Through out last year I find it hard to get things done with funds despite how my earning was and I find it hard to spend more on my bills around me , though I have been seeing some humans earning and paying bills with one source of income and I do ask myself how is it done
please your advice will be of help
In my opinion no income is truly passive, it’s a sliding scale. People also underestimate the amount of work needed to set up a decent passive income stream. The time it takes to learn the skills required, then apply those skills, fail, learn more then try again (possibly several times) before your successful can be huge with no financial reward and even financial loss. There are certainly active side hustles that I wouldn’t suggest putting time into. Flipping products is very active. Drop shipping is very risky and unless you have managed to build a brand,is too easily imitated. Competitors can and will just undercut you. Youtube is very active, unless you can find an evergreen niche. Now if you have certain certain skills or an aptitude for these things then you can build successful side incomes. I guess the effort/reward can only ever be judged on a personal level.
I think you should have multiple sources of income where possible as this lowers risk, however it is usually easier to increase income from current job/ career than it is via something completely new. Having a second source of income gives financial security, diversification, speedier goal attainment, improved savings, investment opportunities, skill development, flexibility, and a cushion against inflation. Having multiple sources of income will be the best for anybody. To develop multiple sources of income, you have to work hard and learn the required skills through online courses in 2–3 enterprises. In addition, you have to start saving and investing in various financial instruments such as fixed deposits, recurring deposits, shares and mutual funds that keep earning for your even when you sleep.