This Is The Real Shift
Passive income and monetization methods have always been of interest to me. Approximately five years ago, I was intrigued by the idea of actually creating my own little economy. After discovering a wealth of opportunities and ideas within the Crypto space, it seemed like the most logical move. This is essentially a shift to independence.
This is one of the most important benefits of Crypto, in my opinion… independence. This does not necessarily imply that one has to now carelessly abandon their day job and begin “living the dream”. It does however become extremely attractive as a backup income source, or even a future full-time income. Building an economy that continues to work and produce income for you is of tremendous value.
If it’s a side hustle it has even more chance of growth, as the income it generates is not necessarily disposable income, and as a result, can be utilized for future growth. Anyone who embarks on such a journey is thinking one of two things or even both. Firstly, they are building a backup income source, which in today’s world is a smart move. Secondly, that they are building a future income source to replace their current income.
Building your own economic model will most likely revolve around residual and passive income. Once the foundation is in place and the model is expanding, the hard work is over. From this point on it is more a case of oversight and maintenance. I have always encouraged others to think along these lines. Having a safety net can remove a lot of stress, and provide stability and relief during unexpected hardships.
The Number One Rule
One of the most common mistakes is to increase one’s lifestyle once there is additional income at hand. This is a dangerous trap, as it puts you right back under the same “pressure”. In essence, all that such behavior does is provide you with a larger “salary”. The buffer is no longer there, and the security of a future income has also been removed.
In order for this idea to work, discipline needs to be a priority. The beauty of this idea is that you are also able to enjoy the benefits of Crypto’s cyclical nature. Your income will grow substantially every four to five years at a rate that far surpasses any wage increase. A well-established model will eventually produce a significant income. This would be the time to consider increasing your lifestyle, and not before.
I guess those with an entrepreneurial edge will be more drawn to such an idea. However, it is also quite evident that more and more people are beginning to take their financial condition a lot more seriously than previous generations. Financial intelligence is on the rise, and thank goodness because trust is eroding fast. The only person who truly cares about your future is you. See you next time!