Why You Need Passive Income
I talk about passive income a lot because it's a big part of my business model. Passive income is the income that requires no effort to earn and maintain. But for many people it's hard to see why this could work for them.
Let's discuss why you need passive income.
Supplement or Improve Your Income
In 2020 we quickly saw how many people lost their jobs and in turn it created a domino effect. If you're depending on one source of income you will likely have yourself in a situation where you always have to depend on that. With creating a passive source of income, it allows you to bring in new income and allows that added layer of security.
It Becomes Easier to Achieve Your Goals
When you're trying to reach certain financial goals, having passive income allows you to get there quickly. It also provides the flexibility in which you approach your goals too. The beginning of 2021 I set a goal to pay off $17,000 in debt and had the desire to do it by the end of the year. I was able to pay it off in 11 weeks because of my business income-in which a large portion was passive. In turn I was also able to take the rest of the money and invest it back into my business.
You Create More Freedom
When you have passive income rolling in and you're not tied to some desk or requirements you will notice you have more freedom to pursue your passions. You can have location freedom. When you are no longer required to be in a certain location you're able to make money, but from wherever you are. This freedom is truly priceless.
Reduced Stress
This is probably one of the best reasons to make passive income. Many of us operate out of a desperate place or mindset trying to earn money to make a living, pay off debt, grow a business etc. But one thing I have learned is that desperate energy actually repels money. When you have money flowing in that you can count on it allows you to feel more peace and calm around your finances.
It's Exciting
Who wouldn't love to make money in their sleep? What about while on vacation? This is the luxury that passive income affords you. You can break away from the limiting belief that you have to show up for every dollar you earn and allow yourself to make money wherever and whenever and what's more exciting than that?
If you're looking for more tools, strategies and support on the journey to creating passive income from your passion join me in my upcoming workshop HERE!
