With the rising cost of living in Singapore, many people are looking for ways to supplement their income. One of the most popular options is to build passive income streams. Passive income is money generated from sources that do not require active participation, such as rental properties, investments, or online businesses.
One of the biggest benefits of passive income for Singaporeans is the potential for financial stability and security. With a strong passive income stream, individuals can have a steady source of income separate from their primary job, which can provide a safety net in case of unexpected job loss or financial emergencies. Additionally, passive income can help individuals achieve long-term financial goals such as saving for retirement or buying a home.
Another advantage of passive income for Singaporeans is the potential for financial freedom. With a consistent passive income stream, individuals may have the option to reduce their working hours or retire earlier than they would have been able to with just their primary job. This can lead to a better work-life balance and the opportunity to pursue passions and interests outside of work.
In addition to financial stability and freedom, passive income can also provide tax benefits for Singaporeans. Many passive income streams are taxed at a lower rate compared to traditional income sources, which can result in significant savings. This leaves individuals with more disposable income to invest or use for personal expenses.
Lastly, building