5 Ways Passive Income Can Save Your Life
Sounds dramatic, right? Think of the things you need to live your life to the fullest: safety, health, materials comforts like a home and a car, care in your senior years, and don’t forget about fun. All of these things require money, and passive income is the best way to get it long-term.
What is Passive Income?
Income is money coming in. We all know that. Passive means it comes in without you working for it. Now, you have to do work initially to trigger the passive income flow, but the income does not come from continuing to do the same amount of work forever.
Look at it this way. You go to work, do what your boss tells you to for eight hours, then come home again. Each week or every other week, you get a paycheck for the same amount. If you suddenly stopped going to work, the paycheck would stop too.
With passive income, you can work for a certain period of time and have money coming in forever. It is also called residual income. Interest from investments is passive income. Making money from a published book, home business, mobile app, or website marketing are other forms.
How Passive Income Can Save Your Life (or at least make it better!)
Remember those five things you need to be comfortable, healthy, confident, and live a long, happy life? Passive income can bring you all of them.
Increase your income in your spare time and enjoy greater safety and security in all aspects of your life. Of course, financial security is a big deal. Knowing you can take care of emergency bills or unexpected costs brings peace of mind and costs less in the long run.
Even physical safety improves. Think of the benefits of having a car or home alarm, roadside assistance service in case you break down, or even a higher-quality front door lock. Knowing you can pay for great health and life insurance increases your overall safety. You can purchase a safer car.
You slip on ice and sprain your ankle. Having money for the co-payment or proper care can make the difference between hobbling in pain and getting back to your regular life more quickly. Healthy food like organic vegetables and lean cuts of meat cost more than less healthy counterparts. With passive income’s help, you can afford health supplements like extra vitamins and minerals too. Even more so, you can afford to take a vacation, reduce your stress, live a better life.
The primary reason many people want passive income is to improve their quality of life. You may not die if you drive an older car or have handed-down furniture in your living room, but new feels better.
This type of income can also provide the opportunity to travel, take in cultural shows, or attend interesting events. While these are not strictly materials comforts, they do enrich your life overall.
Senior or Elder Care
There is a giant difference between the type of elder care people without money and people with money get in this country. Some assisted living facilities can cost $5000 – $8,000 a month. Skilled nursing care can cost even more.
The magic of passive income is that, in most cases, it will never stop. You will not have to rely on Social Security alone to live a long life. You can enjoy retirement earlier, get appropriate help when you need it, and avoid low-quality elder care when the time comes.
Everyone needs fun to live a long life that is worth living. Because passive income usually starts as a part-time thing, the bulk of your time will still be used up going to the lab, office, or shop every day. Work some on your passive income plan in the evening and on weekends and you will reap the rewards in no time.
Then, even when you stop marketing, writing, blogging, or whatever else your passive business is, the money will keep coming in for you to enjoy.
It might not save your life in the literal sense, but passive or residual income can improve it in innumerable ways. From simple enjoyment to financial and physical security, earning more without working your fingers to the bone is always a great idea.