It is so easy to get lost in this wealth generation game.
Being exposed to news about inflation, bear market, bull market, or recession on a constant basis? Too much of such news on the radar can be confusing for the investor.
Let's get back to the fundamentals!
One of the fundamentals for guiding us in this wealth generation game is this: Aim to create Passive Income!
There is a difference between Active Income and Passive Income.
Active income is income that comes from doing salaried or paid work. One exchanges effort for money.
Passive income is income that comes in from investments, such as rents, dividends, YouTube revenues and staking rewards in crypto. In short, money that come in for doing close to nothing, relative to wealth from active income.
The wealthy build their wealth through passive income, while the poor survive on active income predominantly.
This is how one can approach it, incorporating the passive income mindset: Just set a target for Passive Income and work towards it
Financial freedom happens when stable passive income exceeds expenditure.
So in the practical sense, decide how much you need to keep life going and then aim to get passive income to pay for that.
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @jacoalberts and @youngkedar98!
Recent Posts: