What are passive revenue?

Who hasn’t dreamed of making money without working? Sitting under a beach umbrella on a beach in the Caribbean with a margarita in hand without worrying about money. Financial freedom or independence can be defined as the ability to cover all your needs without the need to work.

In other words, make money while you’re doing other things. And, even if it seems impossible, it’s not. Today, from our blog I will explain what passive revenue is and how to generate it. 

Passive revenue is income that is generated thanks to an activity carried out previously or for which it is not necessary to dedicate a lot of time to get hold of it.

There are two classifications of this revenue:

  1. Those who don’t depend on your money: are obtained by creating a good or service which, over time, generates automatic revenue. 
  2. Those who generate your own money: as are interest or investment income.  When a revenue source is passive it means that it requires little or no effort to generate profits. But it doesn’t mean that it requires zero attention; it’s important to monitor and strive.

Is it possible to earn money without working ?

Below we will explain some of the most common examples to generate passive income.

  • Buy a property to rent it either on a rental platform such as Airbnb or in a particular way. As a result you will get money regularly without making “any” effort.
  • Invest in shares and generate money thanks to the dividends of the chosen company. 
  • Investing in cryptocurrencies is even simpler than investing in shares and you can do it with small amounts like 50 or 100 euros.

How to earn money with cryptocurrencies?

Así como las inversiones en acciones que dan dividendos de la empresa, el precio de una criptomoneda puede subir y hacerte ganar dinero, o también puedes prestar esa criptomoneda y recibir intereses a cambio.

Buying cryptocurrencies at a low price and reselling them when their price increases. Many people saw their income grow during the pandemic. Thanks to Bitsa you can top up your card with cryptocurrencies and pay directly with your card anywhere VISA is accepted.

The most common errors in generating passive revenue

You should not forget that a passive income requires the fulfillment of certain tasks for its proper functioning and, with this, you will be able to achieve profits automatically. 

It is also important to understand that, in many cases, a successful passive income takes time and, as we already mentioned, effort. So
don’t panic. SWell, there is no defined formula to be successful in this income, here we tell you what are the most common mistakes that people usually make: 

  1. Lack of commitment: As we have already mentioned, getting a successful passive income takes time, sacrifice and discipline. Do not abandon the project at the first inconvenience!
  2. Excess of prejudice: Making easy money isn’t always a scam. 
  3. Lack of confidence: Fear of failure is one of the worst enemies of human beings. There are those who have a good project, but do not dare to carry it out; compare with others; or are afraid that it will not work. Trust you.
  4. Lack of knowledge: Buying shares or cryptocurrencies can be quite interesting but it takes a minimum of knowledge and interest to choose the right time to do so. 

It’s not easy, but it’s worth a try.