Is passive income neccessary for you to become rich?

[King bell]

I don't think passive income is really necessary to become rich. Of course, it can help you reach your financial goals faster, but you can also become rich without it.

There are many different ways to make money, and passive income is just one of them. You can also make money through active income sources such as working a job, starting a business, investing, or even by winning the lottery.

The key to becoming rich is to find a way to make money that works for you. Passive income can be a great way to do this, but it's not the only way. Find a way to make money that you enjoy and that brings you closer to your financial goals. I would love to hear your individual ideas on this topic. Please, share your thoughts.

 

[Ithedicious]

I understand a passive income to be an earning ability of an individual to receive a constant monthly earning or weekly earny depending on what they have done in the past. This earning is always automatic because everything was set up for it to keep running , it may not really be the amount of money you need for survival on monthly basis , it could be something that help backup your main monthly expenses.

That does not necessarily mean that you can be rich because you have a passive income. If you have set up everything and you are generating a passive income then you should have a lot of time in your life to engage in other things that will help you earn more . Normally you should not be relying on one source of income because one source of income in most cases will not help you .

 

[Mika]

How do you become rich? Have you seen anyone become rich by working in a job? Unless you inherited property or won a huge lottery, the only way you become rich is through a business. Business is a passive income source. Well, in the early days you have to work really hard to make your business successful. You might have to work 15-16 hours a day and 7 days a week, however, once the business starts generating money, you can work less as you have already created a system to make money for you whether you spend your time directly working for it or not. Some businesses are completely passive, whereas some businesses are semi-passive. Passive income means making money without directly working for it. When there is an income source that is making you money without having to spend a lot of time, you can focus on something else.

 

[Sotherefore]

If you are not generating passive income , it doesn't really mean that you are not going to be Rich . Passive income has so many advantage and one of the advantage of having a passive income is that you can earn money without you having to stress yourself Since you have set and arranged everything in place. example could be an investment in real estate and renting out of These properties to people who are interested .

With this you can be making your money conveniently while you are still concentrating in other things that can still generate you profit..

It is not everyone that have opportunity to generate passive income but at the same time a lot of people are also engaging in other businesses that is also generating them enough profit on daily and weekly basis depending on the nature of the business they are doing .

 

[Jasmine]

You make money in three ways, one, by working and receiving payment on your work (salaried employee, independent workers, etc.), two, by earning profits from trade (you bought a house for $100K and you sold for $120K, you make 20k profits), and through passive sources (you do something in the past and to continues to build your income in the present). Even though you make money in three ways, you can make a lot of money only through two methods, one, through profitable trade, and two from passive income. You can't become rich by working for a salary. Businesses and investments will make you rich, and businesses and investments will in the long run will become passive income. Warren Buffet invested, and he earns passive income through investment. Jeff Bezos started a business and now he earns passive income through his Amazon. Therefore, the only think that will make you rich is through passive income.

 

[saoussen5765]

Get rich programs are in most cases scam programs because earning money in a reasonable way is required not to work for pennies and not dream of fast winning.

 

[niche]

Passive income is the only way a person can have enough funds for their old age, there is a limit to how much he or she can make working daily. It is far easier to have a passive income offline in some countries.

 

[coways]

I want Passive income, but no idea how to do it, try to start learnng from here first.