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- #21
Since you are not actively involved in passive income, you will have the time to do what you love doing at the time you want and also improve on your skills
The importance of passive income in achieving financial independence
- Thread starter Johnson2468
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That's actually the major importance of passive income. It will give you more opportunities to focus in a lot of other things..
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- #23
Passive income will help you to think of other things you can do to make money and even give you the time to learn new skills and gather the needed fund
Probably, when you have a passive income stream you will always be looking for other opportunities to make more passive income. That is why the rich people have passive income sources.
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- #25
Yes that is how rich people get richer them are not actively involved in a lot of things instead they have a lot of passive income that they make money from
Every bit of money earned no matter how small it may seem is adding to your finances and helping you achieve one thing or the other. And then having from a source where you don't have to hustle and bustle gives you some kind of inner peace.
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- #27
Having passive income gives you the chance to be generate more sources of income because you will have the time to learn and get the skill or necessary things you need for another business
Probably, the reason people become rich is because they do not depend in one thing. Ehen you look at successful business people around the world you will discover that they have a lot of businesses.
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- #29
Yes most rich people don't have just one Business, they have multiple streams of income and they are not actively involved in the work. Their money do the working for them
Passive income flow is really needed for the long term, and we have to build it little by little from the smallest start, it's easy and doesn't require big capital like crypto or mutual funds, after that we can upgrade to property, the more passive income flows the faster we will achieve financial freedom.
Probably, people like Elon Musk do not actually work for money again instead money works for them. They have achieved some level of financial capacity and independence.
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- #33
Yes, I don't think he will have a actively work though he may be involved in some active research of some projects he is looking forward to. This can of people have a lot of passive income and he makes his money to work for him
A good source of passive income grants a person much financial leverage to pursue financial freedom.
