Money is a fundamental thing necessary for sustaining our lifestyle, education, clothing, fooding and healthcare. In order to make money we face many hardships in our life.
To earn money we all are so carried forward that we often leave behind our hobbies, passion, likings, family and friends. Think about having another source of income or passive income that you do when you are idle, while continuing your jobs or the active sources of income.
The passive source of income doesn’t requires a lot of involvement it can be simply done when you are not too busy and it doesn’t requires consistency of work. There are many sources of passive income like temporary contract work (doing anything as a part-time job), clicking photos, taking tuitions, starting a carpool while you are writing to your office or coming back, real estate investment, mutual fund investment, equity investment, online reading writing a blog, creating a vlog on YouTube and some other social media platforms, become a social media influencer and so on whatever you like, whatever keeps you awake, whatever you want to do.
These days passive income is practiced by almost everyone not only to earn money but to follow one’s passion and the things they like.
So this was about passive income and what are the things you could do you to flourish and enhance your passion and ideas and and money with it. But if you think that you will directly start your passive income is not going to work that way because to start a passive income you have to make some amount of investment and for that the active income will help you such as your job or the things you do to help and support your family and get yourself secured. Active income on the other hand is the main source of income that gives the stability in life and helps us together confidence to take a risk. Active income provides security to the family.
Passive income can be practised by anyone who is willing to work on his free time aur whenever he gets time to earn little amount of money passive income can be practice by all whether it be a housewife or a student or someone who has reached his retirement or someone who is working and wants to make some more income from his own. The best way of passive income is temporary contract work because it doesn’t require any commitments and a lot of time you can walk whenever you are free you can take the assignment if you want to and you can decide the amount you want to be paid for it passive income can also be done by selling your own products and things like that. Physically passive income requires more skills than your active income because your active income is dependent on how educated you are with your passive income depends on how talented you are or what are your passions. Includes making YouTube video or making his or her own product and sell it cannot bedone by only having knowledge what one should also have the passion and talent to keep people liking his or her work constantly what it will take some time. Passive income also includes renting your property, investing your precious metals like gold ,silver ,platinum etcetera. building sources of passive income will take time and the foundation is to be laid by active income. Book passive income and active income tax payable after certain amount is exceeded.
If you are thinking to create passive income, you should focus on your active income and earn as much money as you can so that you can invest Italy and get maximum profit from it. Before investing money in anything think properly be sure about the genuineness of the work that you are investing in. Passive income has become a trend in 2020 and has helped many people who had lost jobs during their pandemic cope with the money crisis and maintained their lifestyles to moderate level passive income is important nowadays because these are hard times always have to be double sure about yourself.