why you should start with passive income
1. What is passive income?
Passive income refers to income or earnings generated without active economic activity.
It is the opposite of "active income," which means wages or income received from functional economic activity, work, or the operation of an entity.
The simplest and most common type of passive income, which most people already receive, is the interest earned while depositing money in a bank or subscribing to a savings product.
Interest income is minimal, but basically, you save and build up your savings, and after a certain period, you earn interest income based on a set interest rate.
Interest rates are meager at the moment, and as long as you don't invest large sums of money professionally, not many people will be able to roll over large sums of money on simple bank interest.
This is why more and more people are interested in passive income to make money.
Some of the passive income options currently in vogue include advertising and marketing through social networking sites, running a blog or a personal channel such as YouTube, earning advertising revenue, selling e-books, running a cafe, etc.
Advantages and disadvantages of passive income
2. Advantages of passive income
It takes a lot of effort to earn a passive income.
However, once you have reached a level that you can maintain to some extent, you can earn a certain amount of income in a shorter period than you would initially, improving your quality of life while ensuring ongoing income and personal time.
Your experience and skills will also create a new revenue model.
You can create a single revenue stream and use that content to attract an influx of users and visitors from other platforms, or you can create different products with a single piece of content.
It's a marketplace where all your information, talent, and experience can become a product.
3. Disadvantages of passive income
A lot of initial effort is required. It takes a lot of trial and error, from choosing the correct passive income method to getting your first income and growing it.
Of course, some people quickly find the right items and content and snowball on a subject that attracts them.
But many people can't find a way to do that and give up.
Time is money. The stories of people who have made a quick buck through hard work are the stuff dreams are made of. With this method, anyone can get rich.
It is also unlikely that if you earn a passive income, it will continue to grow steadily.
Passive income is mainly generated by selling content, knowledge, experience know-how, solutions to problems, etc. But over time, similar information can be easily shared.
It's a world where similar information is easily shared, and existing value can disappear at any moment.
4. Why you should start with passive income
This post is not meant to say that passive income is unconditionally good and gives us a hopeful future! That's not to say that passive income is unconditional.
I'm not trying to say that passive income is unconditionally good and gives you a hopeful future! I don't mean that passive income is unconditionally good and gives us a bright future.
But I've been preparing for passive income for 2 years now, and now I've quit my job in digital science to earn money from blogging and selling e-books.
Many YouTubers and blogs now say that if you search for the digital nomad, side hustle, and passive income, you can make money in a short time as if it were a dream.
Maybe it's too late to start now. However, I started very late too. I urge you to start too.
As a result, within two years, I could live on passive income without working.
Don't aim too high at first. Start with $10 a month and work your way up.
I will be posting my experience and expertise one by one.
In the following post, I'll show you how to find the correct PASSIVE income for you and create a revenue pipeline with one passive income.
