After this lockdown, many people have turned into chefs, DIY experts, Bloggers(like me), Dancers and more. It is a good thing to see people dusting off their passion for things that they have kept on the shelf for a long time.
It just shows us how people are really good at doing things they are passionate about. It also shows us that when we are passionate to do things that we love, it is never weary.
Most of us are already in the rat race of life. We are living our life based on the time frame others have set for us. In that rat race, we often forget to take care of ourselves right?
However, this lockdown has taught us something. We were able to find some "me-time". And that's one thing that makes me happy amid this pandemic. People are going back to finding their lost self. But, I know it is temporary. Still.
But, let me talk about some finance here. Due to the pandemic, we know many of us have lost jobs. Unemployment rates are high like never before. But, humans are not that easily beatable. I have read people starting a business, especially small business that is quite different than what they did for a living before corona. It is yet again a good thing.
Online business has also seen a rise. I have some friends who started YouTube channels about cooking and some on Instagram. I bet some of them are earning from it as well.
The thing is, earning some money out of these small ventures can really be beneficial in the long run. If it is working good, it might be able to get even more revenue out of those small ventures. It is estimated that people make an income of around 3 lakh per video through YouTube. Youtube is quite a cash cow. And there is even more business that can give you passive income.
Read more: 14 passive income ideas for earning money as you sleep
And guess what when the corona is over they will be somewhat enjoying some good bucks for at least some pocket money.
I have seen, people who work and roughly managing their finance and at the end of the month, they are out of cash. Most of us are not really good at keeping our budget. And I guess that is a problem with our education. We were not taught how to manage our finance. If we were, our life would have been different. I think by venturing out into these small businesses we can learn to manage our money. If we manage our money well, we will be reaching a place of financial freedom and for more, financial independence, later in life.
Before that, we might want to know what those terms mean.
I have read this article from a blog called Mapped Out Money where they talk about financial freedom and financial independence.
Try reading this.
However, I will tell you in short what I was able to read out of it.
Financial freedom is when you are not really worried about spending money on things, like when in an emergency or unexpected situation, or have enough money to buy a new phone, or for your medical expenses. We have that security and peace feeling. It might be from having a steady highly paying job or business. It doesn't matter.
On the other hand, financial independence is something that makes your life easy without having to rely on your job. It is more like retirement. You will have enough savings or it might be a passive income source that helps you achieve this.
The difference between both is that you might want to achieve financial freedom before reaching independence. Because we will have to pay off our debts, save some money and finally settle to reach a state of being financially independent.
So, just start your small business now, make some passive income. There is never a good time.
What are you doing here? Start baking those cakes for god's sake!
Read more: 100+ New Small Business Ideas in India with Low Investment -2020
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