Separating time from earning money is the only way to financial freedom. It is important because it allows a person to have more control over their time and how they choose to spend it. Passive income can provide a source of income without the need to constantly be working, which can lead to a better work-life balance and more time for other pursuits.
Passive income refers to income that is earned without the need for active involvement or ongoing effort. Some advantages of passive income include:
Financial freedom: Passive income streams can provide a source of income without the need for active involvement, allowing for more freedom and flexibility in terms of time and energy.
Diversification: Passive income can diversify a person’s income streams, which can reduce financial risk and increase financial stability.
Potential for growth: Passive income streams, such as investments or rental properties, have the potential to grow in value over time, which can lead to increased income and wealth.