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 are also looking for ways to break free from the ordinary 9-to-5 grind and have more control over their money. This is where “side hustles” and “passive income” come in. They can help you improve your lifestyle and build a brighter future for yourself.
But what exactly is passive income? Don’t worry, we’ll explain it all so you can start living the life you deserve!
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Get Ready to Change your Life: Passive Income
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 jump in, let’s talk about the pros and cons of earning passive income through Forex trading.
The Upsides:
- Less Time, More Freedom: One of the biggest perks is that passive Forex strategies can free up your time. Imagine not having to be glued to your computer all day trading! This allows you to focus on other things you enjoy.
- Potential for 24/7 Growth: The Forex market never sleeps! This means your passive income strategy can potentially keep working for you even while you’re sleeping or on vacation.
- Multiple Income Streams: Passive Forex income can be a great way to diversify your income sources, which can help you weather financial ups and downs. It’s like having multiple buckets to collect money in, so if one runs dry, you have others to rely on.
- Potential for Higher Returns: While there are no guarantees, Forex has the potential for higher returns compared to some other passive income options (like savings accounts).
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. For a more detailed explanation of What is an ECN, please refer to this article.
Passive Income: No limit on success
With the right effort and choosing the right passive income option, you can reach your financial goals. However, there are a few things to keep in mind:
- It takes time: Building any successful venture takes work. Just like they say, “good things come to those who wait.” Don’t expect to get rich overnight.
Potential high risk:
A side hustle can bring in some extra money on the side. And the good news? The more you build it up, the more money you can potentially make with less work!
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The bottom Line:
Imagine earning money even while you sleep! Passive income opens doors to a life less reliant on the traditional 9-to-5 grind. While it takes effort to set up, the long-term rewards of consistent income streams can be life-changing. Start exploring your options today and pave the way for a brighter financial future.
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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.