Why should you worry about having a passive income stream? Perhaps asking the question the other way around will make the answer a little clearer. Why should you worry about not having a passive income?
Having a job to fund your living expenses is essential – well, at least for the vast majority of people it is anyway. Most people struggle to get by; especially when they are younger, and this is particularly true in countries like the UK where the unemployment rate is around 5%, and there are thousands of young people all competing for the same jobs in the same industries.
Looking for employment is never easy, but there are many things you can do to give yourself a better chance of success.
The points mentioned in an article on successful job-hunting tips for graduates works just as well in any country.
Struggling to get by
But even when you land a job, you may still fight to make ends meet wherever it is you live and work. A significant number of people end up having more than one position (if of course, they can find them) to try and stay out of debt make ends meet.
If you are struggling to make ends meet the first thing you need to do is to review your spending to see what areas you may be spending too much money in, and where you might be able to make some savings.
For those who do live on the breadline, anything untoward, like your car breaking down and needing an expensive repair, or an unexpected bill arriving through your letter or inbox can cause severe financial difficulty. When this happens, many people turn to things like getting a payday or short-term loans to keep their boats floating.
Don’t work harder – work smart
It’s small wonder that lots of people end up working themselves to death. But working yourself into the ground is not the answer. Far from it. It can make you ill and make you subject to stress which can also have physical manifestations.
The best thing to do is not to work harder but to work smart.
There are some things that you can do to work smarter. They will not necessarily earn you money directly, but they will make your life easier, and if you think you could handle an extra part-time job like working behind a bar etc., being smarter in how you do things can free up time for that additional job.
Nothing in – nothing out
By far the right thing you can do is to create a passive income stream, or if you have the appetite for it; create several streams.
You seldom get anything for nothing in this world today, and the same goes for making a passive income stream. It might not cost you financially, but it will require you in terms of mental and physical effort. What it boils down to is nothing in – nothing out.
Opportunities for setting up passive income streams have never been more accessible or more abundant than they are today thanks to the internet.
What is passive income?
The beauty of creating a passive income is that if you get it right, once you have set it up it requires very time to maintain or update, and it can be left alone to a large extent, and it will carry on earning you money.
There are a lot of ideas around for creating passive income streams but don’t forget that what you want to try and achieve are platforms that don’t demand too much of your time. You shall find a lot of helpful advice here on the No Passive Income website.
Various passive income options
You can for example set up a drop shipping business. With the right program or package, drop shipping can make you money without having to invest anything up front, buy stock, or have a storage facility. You can also make an online store using a standard package like Shopify.
Then ether is some called affiliate marketing. You can find affiliate marketing opportunities on many commercial websites. This is a good way of earning passive income as it costs nothing to start and does not need to take up much if any of your time.
You can do other things too like becoming a freelance writer or setting up money earning blog. These two things do require a lot more input from you, so they are not passive income streams in the real sense of the expression.
You may well find that some of these passive income opportunities can go much further than earning you a little extra. Choose the right options and who knows? – It or they might very much turn into your main income earners, and you can do what many people dream of and forgo regular employment and become your boss.