Takeaways
- What is passive income?
- The benefits of earning additional income
- How to make more bang for your buck through Forex
Does the thought of a traditional 9-5 for the rest of your life give you the ick? Many people will agree that a simple day to day job will pay the bills, put food on the table and clothes on your back. Nevertheless, are you sacrificing life pleasures in doing it?
The internet has unquestionably revolutionized how we connect with the world. Furthermore, technology and its continuous adaptations are changing the way we live our lives. In fact, the “normal” 9-5 is becoming more and more influenced by modern-day innovations. It is estimated that 73 million jobs will be lost by 2030 as a result of automation and modern technologies such as AI.
People too are less inclined to settle for the ordinary, they are stepping outside their comfort zones and allowing themselves financial freedom. Having a side hustle or passive income does just that. It not only allows you to improve your lifestyle, but it presents an opportunity that allows you to shape a better future for yourself.
But what do we mean by passive income? Sit tight we are about to explain the what and how so that you can start living the life you deserve.
Get Ready to Change your Life
What is Passive Income?
The money you earn working for someone else or as a freelancer/self-employed is known as “active income”. Here you are actively giving your time in exchange for payment.
Passive income, a kind of buzzword in recent times is where you generate money with minimal effort, meaning you can make your money work for you rather than the other way around.
Many people are now gravitating towards Forex for the simple reason that you can turn as little as $200 into a great source of passive income.
Pros & Cons of Passive Income
Before we dive into how it’s important that you understand the benefits and potential drawbacks to earning a passive income through Forex.
An obvious benefit is the reduced amount of time and energy commitment, but other benefits include:
Financial Freedom:
Having a side income enhances your quality of living giving you the opportunity to enjoy your life by providing financial stability with less energy and time.
More time doing what you love:
The great thing about earning a passive income is that when it works it frees up time to increase the number of side hustles you can get your hands dirty with. The average millionaire in fact has at least 7 different sources of income, with half of these coming from passive streams.
No limit on success:
With a traditional job/income stream we are capped on what we receive month in month out. With passive income with the right amount of grit and investment in the right business, the sky is your limit.
No one thing is perfect and so there are potential pitfalls with earning a passive income:
Time-consuming:
As contradictory as this sounds, what we mean is Rome wasn’t built in a day. No business or venture is an overnight success and to make it work a bit of elbow grease is required.
Potential high risk:
Nothing is guaranteed, and you do run the risk of losing money, but the right measures in place risk can be reduced.
Overall, you can earn a steady income by having a side hustle. Better still the more established the business becomes the easier it is to increase profit potential and the less you have to work to do so.
Dreaming of retiring to a remote location where the waters are so clear you can see the ocean bottom? The good news is this isn’t far from reach. Now that you know why you should do it let’s dive into how.
Becoming a Passive Income Whiz
It’s a well-known fact that the Forex market is the most liquid global industry. With the substantial volumes of money that circulate this immense arena, there are many reasons why people flock for financial liberty and handsome profit.
Not only is Forex trading a huge part of our everyday lives, be it currency exchange or trading but it also offers traders ample opportunity to earn a source of passive income if taken seriously.
How to Make Money in Forex
Copy Trading
Copy trading as suggest in the name is when you can benefit from the positions placed by other traders. Instead of devoting a considerable amount of time to developing a plan and monitoring the markets, you can benefit from the success of others.
This method of trading is becoming increasingly more popular in particular for beginners who are trying to grasp the basics of Forex trading.
Forex Robots / Expert Advisors
Expert Advisors (EAs) represent a program code that is integrated onto the MT4 platform. They are used to monitor and trade the Forex market using algorithms. EAs find opportunities according to the parameters set by trades and notify them of the best time to open or close positions.
Envi FX offers traders the renowned MetaTrader 4 platform allowing them to import EAs and automatically copy trades that are executed by others in real-time (trading signals).
Forex Affiliation
Another way to make more bang for your buck is through Forex Affiliation which is a revenue stream based on referrals and rewards. Affiliates refer potential traders to online brokers and the referral works when a potential trader clicks an Affiliate’s link or a banner and then registers to trade with the broker.
At Envi FX we pride ourselves on offering traders a next-level Affiliate program. One that will help give you the potential to go further.
Active Trading vs Passive Trading
Active Traders take trading very seriously and are inclined to invest a considerable amount of time into their craft. In most cases, their trade activity will be their primary focus.
Passive traders on the other hand treat Forex trading as a side-business or hobby. Those looking to generate additional revenue tend to fall in the bracket of passive traders, as they are less committed to trading full-time.
Final Thoughts
We are without a doubt living in a world that is ever-changing. Technology is an incessant turning hamster wheel and will continue to change how we operate our daily lives. With Forex trading and a little hard work, you can easily increase your earning potential. So, what are you waiting for? Sign up with Envi FX and we can help you conquer your goals.