Passive income is the greatest form of income.
It gives you the opportunity to do literally nothing while earning money. There are multiple sources already in existence. In the old world, so to speak.
- Real estate
- Starting a business
- Stocks and equities
- Personal or niche blog (like this one)
- Online-shop (dropshipping)
- Online courses (like this one)
- Et cetera
All of this is already known to man. And apart from people like Elon Musk, where his job is actually his life, most people would prefer to earn money and not work for it 80 hours a week. Some entrepreneurs will tell you that this is impossible. Only working 4 hours a week while making money.
And there is some truth to that. When you start out, you need to put in a lot of work to get it going. Especially with passive income. 99% of the work is done in the beginning. But then, you just wait while it generates money.
So you switch from trading hours every day to make money to trading hours some days to set up future money.
It doesn’t sound like much, but it is a big difference.
How it works
An easy example would be real estate. You have a lot of work upfront.
- Sifting through the housing market
- Filtering good and bad houses or buildings
- Checking the area around the object of interest
- Researching the local market
- Buying it, and working through all the bureaucracy
- Renewing it (maybe)
- Finding people to rent it
- etc etc
You also need a lot of money upfront (usually). If you don’t have that, you can’t even get into real estate at all. While some of the passive WINcome sources in crypto have similar paywalls, others can be started with a mere $100.
The biggest bonus for crypto passive WINcome is the chill nature of it. You can do all this from your PC, or even your phone. You don’t need to go out, drive hundreds of miles to visually see a house and rate it. All the research and work upfront can be done from your computer at home. In your knickers.
Ease of use
My biggest pet peeve with cryptocurrencies to this day is that they are still somewhat complicated to use. Especially for newcomers in the market. It is getting better since 2018. The bear market shook out a lot of vaporware and scams. The remaining projects are actually focusing on adoption for their systems. This is good. However, passive income is still a daunting task to set up for most of them.
There are really easy ones like staking/dividends. Where you literally just buy the coins and park them on your wallet. That’s it. But things like Masternodes are still stupidly complicated to set up. Which is why I created my course which has step-by-step guides on how to set up all the different passive WINcome sources.
However, there are already projects trying to make this way easier. Like the $GIN coin, which has the opportunity to host your Masternode on their platform. Or hosting pools in general. Platforms run by people where you just send your coins to, and they set up the Masternode.
The key to your heart
This has a big drawback though. You give away your keys. Your coins. Your heart. I’ve talked about the dangers of giving away your keys in a recent blog post. Generally, you should never do that, ever. But I understand the issues with setting this all up by yourself. And why it might be tempting to have a Masternode running with just one click. I have to shill my course again since staking pools and hosting pools are its own chapter in there as well.
There is an old quote I always loved.
Any gain in comfort is always paid with a loss in security.
This is especially true in IT and internet related things.
Rather trade coins to safe the day?
You might be thinking “well, if it is this complicated and scammy, I’d rather trade my coins to make money.”
First of all, then you don’t have passive WINcome. You literally will need to check charts all day and trade every other day to make a noticeable income. So you will still trade hours for money. More money than working a 9-5 probably, but still.
Secondly, you still give away your keys. If you trade coins, they need to be on exchanges. So you give your keys to the exchanges while the coins are traded. That doesn’t save you from being scammed or hacked.
And thirdly, most passive WINcome sources with crypto aren’t actually that difficult to set up. Masternodes are the Mount Everest. But staking, pseudo-ETF’s, and even Mining are pretty easy to get going. (You can start Mining with 2 clicks: Honeyminer).
I solely focus on passive WINcome. I don’t daytrade, ever.
If you want to trade, go ahead. But I would imagine, making money while doing nothing is quite tempting.