Ask any hustler, any entrepreneur, any businessman or any successful tycoon the secret to financial success, and they’ll tell you – you can’t rely on a single revenue stream.
We know, we know – the daily grind of an 8 – 5 (although it’s usually a 6 – 6 when you factor in overtime, travel time and lunch breaks spent at your desk) can leave us feeling drained, exhausted, and thoroughly unenthusiastic about the idea of taking on even more work. After all, if you have a stable job and salary at the end of the month and it’s working for you, why intentionally sign up for more things to do, more responsibility and, at the end of the day, significantly more effort? True, we all dream of a life like Jeff Bezos and secretly wish we’d either hit the lotto or accidentally create the next Facebook, but many of us are put off the idea of a side hustle before we even begin.
The biggest reason behind this, ironically, is also the biggest misconception – which is the idea that passive income = more hard work.
We’d all like a little less work with a lot more pay. We’d like to be able to buy nice things, afford holidays, send our kids to the best of schools, and drive the best cars (without having a panic attack every time your starter motor acts up). Sadly, the reality is that between bills, expenses, and monthly debits (as well as the petrol price deciding nope, we want in on that salary too), it’s hard enough to save money, let alone spend it casually. Yes, that monthly paycheck is reassuring, and nothing beats the feeling of payday (or the crash once the number starts getting lower), but if you find yourself in a constant cycle of working, earning, paying, and hardly enjoying, you may be interested to learn more about passive income.
Let’s start: what is it and why do I need it?
Passive income does not refer to getting a raise or finding a higher-paying job. Instead, it’s a means of taking control of your finances (and ultimately your life), by finding non-permanent ways to bring in additional supplementary income. Any money you make from an investment, property or business which increases your bank balance without taking too much effort essentially constitutes what we’re talking about.
It’s what happens when you make your money work for you – and not the other way around (this is what we mean when we say work smarter, not harder).
In today’s day-and-age, where expenses are at an all-time high but excess cash at an all-time low, your side-hustle is effectively your gateway to building wealth, ensuring financial security and, mostly, sleeping that much easier at night. The unfortunate reality is that life is full of unforeseen challenges and circumstances – which usually bring a set of expenses with it. Forget, for a second, fancy holidays and Gucci handbags – ask yourself if an unwanted medical bill or out-the-blue vehicle issue is financially feasible for you, or would it set you back a good few years? COVID-19 has changed the world, and introduced a myriad of expensive, often unconquerable problems facing the modern employee – failing to plan and take steps to ensure you have something for a rainy day is the definition of short-termism – and a surefire way to end up in debt or in major trouble.
On the flip side, 2022 is nothing if not the age of the hustler, and everyone from teenage kids to multi-millionaires have successfully experimented with the idea of multiple revenue streams and the adoption of passive income sources.
Still not sold? Here are some ways you can benefit from extra paper…
- More money = more time = more freedom:
Go to any resort in the middle of a week, and chances are you’ll see rich, semi-retired, middle-aged people lounging about. There’s a reason behind this. While us working class folk are applying for leave and planning our holidays around the Easter Weekend, people who have been smart with money are afforded the luxury of being able to enjoy their time. And if they’re smiling while sipping cocktails, there’s a reason for that too…
- Less stress and better sleep:
The fact is that money is a major, major source of stress for many individuals today. Be it debt, upcoming expenses or simply putting food on the table, individuals burdened with financial issues can end up with major depression, suicidal and experience major personal trauma. Generating enough income to live comfortably while still saving can revolutionise your life and happiness – which is, again, where passive income falls into place.
- Enjoy life, grow and stabilise:
Ever feel like you’re trapped on a hamster wheel of salary, expenses and budgets? Opening new channels of revenue can break the cycle – in doing so creating a whirlwind of possibilities to grow and maximise your life. Having the bonus of additional money coming in regularly allows you to make time for what matters and be less reliant on what’s inside your own head. Life is short – and breaking free of negative financial self-belief systems is one step closer to making it sweet.
Okay, we’re with you – now how do I make it happen?
You can do anything, really, from selling sneakers online to promotions on weekends – which still sound a bit labour intensive to us, if we’re being honest. What we’d suggest is taking a look at our Vox Ambassador Programme, which allows you to promote and sell a wealth of Vox Products on our behalf whilst bringing in a commission.
You don’t have to do much other than participate, share what we provide you with, market and rake in those sales. The more you sell, the more you make – but you’re under no obligation to do any extensive manual labour or reach certain deadlines. It’s exactly what a side-hustle should be: a quick, painless, and easy way to bring in a little extra cash at the end of the month.
Now, we’re not saying that becoming an Ambassador will make you the next Warren Buffet, but it’s one of many possibilities you can check out to ease your financial strain and (hopefully) make you life a bit freer.