Greetings friends of Project HOPE, my best wishes to all. Today I bring to share an opinion in relation to a topic that I particularly like, and beyond the fact that I like it as a topic, it is something that I have been trying to work on for a long time and make it part of my income, I am specifically referring to passive income , I will try to give my points of view based on this topic and say why I think seeking them is important.
Seeking passive income is a smart strategy to ensure our long-term financial stability. That is important and necessary to keep in mind, to manage ourselves in the long term in what we do at the level of investments. I DO NOT want to say that working in the short term cannot be profitable, logically.
Passive income allows us to earn money continuously with minimal initial effort or even without the need for any intervention once established. A clear example of this is if we open an investment in a bank, in Colombia we have Bancolombia, which allows us to invest through them and generate a monthly income. For example, one million Colombian pesos (265 dollars on average) with a 120-day term, generate 33,420 pesos in the end. That would be totally passive income.
This form of income not only gives us long-term financial freedom, if we cultivate it on a large scale, but it also gives us the opportunity to dedicate our time to what we are truly passionate about. Like playing sports, going on a trip, among other things. In the end, I think that the important thing about generating additional income is to be able to enjoy our time more, doing things that we like and without the worry of struggling to pay our bills.
I think one of the most important advantages of passive income is that it allows us to diversify our sources of income and reduce our dependence on a single job or active source of income. This gives us greater financial security and protects us if we lose our job or our main source of income. Additionally, by having multiple sources of income, we have the opportunity to increase our total income and improve our quality of life over time.
Furthermore, seeking passive income forces us to be creative and look for investment and business opportunities that generate long-term benefits. This helps us, forces us to educate ourselves, due to the need to develop financial management skills and learn to make intelligent financial decisions that benefit us in the future.
So this is part of what I think makes passive investing more important. Of course, to be able to sustain ourselves only with these, in general, it implies having a large capital, that is why I say that the ideal is to work on it in the long term, so that we can really live off of them. Do you have sources of income? Or are you planning to create some? I'll read you in the comments.
