Money is a fundamental necessity; we need money for food, for clothing, for education, for healthcare and for sustaining our lifestyles. To make money, we need to put in the dedication and the hard work into our jobs.

We are all so actively engrossed in the process of making more money that we often put other important things like our passions, hobbies, families and friends, in the backseat. Aren’t all those things the very reason we were earning money for, in the first place? What if people could have a secondary, or passive source of income that didn’t require active involvement?

For most people, the concept of passive income has an element of mystery and intrigue to it. For others, it's the way of life. In simple words, passive income is the money earned on an investment — or work completed in the past — that requires little work or no active involvement to generate ongoing revenue.

Active income, on the other hand, is the hard-earned money that one earns in exchange for performing a service. This includes wages, tips, salaries, commissions, and income from freelance projects. 

There are many ways to earn a passive income. Display advertising, ebooks, e-courses, YouTube channels, etc. But they require skill, and not everyone is skilled for the same. One surest way of earning a passive income is from wealth, which can be taught using skills and systems. 

Having a source of passive income can completely turn things around for people. Think about it — if you could put in some upfront work into a project that would generate income for years to come, would you pass up on that opportunity? If you are inclined to put in the early efforts, passive income could prove to be significantly beneficial.

It could help sustain your lifestyle, and it could give you that extra money you need to buy something you have always wanted. Most importantly, it could give you a financial cushion to fall back on in times of need, such as the present economic downfall due to the COVID-19 pandemic.

You may consider investing your existing wealth in various assets like equity, debt, real estate, gold, and insurance in a way so that you make sure that there is a cash inflow of certain amounts at regular intervals in the form of passive income.

Investing your existing wealth into various assets according to your needs and risk-taking ability and making money out of it is easier than trying to learn a new skill altogether. 

However, generating a passive income from existing wealth cannot be achieved through a shortcut. It still requires involvement and hard work in the initial stages, but if you are willing to make the effort, you could end up making money while you sleep. And that’s the goal of passive income.

passive incomeWays to earn passivelyInterest earned from investments/lending

Earning interest on investments is one of the most common yet effective forms of earning passively. Most people open Fixed Deposits and start contributing to a retirement fund early on in their careers. The interest earned on investments can add up to a significant amount in the long run.

Contribution in PPF, EPF, NPS, etc. all are classified as long term investing with a goal of regular savings and future income from interest earned. Even lending money just like banks to other institutions in forms of debentures fetches higher rates of return versus the banks. 

Also Read14 passive income ideas for earning money as you sleepRental income

While most people invest in property for the outcome of appreciation of property, it is an outcome they can't control. They often forget that making money from rental income is a great way to create monthly passive income.

Although investing in property presents its own challenges, like finding a tenant who can pay the required rent and maintaining the property, it can still be a strong source of passive income and worth the initial effort. One could pull in some significant money in the form of rent money. Investing in stock markets

Dividend stocks are one of the easiest ways for people to create a passive income stream. As public companies generate profits, investors earn a portion of those profits in the form of dividends. Investors can then decide whether to keep the cash or reinvest the money in additional shares.

This style of investments gives investors long term growth along with annual dividends from the companies they have already invested in. Many people nearing retirement like to buy PSU companies that are known for paying high dividends but are weaker in comparative growth. 

Also ReadThe science of stock trading during volatile times

Precious metals

Over the last five years, investing in gold has also generated passive income for a lot of people. Investing in gold bonds is a new style of investing, which can fetch from 2.5-2.75 percent yearly interest income, which is at par with the bank interest on many national banks on date.

This is a unique way to not only enjoy the benefits of investing in gold digitally but also getting interest to do so.

Insurances

Many people consider using the traditional style of investing in insurances as a part of their tax deduction and buy insurance plans that start paying yearly income back to them after a certain time. The most interesting thing about this is that the investment is tax-free, and so is the income received from it. Hence, this arrangement is very lucrative for the individual, especially in the high tax bracket.

Passive versus active incomeUnlike passive income which takes years to build, an active income ensures that you have a consistent income stream and allows you to make money in a short and defined period of time i.e. your salary. Often, an active source of income is necessary in order to lay the foundation for a passive source of income.

For instance, to earn passively from investments, you need to first make enough money to invest. However, a lot of people still look at active income as the only option and are oblivious to the notion of earning passively. In this day and age, people should be looking at both revenue streams in combination.

There comes a point in life when one starts feeling the financial pressure of balancing savings and expenditure. If implemented correctly, passive income can certainly provide that extra stability that one may be looking to achieve.

(Edited by Saheli Sen Gupta)

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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Original Source: yourstory.com

Stay dry

Jabra Elite 75t

$150 at Amazon

Pros

Great sound quality
Comfortable fit
Improved battery life
Smaller charging case
Better than the AirPods

Cons

Fewer charges from the case compared to Elite 65t
No wireless charging
Call quality still not as good as AirPods

Jabra makes a strong case that these are one of the best true wireless earbuds products currently available. With far better battery life over the Elite 65t and a slimmer frame that nestles into ears with greater comfort, there’s a lot to like about the package the Elite 75t delivers. Solid app support, voice assistant integration, and some of the best cable-free audio quality round out an impressive piece of kit.

Get wet

Jabra Elite Active 75t

$180 at Amazon

Pros

Waterproof build
Great sound quality
Comfortable fit
Smaller charging case
Just as portable as Elite 75t

Cons

No noticeable audio upgrade from Elite 75t
No wireless charging
No improved call quality

Like the year before, Jabra followed up its excellent Elite 75t true wireless earbuds with a waterproof variant that adds a little extra insurance. Wet and sweaty conditions shouldn’t cause any trepidation with the Elite Active 75t because they are built to withstand a serious workout or run in the rain. Beyond that, Jabra chose not to make any other cosmetic or functional changes, putting these two earbuds in a very close call.

Jabra doesn’t like to release everything all at once, and that’s why there are two versions of its Elite 75t true wireless earbuds that came months apart. The Danish brand has staked a claim as being a serious contender for the best in the business. Part of that comes from the versatility involved. Is there even a real competition between these two evenly-matched choices? Let’s find out.

These could easily pass for twins

When it comes to the next generation of Jabra, it’s not easy to address a few shortcomings in one fell swoop, but that’s what the Elite 75t genuinely feel like. They are 22 percent smaller than the previous Elite 65t by Jabra’s count, yet they feel like even more was chopped off. The lighter weight does help, though, as does the extra portability afforded by the slimmer charging case. However, before diving in, let’s see what both models have to offer.

Jabra Elite 75t
Jabra Elite Active 75t

Durability
IP55
IP57

Bud battery life
7.5 hours
7.5 hours

Charging case battery life
20.5 hours
20.5 hours

Connectivity
Bluetooth 5.0
Bluetooth 5.0

Digital assistant support
Alexa, Google Assistant, Siri
Alexa, Google Assistant, Siri

Supported audio codecs
SBC, AAC
SBC, AAC

Speaker size
6mm drivers
6mm drivers

Active noise cancellation
No
No

Put these two Elite models next to each other in the same color, and you may be in danger of not knowing which is which. Jabra didn’t really re-engineer the form factor or design principles of the Elite 75t to make the Active model. The more ruggedized Elite Active 75t are veritable clones, especially at first glance. The key difference lies in durability.

The Elite 75t have an IP55 rating, which means they have decent dust resistance, and okay water-resistance. The odd splash or drop of rain shouldn’t affect performance or longevity, but Jabra recommends not submerging them in water. The company used a special coating on the Elite Active 75t that raises the rating to IP57, essentially making those earbuds waterproof.

The coating isn’t obvious to the eye, so you don’t really see it when handling the earbuds. They would be fine in a meter of clear water for up to 30 minutes, whereas anything longer risks bricking them completely. Saltwater is also a definite no-no, so keep them on the sandy part of the beach.

A degree of separation

Neither model holds any advantage in battery life because they both benefit from the same improvements. Jabra took the Elite 65t, which usually hovered in the four-hour range, and managed to almost double that to 7.5 hours. You may not always get that number based on volume level, but it’s still a noticeable push in the right direction.

Their respective cases are of equal size, shape, and weight. It’s probably likely Jabra just manufactured more of the same Elite 75t cases and allocated them to Elite Active 75t models. They both have USB-C charging ports, though no wireless charging — a feature Jabra says is coming in a future 75t iteration.

What separates these two is where you can use them. The Elite 75t aren’t useless in a gym or on jogging route, but Jabra figures it can assuage any fears that they might die out by making an Active version. For constant workouts producing copious amounts of sweat, the Elite Active 75t are built to handle that regularly. Like their standard counterparts, they do need some TLC every so often to clean off dust, debris, and salt.

There’s good stuff there to work with; it’s just that you don’t get any inherent advantage, no matter which way you go.

Jabra offers the same standard one-year manufacturer warranty, plus an extra two-year limited warranty for both models when registered through the Jabra Sound+ app. It does cover damage from repeated exposure to dust and water, but read the fine print, and you will see some ambiguity there. It distinctly mentions covering damage from dust and perspiration, but not water, liquids, food, and physical damage. Those limits apply to both models, despite one being waterproof out of the box.

Jabra did deviate a little on how it offers colors. The Elite 75t come in black, titanium black and gold beige, whereas the Elite Active 75t come in navy, copper black, titanium black, grey, mint, and sienna.

New features

Both models have new features recently introduced in the Sound+ app. The first is MySound, where you can create your own personal hearing profile by listening to a series of beeps that tune your ears to whatever you listen to. The feature comes from Jabra’s sister organization, GN Hearing, whose work on hearing aids guided how MySound will work.

MyControls is another sought-after feature that will let users alter the default controls for play/pause, next and previous tracks, and calling up your phone’s voice assistant. Both MyControls and MySound were introduced as software updates in June 2020.

So, which should you choose?

So, which set of earbuds is better? That depends on how active you plan on being. There is no difference in how the Sound+ app treats either model, as is. The equalizer and HearThrough settings, among other things in there, are readily available either way. There’s good stuff there to work with; it’s just that you don’t get any inherent advantage, no matter which way you go.

The choice really comes down to priorities when you want to use them. If you often need earbuds while working out, the Elite Active 75t are the better bet. If you generally shun vigorous workouts and barely break a sweat listening to tunes, the Elite 75t are good enough to negate paying the premium. If you’re on the fence, go with the Active model for the sake of covering all bases.

For leisure

Jabra Elite 75t

Prefers to stay cool

$150 at Amazon
$180 at Best Buy

The Elite 75t are Jabra’s answer to not only the competition but also their own previous attempts at getting true wireless earbuds right. They just aren’t built to take too much punishment.

For activity

Jabra Elite Active 75t

Likes breaking a sweat

$180 at Amazon
$200 at Best Buy

The Elite Active 75t are the Elite 75t with ruggedness in mind. They offer everything the standard model does, with extra protection to boot. It’s just a shame they don’t push the envelope in other areas.

Original Source: androidcentral.com

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