Passive Income.

in LeoFinance2 months ago

Authored by: @hetty-rowan


work.png

The best earnings are the ones you worked hard for!


My father always told me this

That was a favorite quote my father liked to cast on my sister and me when he'd done an extra job in the evenings next to his job. His day job was a carpenter. He was the tutor of the company where he was employed for more than 25 years. He has worked on the restorations of almost every major church in the Netherlands and never complained about his job. He was a happy man when he could do his job. But because a carpenter job is not the highest paying job, and he had to support a family, he was also only too happy that many people knew his passion for his work and the good quality he delivered. As a result, he was never short of more chores, and he also worked many hours more than the normal hours for the boss. In the evenings and on Saturdays he was always doing odd jobs. Sunday was all his time for wife and children, and visits were made to the mutual parents. And it was time to go on trips as a family. That's how I remember Sundays as a child.

First photo sold

When I got my first money from someone who wanted to buy a photo that I had taken, my father said to me, "This money Hetty, you always remember that. You have worked hard for this and these are the best earnings. Because you did it with love. Make sure you can always earn money by doing what you do with heart and soul, and what you want to work hard for."

Thinking about this a lot lately

Over the years, that quote has always stuck. And this has certainly been on my mind a lot lately. Because, I want to work hard, but I certainly want to be rewarded for it in a reasonable way. And that, that happens less and less. Because what my passion lies in is increasingly being done for nothing by others. Whether one can then speak of the same quality is another matter. But that doesn't matter to many. So now that the battle to earn has only gotten tougher in recent years, I had to look for other ways. And then you also come to a piece of Passive Income.

Cryptocurrency opened up possibilities

Since I ended up in the cryptocurrency, possibilities have suddenly revealed themselves. Where I get absolutely nothing for the euros that I can barely earn if I leave them in the bank. Is that a different story with the cryptocurrency.

Negative interest on banks

Where a bank nowadays even dares to use negative interest rates for wealthy people, you just get money in the cryptocurrency. And on stablecoins, it can go up to 12% APY.

Positive interest on cryptocurrencies

A very interesting way to save I would think. And so that's exactly what I'm doing. Carefully building up a nice savings that will yield enough in time to be able to say, now I have a nice monthly income from interest. And yes, of course it remains to be seen whether these percentages will remain so high. But as long as they're that high, it's just silly not to take advantage of them. In some cases it is even possible to simply deposit my euros there. And that makes it all the more interesting, on the regular bank, on my savings account it is certainly not worth more. Only less because of inflation. With Nexo, for example, I just get a high interest rate on my euro and it becomes worth more instead of less.

Trade for profits

I try to make profits with my crypto trading portfolio, and I then store a part of those profits back in euros to Nexo. 2x wins I would say.

Staking

But there are of course more ways to build a passive income in crypto. One way is to stake your coins! That is certainly a very interesting option. Although you have to do some more research into the coin that you are going to Stake. Staking is only interesting if you really want to hold this coin for a longer period of time. And if you want to hold it for the long term, it doesn't matter that it is volatile… you earn your extra crypto while holding your crypto. And if it's good, and you have chosen the right coin, it will also increase in price so that your investment grows without you doing anything for it.

Yield Farming

Another option is of course yield farming. This method involves more risk, but often also higher profits. Always pay attention to WHICH yield farm you choose. If it seems too good to be true, it usually is. And besides the risk that a rugpull can happen, you always have the risk of impermanent loss. You have to take this into account when you are going to use yield farming. You will have find out for yourself, before you go all-in, whether you want to take this risk.

Times change!

And then we're back to my father's favorite saying. Because is making money with hard work really the best? Or has that image changed over the years? Back when my father was young, the mentality was different! My father was born in the war years, he grew up in the time just after the war og. People had nothing, the economy had to be completely rebuilt. There was no time to travel, people didn't even think about it. It was work, work, work and more work. So that's what he was spoon-fed as well. My grandfather was a farmer and worked around the clock. All 5 children had to help after school. And that was very normal. They didn't have a lot of money, but nobody had that. They didn't get pocket money until they worked for it. The days were filled with school and then work in the stable, in the fields and in the house.

They didn´t have the opportunities, nor the same mentality back then

When you grow up that way, it makes sense that you think that way. Now, now we live in a different time… we want to travel, see the world, we don't want to spend our whole lives working for a boss and staying in one place. The economy at the moment is also in a completely different phase. And I'm certainly not saying that the economy is stronger now. When my father finished school, it was not difficult to get a job. He didn't have to write 500 application letters and then get 400 no answers, 99 rejections and 1 invitation for an interview, in which at least 5 other candidates were then invited for the same position. No, in those days you just walked into a company in the afternoon. You introduced yourself and said you were looking for work. A few questions were asked and if your answers were satisfactory you were told how much you would earn. If you agreed with that, you could often start the next working day. A whole different time. And therefore completely different habits, and also completely different possibilities. Usually your salary was still paid in a so-called 'pay packet'. The proverbial old sock under the mattress was the way of saving for many.

Everything changed

That's all gone now. The financial system has changed, and is once again on the cusp of change. Inflation in traditional financial systems is reaching new highs. We see national currencies being devalued as if it were nothing, and meanwhile here in crypto a new financial revolution is underway that the traditional financial world fears because they have no control over it.

I no longer agree with my father about the best way to earn money… On the contrary. I think;

Make my money work for me, instead of me for my money.

Which then only becomes worth less, because of inflation.

How do you think about this?



lbi.png

Posted Using LeoFinance Beta

Sort:  

Yield Farming

@hetty-rowan Are you staking cake on Cubdefi? :D
Thats passive aswell + auto compounding ^^

At the moment I'm not staking Cake on Cubdefi, because I don't own Cake, but I do feel like a princess in 'my Kingdom' 😁

Posted Using LeoFinance Beta

Ohh.. Well Cake is really passive in Kingdoms.
It auto compounds and pays out some Cub aswell ^^ :D

I know, all the Kingdoms do the same. Auto compounding and paying some Cub as well.

That's why I said, "I feel like a princess in My Kingdom". I'm not in Cake but I didn't say that I was not in a Kingdom on Cubdefi.

Posted Using LeoFinance Beta

Yeah I agree, it's a different time. Although for anything worth in life working hard initially is the only way to get anywhere. Even with crypto there's some work involved, acquiring knowledge about it and what opportunities and risks it involves. As with many passive income sources there's still quite some work done upfront. It's just not as labour intensive as the old days. More brain work! I still like to work hard physically in sports and apply that mantra there. Train hard but also smart to progress further :-)


Posted via proofofbrain.io

Totally agreed on this one. Even in crypto there is working involved to get where you want to be. And I can assure you, that is hard-working too. But nevertheless, there are possibilities that didn't exist anymore in the traditional system.

Posted Using LeoFinance Beta

Very true, times are changing quickly and it comes with many new opportunities


Posted via proofofbrain.io

I love the story you chose to depict the change in mentality over time.

Posted Using LeoFinance Beta

Thank you, I was thinking what to write. And then that story came to my mind. The rest is history ... ;-)

Posted Using LeoFinance Beta

The most important thing in life is results especially when it comes to business and that is why focus and contsitence is very vital,which will bring in huge profit and it is not just about making profit,but making the one's that count alot cause the level of devaluation this days is getting too high


Posted via proofofbrain.io

The most important thing in life is results

When it comes to finances, I agree. But when it comes to life in general, I don't fully agree on this. In my opinion, there are other things even more important.

Making profits that count. Hmmm, to me, every profit is a profit that counts. If you don't honor the small profits, you're not even worth the big profits. Modesty is good for man.

Posted Using LeoFinance Beta

One thing is life is that u need to be happy with urself and also happy with what u are doing by doing that success is guaranteed


Posted via proofofbrain.io

of course, being happy with yourself, and what you're doing is important. But tell me honestly, how many people are really able to only do what they want?

Posted Using LeoFinance Beta

How times have changed. Thanks to yield farming and Defi we get earn an increase APR as compared to them financial institutions.

Making your money for you in this age and time is really cool


Posted via proofofbrain.io

Nothing to say ... I fully agree!

Posted Using LeoFinance Beta

For me I believe, making money is different nowadays and as the world begins to be technologically advanced, it'll even become more different. Nowadays people can make money even while sleeping and you've highlighted how crypto has revolutionalised the act to passively earn.
I think as time changes, the concept of money and wealth changes too.

Posted Using LeoFinance Beta

I think the same. The concept of money and wealth will change. In what way? I'm not sure about that.

Posted Using LeoFinance Beta

Well for example I believe saving money in traditional banks for defi, that's probably an example of how this change might be.

Posted Using LeoFinance Beta

I have come to realise that there is no income from offive work that can be compare to passive income.

Thanks for sharing


Posted via proofofbrain.io

Passive is a great way to earn. But to get that started, you need to work hard for it.

Posted Using LeoFinance Beta

Funny enough my own dad still believes in the work, work, work and work scheme
He feels we should always be working, be up and doing even when we have cryptocurrency in the other hand.
But things has changed, the world is evolving, so is technology and the way people make money.
But if one is doing what he or she loves and doing it with great efforts and sacrifices then he or she ought to be rewarded and compensated in the same or commensurate amount


Posted via proofofbrain.io

I think many people still believe in that for 100%. And let's just say ... maybe it's not the way we make money through working or not working that is changing. But more the way we feel about working, that is changing. Because, writing blogs for money is in fact a job too. It only doesn't feel like that ...

Posted Using LeoFinance Beta

No longer is it enough to earn a "salary". Most families have to have at least two incomes to make it these days. The only way to get ahead is to either have other people working for you making you money, or to have your money earning you passive income while you sleep. Preferably both.

Crypto has definitely opened up a whole new world of passive income. Dripcoins, yield-farming, staking, curation rewards, etc. There are many ways to grow your earnings without having to spend more time doing it. LBI is one of them and also one of my favorites. I anticipate dividends starting here in the next month or so and I can't wait. While I'd love to see the price move back up to previous highs and beyond, I'm also kind of hoping it stays down here for a little while so we can take advantage of getting more LEO when they start paying out.

We're still so early in this game. If we all focus on building our stakes and not so much on price, I think when we wake up in 5 years we'll all be amazed at how far we have come and how much it all is worth.

I really like your strategy of building a stablecoin stack. I will have to start doing that. I just feel like everything is just so cheap right now I can't get myself to just put money in stables. But, that is a very good strategy. At least for a piece anyway. There will always be unexpected opportunities that pop up in crypto and having a liquid supply available with which to take advantage of those opportunities seems like a very good idea.

Another great read! Keep up the great work! You've definitely earned your LBI "rewards" in my book.

Posted Using LeoFinance Beta

Thanks for your extended reply.

We're still so early in this game. If we all focus on building our stakes and not so much on price, I think when we wake up in 5 years we'll all be amazed at how far we have come and how much it all is worth.

I think we'll see the results sooner than 5 years from now. The stablestack has two functions. It's yielding interest, but it's also a form to have liquids for dips, and it's a safe investments for when the bearmarket will be here again.

I only hope I have much more time to build because right now it's 'next to nothing'. Lol

Posted Using LeoFinance Beta

Oh, I agree. It will be way less than 5 years before we see results. But that doesn't mean you should sell. I plan on keeping my bags for at least the next five years. The idea is that by the time I'm actually ready to sell, there will be some really great places to put it. I certainly don't want to sell it into fiat if I don't have to. I just want to be able to move it around into some different things and live off the interest. I'm hoping over the next 5 years that will be developed, tested, and secured.

Posted Using LeoFinance Beta

I enjoy things that come with less effort way more because I'm a lazy pleb :P

Posted Using LeoFinance Beta

Lol ... why did I already know that you would say something like this?

Posted Using LeoFinance Beta

because I always try to fulfill people's expectations of me :))))

The must important thing on Earth is to be a successful person especially when you're a business person. Thanks for updating us more about business


Posted via proofofbrain.io

Thanks for your reply. I showed me that you really did read the post very well. I'm happy to hear your opinion about this. To my understanding, I asked a question. I didn't update you about business at all.

Posted Using LeoFinance Beta

Because is making money with hard work really the best?

When you know that 80% of billionaires are inheritors, and are for most of them are descendant of the richest families of the 15th century, you can understand that hard work has never been a good option, at least not to get big amount of money !

Make my money work for me, instead of me for my money.

It's totally a good option, unfortunately you first need to work to have money to put to work :'), I'm still at this step and I totally agree with you for NEXO, this is totally a great option !

Posted Using LeoFinance Beta

I'm definitely at that step too myself. Making the money, so I can put it to work for me. But if you don't honor the small amounts, you're not even worth the big amounts. That's another thing my father taught me. Be grateful for every little thing, because little things can add up to a big thing later.

Posted Using LeoFinance Beta

I think we definitely need to have money work for us given the current environment. People use to do it through stocks but the returns there probably don't even match what you get in yield farms anymore. Of course everything comes with its own risk so people should do their own research.

Posted Using LeoFinance Beta

That will always be needed. DYOR, and see how to take it one step further. Every time again. Risk management is most important, but also the thing that many people seem to forget.

Posted Using LeoFinance Beta

excellent bro that's robert kiyosaki's idea to make our money work for us instead of working for money

Posted Using LeoFinance Beta