Passive Income is one of the most sought after aspects of personal finance, it provides stability and offers the unique opportunity to earn money while doing other things. The benefits of setting up alternative income streams are endless, from profiting in years to come to lessening overall stress. 

Today, Primeland Development, the creators & experts behind Sycamore Resort, will be discussing the top 3 reasons everyone should have a passive income stream. Through our latest project Sycamore Resort, which offers Vacation Condos with guaranteed rental income for 2 years, we’ve found that there is a lot more to passive income than money. 

So, What Is Passive Income?

Before we jump into why passive income benefits you, let’s talk about what it actually is. Passive income is a stream of money that can be attained with little effort. It’s the direct opposite of active income, which requires you to trade your time for money – if you’re not working, you’re not earning.

Now, with passive income, although you need to put in the effort initially, to create these streams of income, once they are established you will receive the benefits long after work you have done is completed. 

#1 – Passive Income gives you freedom

Time is far more valuable than money, having the time to spend moments with your children, loved ones, and family is something we all dream of. While money helps, it can’t buy us these moments, and active working takes time away from those experiences. 

This is why passive income is so sought after – it allows you the freedom to enjoy life in the moment. The stress about making it to work on time, or keeping your job, is lessened because there is a long term income stream that gives you stability. When you’re less stressed about the necessity to earn money, you are given more freedom. 

Passive Income also helps solve anxieties surrounding long term goals such as retirement funds, which is the source of most stress in the USA. It’s a fantastic way to free your mind of financial worries and live comfortably without concern. 

#2 – Makes achieving goals easier

We know Orlando’s location is one of the hottest in the US, and with this comes a great economy. It brings in tourism, company conventions, global businesses, and more; there isn’t a shortage of revenue for Orlando.  The more visitors the location has, the more resources are available. The benefits of this go beyond visitor spending. The Orlando tax laws work to benefit all local businesses and residents. There’s no state property tax and the cost of living is 6.3% below the national average.

#3 – Gives Location & Career Independence

For many people, passive income has allowed them to work & live wherever they want. This is a luxury to most, as our location is dependent on our careers. With passive income, however, your money can come from revenues that aren’t dependent on you actively being at your job. It’s also common for multiple income streams to become easier once you have set up a main passive income – this means you can continue to earn while increasing your freedom. 

Summary

Passive income is one of the most important factors in achieving financial success & freedom. Not only does it reduce financial stress, but it gives you mental peace and happiness, as you are able to do more with your time, and consequently, life. 

Are you interested in knowing how to get a passive income? Tune in next week & we’ll be giving you our top 5 ways to kickback and earn money. 

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