Advantages of Passive Income.
Passive income gets created when no active participation or presence in the work or duty. Profit in which the investor is not actively involved and generates the income considered as passive income.
1. You are the boss -
Sure, you may have a separate job with an employer and a regular salary — but where your passive income is concerned, you control it, you make it even if you sleep. Whether you own a traditional business or franchise, rental property, products that you have created, or other income-producing assets, the operative word is own. You are in the driver’s seat; the regularly recurring disbursement of funds into your pocket is a direct RESULT of your actions, and usually proportional to your efforts — quality matters. But once a passive income stream has created, it’s pretty hands-off from that point on.
2. Live Anywhere You Want -
You can live anywhere you want in this world, but still, your passive income stream will work for you to make money for you. When the income you made doesn’t require your presence, you can choose where on this planet you want to spend your time. Online businesses are great examples. Believe me; you should only have a laptop and internet connection you can connect if it’s required to handle the situation with just a couple of clicks right at your fingertips.
We need to have several passive income streams as we don’t want to have all our eggs(Passive income sources) in the one basket.. so to speak. According to Billionaires in business be open to new ways of making money. Affiliate marketing companies have created more millionaires than any other industry (referral programs ).
3. No Fixed Income Limits (₹80,000/month?) -
In the case of passive income, it can go around(₹0 to ₹10,00,000), or it can flip around(₹5000 to ₹0). For example, if you are working around 8hrs a day with a pay scale of ₹30,000 for 172 hours per month or else if you are making a pay scale of ₹60,000 for about 172 hours per month, but still there is a limit for your earning.
In the case of passive income, you can earn more than ₹1,00,000/day. Instead of going for work daily and working harder and harder every day you can make choices of working harder at once and that work will make you more money if they surf online. You keep your day job, instead of working hard for your employer work for you which will create a passive income stream which grows even your sleep.
4. You have time -
One of the most valuable aspects of passive income is time — one of the few things we cannot create more often. What do you want to do? A hobby?, What is important to you?, Spending more time with your family? Volunteering?, A job?, Creating a more passive income? Do those things! You can do them because you have an income stream that is on autopilot and does not have to be your primary focus to keep on. You have more time to focus on the other streams of income.
5. You have financial freedom -
You have security over economic liberty. Even if you don't receive a paycheck, you are secure with the income flowing into your account through your passive streams. No matter the economic climate, you have some money rolling in. If your company suddenly downsizes and you left without a paycheck, you still see regular deposits into your bank account.
6. Passive income cannot get you fired or laid off -
Jobs always will be judged by the amount of work and effort you kept. Passive income is never have decided on effort or work. If you work for once with all your efforts into it, then it will do its job working for us all the time around the clock. You entirely control passive income. You can choose to quit the business or continue, but no one can fire you.
7. One time effort -
If you keep the right amount of effort in passive income for once, then the rest of the initiative is taken care by the energy you already kept. It doesn't need to be taken care daily while the job needs to be taken care and work harder and harder every day. In this case, our past efforts will work harder and harder for us to keep it running.