TeenSwazi posted: " The individual needs of people differ from one person to the next. It is easy for people to say they want to earn passive income but many of these people do not want to put in the initial work. Although passive income does not require active work, it doe" http://globalpassiveinvestor.wordpress.com
The individual needs of people differ from one person to the next. It is easy for people to say they want to earn passive income but many of these people do not want to put in the initial work. Although passive income does not require active work, it does though require initial work to get started. Many have been mislead into believing that once set and done putting in the initial investment you are all set. Once you start earning passive income doesn't necessarily mean you have to lay back and relax, you still need to manage your investment.
Everyone needs a little extra income no matter how rich they may be. Extra income could come handy during a crisis and can help payoff some bills around the house. Think of what you would do with an extra $1000 every month. A lot right?
Cash flow - Passive income is a very great way to grow a healthily cash flow. Cash flow is basically money that comes in and out of your finances. If you can generate a good amount of passive income you can will have enough money floating around in times of great needs.
Payoff debts and bills - Any amount of extra income is good to help with paying off house bills and debts. If you have bills and debts to be paid, passive income can help, when those bills and debts start flying into your mail.
Vacations and Holidays - Vacations and holidays can be very expensive for the average person with a 9 to 5 paycheck. If you earning active income, taking a vacation or day off is often not easy because if you skip work day, you don't earn. On the other hand though passive income earners have the freedom to take as much time off work as they want and a getting paid while they concentrate on other things other than work.
Shopping Trips - If you want to take a shopping trip to a different city and country, maybe London or Dubai would you afford to leave right away? Well, many people cannot because they are dependent on a 9 to 5 pay check. This is not to suggest that all people who earn passive income can afford to go on a shopping trip right away. Let's be honest for a moment if you had a lucrative extra passive income stream wouldn't you afford to spoil yourself.
Spend more time with family and friends - If you work in a 9 to 5 job you are spending less time with your loved one because most of your time is spent at work. I know some people might argue with me on this point and say passive income themselves are busy and probably spend less time too. It is true, earning passive income doesn't necessarily mean you will spend more time with your family but it does give you the freedom to allocate your time doing whatever you want to do.
Indeed passive income is very important and can be of great use in time of agent financial crisis. The financial independence and freedom that comes with earning passive income are every individual's fairytale. Passive income is the easiest and most rewarding pathway to financial wealth and freedom.
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