Do you feel tired and low after days of relentless, exhausting work? Are you interested in reducing reliance on a single source of income?
If the answer to the above questions is in the affirmative, you might want to explore alternative avenues of income generation.
When we use the popular euphemism ‘9 to 5 job’; it’s not 9 am to 5 pm at all. It’s more likely to be 7 to 7 (if you are lucky!).
But how do you make space and time for additional income?
Making ends meet with a regular job, looking after household chores, raising children and paying bills can sap your energy and take up most of your time. If you are interested in starting up your own business, you may not always have the huge amount of capital for startup-costs.
Another reality is the fact that costs of living in the UK has risen considerably compared to a few decades ago. Housing, education, food and the daily business of living is far more expensive than it used to be. According to the Office of National Statistics (ONS), housing prices have gone up by 9.9% with London leading the pack with a housing inflation rate pegged at18.7%.
This is where the concept of passive income comes in handy.
Passive income allows you to go about your regular day but gives you those precious extra pounds and pence that make life so much simpler. It helps to have an alternate source of income as you begin working your way to financial independence. If you have to be actively involved in the income-generating process, there will be a limit on how much you can earn. Clearly, the solution lies in developing an income stream that works even while you sleep.
Passive income is an important financial tool that allows you to consolidate your finances.
Here are some salient reasons why you should consider developing passive income streams:
- Any additional income is helpful; every valuable pound is useful
- You don’t have to worry about spreading yourself thin with multiple jobs. Passive income leaves you with free time to spend with your family and folks
- Passive income often gives you the same creative satisfaction as a hobby and affords an income at the same time
Passive income helps you make money even while you sleep. The concept involves working smarter rather than harder to generate additional income.
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