And what you should do instead.Photo by ThisisEngineering RAEng on UnsplashGlobal cost of living has increased by 8% comparative to 2022. If you were earning $80,000 in 2022, you now need to earn an extra $6,400 otherwise your money is currently going backwards.So how do you earn an extra $6,400? And how do you earn it quickly to keep up with inflation and cost of living?If you cannot raise your income by 8% a year, you may start looking at sources outside of your job to earn the extra money.You might start researching by googling and looking on social media to see what tricks and tips you can learn on how to make extra money.What many people will advise is to achieve a passive income.Passive income is a type of unearned income that is acquired automatically with minimal labor to earn or maintain.Sounds great doesn’t it. Minimal effort to achieve extra income.It’s deceiving. To generate a passive income you need time and money. This is a long term approach and very hard to achieve within 12 months keeping up with the cost of living.Social media coaches will sell you their strategies to quicken the process but very rarely does any new income source breakeven in the first 12 months.It also requires effort. Theres no free lunches here. To have a passive income you need to put the work in to establish a source of income.Sooo it’s not very passive.Think about it differently. Don’t get caught up in false expectations on earning a passive income fast. Instead firstly work out your budget and how much you need to stay ahead.Then find something you enjoy doing and find a way to monetise it.Heres some tips to earn an extra 8%Review your workload: Is there room to add another project in your work? If you’re cruising in your job then step it up and take on some extra work.Start a Second Job: If your scrolling social media for hours on a Saturday feeling poor why don’t you get a local job in the community…
https://medium.com/@ambitionbyandrea/why-you-shouldnt-aim-for-a-passive-income-c9906bae740a
Why You Shouldn’t Start a Passive Income. | by Ambition By Andrea | Jul, 2023
