I think money gives happiness. It is very peaceful if we know for sure that there will always be some money for our fundamental needs. That's what passive income is all about. Some people say that having too much of money doesn't give peace of mind but I would say that having no money will also not give peace of mind and that's why money is very important in our life.
Freedom to take risks in life
When we have enough money in hand, we will have to freedom to take risks in life. Imagine 20-year-old thinking about taking a huge risk and investing in stocks without any knowledge of stocks. The positivity is created based on the fact that the mind is still very young and fresh and would like to take any risk in life considering the fact that they can easily recover from the loss in the coming years. That type of freedom we get if we have enough money in hand. The freedom to take risks and invest in things we like the most. If we don't have enough passive income sources, we would not be confident about this.
No need to be very cautious about spending
People who live on a tight budget, find it very hard to spend on things they want or they desire. They try to save up lots of money for several months and sometimes even years to get something they want in their life. One of my friends wanted to purchase a motorcycle for several years. Till today he is finding it hard because his source of income is not sufficient to make such plans. If we have a proper source of income, we don't have to be very cautious about our spending.
Opportunity to be free from liabilities
When there is a need for money, we don't have to take any loans. Some people still take loans just to be on the safer side in spite of having enough funds in hand. That's a different story but we don't have to get bound to liabilities if we have enough money in hand. There is no need to purchase things on EMI or by taking any loan. With proper calculation, we would be able to afford many things if we have a proper passive income source.
Financial freedom in life
Financial freedom is a dream for many people. Passive income sources can give us that freedom. We don't have to worry about money anymore if we have a proper passive income channel that can give us the money we need in a regular interval of time. Mostly once a week or once a month. It is also important that the passive income source shouldn't be affected by any global parameters like recession, economic changes, inflation, etc. That's when we can achieve peaceful financial freedom.
Flexibility to work on whatever we like
Some people still think about working after having a passive income that can be sufficient for them. But in such cases, people can decide to work wherever they want. It is not mandatory that they have to pick jobs that are tough for them. They can pick an employer who is flexible with work timings and also with a peaceful work nature and pays a decent compensation. This way people can also explore areas they always wanted to pursue.
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