It's been a while since I joined the dreemport challenge. I saw the prompt for the current challenge and felt like participating. I'm excited to share my ideas and collaborate with others. I'm looking forward to seeing what the other participants come up with and learning from their perspectives. Let's get started!
Thanks for the clarification. Before now I always thought that the silver blogger's community was meant for only silver bloggers, but I understand it better now.
When we say passive income, it means something that gives you money while you watch TV or sleep. Generating passive income can be done through investing, rental income, and other means. It's a great way to supplement your income and pursue financial freedom. However, there are risks involved in generating passive income, such as volatility in the stock market or the possibility of tenants not paying rent. It's important to research and understand the risks before investing in any passive income stream.
The way life has been designed, the moment you commit and dedicate your time to sleep, watching movies, and all, poverty will knock on your door. This is except when you work. Working hard and being productive is the only way to make sure you are able to stay ahead of the game and keep poverty at bay. The more you work, the more chances you have to get ahead in life and achieve success.
It's a different thing with passive income. When you have a passive income, you don't have to work hard to earn it. Passive income can come from investments or activities that generate a stream of income without requiring much effort. This means that you can work less and still have a steady income stream. It's a great way to build wealth and achieve financial freedom.
I had a conversation with someone a few days ago. Our conversation led to him talking about the land he bought far away. He didn't disclose how much he purchased the land. However, he told me that he plans to sell that land so he would buy another one, this time it would be close to where he lives.
Also, he mentioned that one positive thing about it was that he would sell that land for double or triple the amount he initially bought it for. And that is because land appreciates. I don't know how it is in other countries.
He added that he would become one of those people who buy land. After a year or two, they double the price and sell it to an interested buyer. In this case, they only have to buy the land and hold on for a while before selling. It becomes even better if the area is developed or developing.
How do I plan to earn passive income in the future?
Nothing beats investing. When one invests, their money grows even without adding to the initial amount invested.
I think that if I can invest in legit things, businesses, projects, or individuals, it might be an excellent way to earn passive income.
For example, in the future, I may invest my morning in a transportation company. It would have to be a reliable and trustworthy company. By investing in that company, I know that the money will be used to buy more buses to cover more areas.
So it depends. Investing in their growth might result in me collecting weekly and monthly commissions from that company. As long as the company prospers, I am sure to continue to earn passive income. This way, I can rely on a steady stream of income while also helping others succeed. It's a win-win situation for everyone.
Investing isn't limited to one company. When one takes a closer look and does a lot of research, one would see that there are many things to invest in offline and even in the Hive blockchain. There are several projects to invest in to earn passively. For example, one can invest in cryptocurrency, stocks, bonds, real estate, and more. Additionally, there are many projects in the Hive blockchain that provide rewards for investment, such as curation, Hive-based tokens, and staking.
Do I see Hive as a potential passive income source?
I do.
Nowadays, the Hive blockchain is my major source of income. Although I do other jobs offline, I don't use them.
Let me break it down.
Currently, I work as an editor for a news company and get paid around $35 each month. So, I save about $20 dollars for future purposes, e.g. my house rent.
From what is left, I transfer about $7 to my mom so she can manage it for herself. I pay my 10% tithe and use the remaining for any expenses that come up. That's how I spend my salary.
My hive earnings are used to support myself for the remaining weeks of that month based on the activities I engage in each week.
Well, that's one of the reasons I have not been able to save my HBD and the hive in my wallet. I am my only financial supporter.
A few days ago, a friend posted something on her Whatsapp status. She said that the person she invited to the Hive blockchain got 1000HP within a year. Also, she stated that if the price of hive increased now, that friend would be a millionaire.
So, I entered her DM and asked if the Hive blockchain encourages hivers to power down. I had always assumed that powering down was a red flag on the account of hivers.
She made me understand that it was a choice. It's your choice whether to power down or not. Hive Blockchain doesn't discourage that. But powering down shouldn't be something you always do every time. And not being consistent or doing anything on the Hive blockchain makes it unacceptable. This is because it is assumed that you are just on the hive blockchain for the money alone.
In addition, there are people who power down in order to invest in other Hive Engine wallets, and this is fine as well.
Her explanations made me see things differently. In fact, I started to feel like a very wealthy lady after I calculated what my current hive power is worth now that Hive is cheap and what it would be when the price increases.
If I took my hive account more seriously and put in a lot of work now, in the future, I would have accumulated a lot of HP. I would have also built my portfolio in the hive engine and my wallet.
To be honest, I don't like the state it is in at the moment. However, I know that with time, I will look at my portfolio and my hive wallet and smile.
On Hive there are some tokens to generate passive income. Do you have them in your portfolio?
I have heard of tokens like that, like the Leo token, Legion token, and more. Sadly, I don't have a lot in my portfolio yet. I would love to have them someday in a very large amount.
Do you do any activities that you expect to generate passive income in the future?
I have been a music enthusiast for years. To be able to generate passive income, it takes more than just liking music. I have started to invest in music production equipment and learning the software. I am also currently working on building a website to promote my music. With these steps, I hope to eventually generate passive income from my music.
Improving myself and delivering quality wherever I find myself is one way I can earn passive income in the future. I don't think there will ever be a day when I want to abandon music. I also pray for my health to be able to do what I love for as long as I want to do it.
Currently, posting my videos in the Afritunes and Hive Open Mic communities has helped me earn some passive income. For instance, the tips I get for standing out and being one of the top engagers in the community.
These are my thoughts on the Silver bloggers' prompt.
Now, I'd like to see what others have to say.
Photo by micheile henderson on Unsplash
Image edited on canva, and Hive logo gotten from hive