The idea of passive income is not new. Many individuals have secured a reliable stream of revenue through smart side hustle ideas that work while you’re away. The theory is that you can make money while you sleep, which ultimately is the ideal side business strategy – as it doesn’t require constant monitoring to work.
For enthusiastic side hustlers, affiliate marketing is one of the most effective ways of having money tickling in without needing to go much out of your way. Bloggers, for instance, rely primarily on affiliate strategies to monetize their online presence. It’s not to say that you don’t have to do anything with passive income, but once you’re set up, you can let your business run with minimal management.
But while passive income is a known and popular phenomenon, too many people forget about its opposite, passive expenses, aka losing money while you sleep. If you are to get hold of your finances and unlock your full potential, you need to manage passive earning and losing. Everybody is guilty of wasting money from time to time, and these are the most common culprits.
Have You Noticed How People Always Talk About Debts
You rarely hear about someone discussing their debt, it’s always in the plural form. You don’t have just one debt; you have DEBTS. Like enemies in an epic fantasy saga, debts come in numbers. It’s like a devastating fighting scene in the Battle of the Five Armies; debts seem to leave no survivor. In reality, you shouldn’t let the number defeat you. What makes debts challenging to manage is their quantity, but if you find a consolidation provider you can stop scattering your income through a variety of creditors. The first rule of managing your finances is about combining your debts into one so that you can control your recovery.
A Nation of Home Wasters
The average US residential household spent around $2,200 per year on utility bills in 2014. Unfortunately, the majority of homeowners fail to embrace energy conservation tips. As a result, they spend up to 25% more than they need on energy every year. Simple gestures such as keeping your freezer stocked up and unplugging electronics when you don’t use them could reduce energy waste. We’re all guilty of falling for the modern lifestyle trap where everything is immediately available at a click of a button; it’s time to consider what happens in the background, whether it’s running your dishwasher half-empty or setting your thermostat too high.
Even the Way You Sleep Has a Cost
Last, but not least, your sleep can come at a significant cost. Indeed, over 33% of Americans wake up regularly throughout the night to go to the bathroom, a condition that is called nocturia. Nocturia affects your sleep patterns and disturbs your rest. But, aside from causing tiredness, it can also impair your productivity during the day. Poor sleeping routines make it more difficult for your brain to focus on ideas. Your mind becomes unable to follow complex processes, which ultimately means that you can’t perform to your full potential, hence costing money.
You may only be at the beginning of your financial journey, but if you want to give yourself the chance of making money quickly – aka while you sleep – you need to make sure that you’re not already wasting money passively!