How earning passive income builds sustainable wealth – FingerLakes1.com
In the modern age, people are finding all kinds of ways to save money and increase their earnings from home. One of the ways that people can do this is by creating passive income streams. Passive income streams are unearned income from a source other than a job. Some examples of passive income streams are investments, real estate and rental properties, and stock market investments. All of these are great examples of passive income. In the long term, this can create more robust savings opportunities for retirement or other financial goals that might be tough to meet with today’s salary trends. We spoke to a handful of industry leaders about how passive income can create sustainable wealth, keep reading to find out what they had to say!
Passive Income On Top of Your Job
Passive income can help you build wealth by giving you more control over your finances. “Even as an employee of a company, there are many aspects of our futures that are out of our control. When your future employment is tied to someone else’s decision, you lack control of your financial future. Building passive income along with active income from a salary or paycheck can help you save valuable dollars for your future retirement and help you feel more secure in the long run,” said Datha Santomieri, Co-Founder and Vice-President of Steadily.
Remember that to be most effective, passive income should be additional money on top of your regular paycheck. “It’s important to understand that passive and active income should be working together to be the most effective. If you only have one stream or source of income, it won’t set you up for the same kinds of savings as you’d get with both passive lines of income and income from an employer. It’s important to build both so you can set yourself up for early retirement and fewer financial stresses along the way,” said Tony Chan, CEO and Co-founder of CloudForecast.
More Flexibility
Additional streams of income means more flexibility with your life in general. “Passive income is going to allow you more flexibility to live your life the way you want to. Especially for those that are hourly employees or freelancers, it can take a toll to miss any days or need to take time off to recalibrate. With passive income, you aren’t necessarily reliant on your paychecks and can make more effective choices about when and who you work for,” said George Fraguio, Vice President of …….
Source: https://www.fingerlakes1.com/2022/05/04/how-earning-passive-income-builds-sustainable-wealth/