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Building alternative income options to survive in upcoming stagflation.
Who doesn't love passive income? The time and money need to invest in it is not everyone's matter to hands. In most cases, not only money can buy us the right idea to invest in the right place. Also, there's no guarantee that the investment sector will give us good returns all the time. So, even its passive, it needs active actions to be stable in the market.
If you Google alternative income options or passive income ideas, you will find a huge list. No need to say, not everyone can adopt everything and that's not even necessary.
I would rather say -
Find a sector that you are interested in, look around if there's any passive income option, and invest your money there.
This way, we can mitigate the risks of losing everything. Because I have seen it so many times, people put their money in alien places and later can't figure out what they need to do to earn a good return.
My own creation using Canva.
Why do we need to make passive income seriously?
Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022. And it will be around 3 in 2023. You can see the potential risks waiting for us. There will be high inflation combined with a high unemployment rate in the upcoming days. If you are struggling with this inflation, I'm telling you, time will be much harder in the future. It's better to think about some alternatives right now.
There are already so many layoffs in industries and companies. It truly scares me. Because some of my friends already lost their job during the pandemic or after the pandemic though they were efficient in their sector. So efficiency and skill will not save our a*s this time.
That's why I personally also trying to find ways to make myself stable enough so I can survive in the upcoming stagflation.
Alternative income option spans a big spectrum. From stock and bond to freelancing everything counts. Keep in mind that doing a single job or having one source of income can't mitigate the risks in the upcoming days. While you can't always have the money to earn passively, you can find a way to build an alternative income. For example, what we are doing in the Hive or crypto in general.
I wouldn't say, we need to do two or three jobs a day to survive. That's not a good option. Rather, find some sub-income sources. I calculate this way -
My alternative income should provide my food costs or any major costs of my living. If it covers a major sector then I can take care of the rest with my main income source.
This calculation helps me keep going and save a little bit.
Find your own interests, start a side hustle, and invest your time and money in them. Time is getting hard, we need to fight harder.