Hello everyone lucky Ali is here and happy Wednesday to you. In this post, we are going to discuss passive income's importance. So basically what passive income is? If we are earning money without making an effort then it is called passive income. Earning money by money is also called passive income. Content writing, coding, or any type of freelancing is not a passive income because you are doing hard work there. Investment in something and earning money is a big part of passive income. We are going to talk about passive income in the hive blockchain.
Passive income is not restricted to cryptocurrency but there are many ways to earn passive income. For example, if you have more than one house then you can give that extra house on rent to generate passive income. Similarly, if you have a farm and someone doing farming on your farm and giving you farm rent then this is also called passive income. Let's take one more example, bank interest is also called passive income. There are schemes like fixed deposits, mutual funds, or other government schemes.
If you see any rich person near you then you can analyze his income sources and trust me he should have multiple passive income sources this is the secret to becoming a financially free person. If you have some savings then invest and earn and try to follow a reinvesting strategy to build your wealth.
Passive income sources in hive blockchain
Hive blockchain is an incredible blockchain and here we are going to talk about passive income sources. I am not going to say write the post and interact with others to start making money from your posts. Keep this thing aside and let's focus on earning crypto without effort. The first great thing is HBD savings it gives 20% APR which is higher than any bank FD or investment. hive power itself is considered as a passive income because if you use auto voting then there is no requirement to curate manually. You can earn passive income without making efforts in HP as well
There are multiple tribes and dapps that provide passive income on the hive. In games like Splinterlands and Genesis League Sports, you can buy governance tokens of these games and stake them to earn 15% to 50% APR. Services like leo.voter and India United are providing passive income on delegation.
Passive income can increase your average income
Let's say you are making $200 from your business and $100 by doing some online work. This means your potential is to make $300 per month now you want to cross this boundary but as I said you can't make more effort than this because there are multiple reasons like time and focusing on health. So in this case, you will need to save some money and earn money with that savings. Let's say you are saving $50 per month so in this case you can invest that $50 in any powerful investment plan. Let's say in HBD savings.
You are now earning 20% APR from that invested money. So month by month when you add more funds in HBD savings, your income will increase. So this is how you can plan to earn more and I hope you liked this post. Please share this post on social media like Twitter or Instagram and also reblog it. Share your important thoughts on this topic in the comment. Have a good day ahead.
Thank you, everyone.
Lucky Ali