April DreemPort Challenge | An Important Discussion about Passive Income
Greetings fellow Dreemies 🙌
Hey hey everyone! I can’t even describe the excitement of joining once again one of the DreemPort challenges (note to self - even if I’m just coming in on the last week ahahah) ! Damn, how I’ve missed the fun! I'm looking forward to the connection and most of all, the interactions with all the other dreemies out there 😁😍.
Thankfully, I can always count on my dear friend Sam to always tag me and spike up my curiosity in these sorts of challenges and this time the topic really caught my attention…
👀 If you wish to know more about it check out this link 👀
This month, DreemPort is collaborating with Silver Bloggers community which I don’t yet have the full requirements and experience to be classified as a Silver Blogger. By the time I will, I sure hope to be here on HIve still, blogging and growing my connections and most definitely joining DreemPort Challenges every once in a while.
However, as I understood it, even a millennial like myself is welcome to join for the challenge and therefore I’m pushing forward with this post, where I’ll share with you my thoughts about a fascinating and important topic… PASSIVE INCOME!
Image from Alexsander-777 from Pixabay
How it all started 🔙
I started to take my personal finances more seriously, with a strategic plan, at the end of 2021. With the pandemic, I almost lost my job and money for me was always a stress factor in my life. I always worked hard yet never had enough to survive independently. Before, it only took a small unexpected expense for me to need to ask my father for financial help. Don’t get me wrong, I’m so lucky to have a parent who can help me financially in times of need…
But as the independent person I am, left home at only 18 years old, it always took a toll on my pride when I needed to ask for help. Not only that but the thought of my father, who has a serious health problem, needing that money in the future in case he suddenly stopped being able to work, also scared me and I didn’t want to be a burden.
Also, as an independent worker, the money I make each month is directly linked to the number of hours I work. I don’t have the same rights as a contracted worker in my country such as paid holidays or food allowance so I always have to save some money if I wish to take some time off work. Back in the day, the number of clients I had and the money I received for each was not enough to meet my monthly expenses.
Luckily, I’ve gained control of my finances more positively in the last 2 years and I can proudly say now that I’m fully financially independent. Nowadays, on average, what I earn for my labours is enough for my personal responsibilities and I can even invest 5/10% of my paycheck each month.
The change in my finances started with the reading of a book called Rich Dad Poor Dad by Robert T. Kiyosaki (note to self - that I strongly recommend to everyone to read) . To me, the change happened in the way I viewed money and breaking my prejudices about being rich or having the desire to have more money (note to self - that honestly were quite a few...) .
With that book, I invested in my education and paid for a 3-month subscription to a website that taught about finances in an easy, simple way. Just to get me started. With only those 3 months of learning, I was able to set my financial objectives, and lost my fear of investing and ever since my life has turned 360º for the better!
My current sources of passive income 💸
So, at the time my first objective was to pay the full amount of a small debt I had because of a mini surgery I had to do to get my teeth fixed. I already had some savings at the time that were almost depleted with my employment situation back in the pandemic, therefore, the very next goal was to replenish my savings and have a financial security of at least 6 months of my monthly expenses.
The financial freedom journey then continued with investing in different financial products, including some cryptocurrencies and of course, Hive!
How do you plan to earn passive income in the future? If you are already generating passive income, tell how you get them.
So, the short answer to this question is a big YEAH, I'm already generating passive income. Although I don't spend that passive income but rather let it compound to increase such passive income. Anyways, my passive income comes mostly from cryptocurrency in the form of stakes.
Two of them are IMX and GODS token, a currency from a game called Gods Unchained that I got because I took an interest in its alpha stage and they rewarded a bunch of IMX to the early adopters and players. I guess I got lucky on this one 😁. The GODS tokens I get just from playing and most are staked.
The other one is a token called ATLAS, also from a game that is called Star Atlas and it's still in its alpha stage nowadays. In this one, I invested real money in it and bought some ships as it's a game relating to space exploration. Those ships are then staked and are giving me ATLAS as a reward. I liked the potential of the project although it already had some stepbacks with the FTX fiasco.
The other crypto stakes I have are a little BTC, ADA and SOL. After the FTX disaster, in which I lost a decent amount of GODS and IMX tokens, I took some measures and got most of my investments out to a cold wallet and that's how I intend to keep it for the long term. My way of thinking is to keep a part of my investments generating profit while the other is safe in a cold wallet.
Finally, I have a financial product from the government where I have my savings. This is because it's a relatively safe product with guaranteed capital and right now is really popular in my country because it's related to the Euribor tax at 6 months. The higher it is, the more profitable this product is and right now it's so high that this product is giving a 3.5% APY (the maximum it can go) which is not too shabby for a product with guaranteed capital!
Do you see Hive as a potential source of passive income for your silver years?
Of course, I do!! I see Hive as one of my main potential sources of passive income and wealth accumulation! Not only we can benefit from a 20% APY from our savings, which I still think is insane, but also the potential of curation and delegation rewards!
I even have this dream of getting to a state where my passive income is sufficient to cover my monthly expenses and at that point, I will be completely free to choose what I want to do with my time other than working to survive 😊.
So I intend to keep around, even if my activity in writing will surely fluctuate in time, I'll keep a close eye on my Hive account, growing my HP stake and my savings account as well!
On Hive there are some tokens to generate passive income. Do you have them in your portfolio? Are there any that you don't have, but would like to have?
In this matter, I confess that I'm a total noob and I don't know any token that generates passive income. I possibly own them and don't even know what they are 🙈🤣! I look forward to reading what others have to say in this matter for sure!
Do you do any activities that you expect to generate passive income in the future, such as designing, writing a book, composing music, etc? Tell us about it.
I would love to write a book or some sort of short guide like an E-book. I even have some ideas for it as they are related to my job. I just need to gain some more confidence and experience to reach the state where I take that leap of faith 😆. It would surely be an awesome way to generate even more passive income for my future but for now, I'll keep my focus where I'm more grounded 😁.
Final notes 💭
That's it from me today! Sadly, I didn't finish this post in time to submit it to DreemPort 😭 but since I already had it half written I thought of finishing it and posting it anyway 😆. It was a really cool subject to write about and I was super excited about it!
Thank you so much for bearing with me so far and for reading about my experience in this financial world. I hope you enjoyed it and I would love to read your opinions about your experiences in the world of crypto and Hive!
Looking forward to seeing other dreemers and bloggers out there 🙌
See ya! 👋
All images are my own unless stated otherwise