Montreal, Aug 1 (IANS) A growing group of TikTok influencers have started building the platform by promoting passive income to their followers.
Thousands of users regularly share their expertise, tips, and advice so that their followers can, theoretically, achieve the same level of passive income without lifting a finger.
One influencer claimed that she "tried just about every side hustle there is before landing on print-on-demand as the most profitable source of passive income," which she says she started "since she was a teenager." During the COVID-19 pandemic, interest in passive income surged. The Passive Income subreddit has nearly half a million members and the #passiveincom hashtag on TikTok has 1.2 million posts and billions of views.In the wake of the pandemic's end, many have lost confidence in the labor market, believing it has reached the point of no return.
Given the current state of the economy and government policy, it is not surprising that so many people are attracted to the appeal of passive income. The middle and working classes have seen the same income that their parents and grandparents received. Opportunities have vanished, leaving them dreaming of financial stability without the means to achieve it.
Amid unprecedented levels of income inequality, there is growing recognition among workers about labor market uncertainty and the need to think differently about financial security. But passive income may not be all it's cracked up to be.earning while you sleep
According to a 2022 survey, a significant portion of Gen Z get their financial advice from either TikTok (34 percent) or YouTube (33 percent). They see influencers sharing their successes (and rarely their failures) and are inspired to try their strategies themselves.
Various passive income subcultures have emerged, ranging from finance bro hustle gurus to young women selling money-making credit card schemes to their followers. Many influencers pushing passive income schemes call it "ears while you sleep." They describe it as a method, suggesting that once you do the preliminary work on a certain productive venture, it will inevitably make money for you.
As research I conducted with sociologist Karen Gregory has shown, this is made more literal by livestreamers on platforms like Twitch.These streamers attract more viewers and attention by livestreaming themselves while sleeping, as fans donate money, promote their content and buy emojis or other perks throughout the broadcast. This desire to be "work-free" indicates, because "sleeping on stream is not putting aside and obscuring the prep work that goes into it and profiting from the market through complete physical inactivity."
To us, then, these sleep streamers seem to embody the logical endpoint of passive income as the ultimate dream of this moment under digital capitalism.
Always Keep GrindingThe idea of passive income is often made appealing, but the reality is that many of these ventures require significant effort.
In many cases, from handling logistics and costs to dropshipping (buying cheap items to resell them at a profit) to creating and selling online courses, the work that goes into side hustles or alternative income streams is incredible. It is laborious in nature.About making passive income.
In fact, the understanding of what passive income is has changed wildly, from what the Internal Revenue Service describes as "activities in which you physically participate" to regurgitating terms like "leveraged income." To appropriate which refers to maintaining Airbnb rental properties. Somehow passive. While many critics have correctly pointed out the false promises prevalent in financial knowledge within these online subcultures, we should carefully consider the cultural and economic forces underpinning this shift.
Journalist Rebecca Jennings wrote in a March 2023 article for Vox that some of this is definitely old-fashioned aspirational content and marketing.
“In short,” he wrote, “it is the sentiment that our primary purpose as people is to make our lives as effective and efficient as possible." In other words, the "always keep grinding" mentality. As a result, the concept of participating in multiple income streams to protect yourself from financial insecurity has been reframed as not only strategic but also passive. Of course, You can divide your labor among different entrepreneurial paths, but ideally, you can also start them and then let them go without much maintenance. Let the money flow.
A new golden age?
Get-rich-quick schemes are nothing new, and those currently being shared by “finfluencers” are usually fraught with pitfalls, ranging from a complete lack of regulation or accountability, to routine social media content. And down to the blurred lines between ads – not to mention. Take influencers at their word for the way users are expected to know how much they earn through passive income.Only 20 percent of Americans earn passive income, and almost entirely through dividends, interest or rental properties (although whether rental properties actually count as passive income is still a matter of debate. ).
Canadian numbers are difficult to obtain, but Finance Canada estimates that 83 per cent of taxable passive income in 2017 was held by individuals in the top one per cent income range.
It makes sense. The classic Wall Street notion of passive income – investing in the right stock or index fund or owning property and having the rent check make your living – persists. Yet, in a new golden age defined and structured by wealth, which Passively inherited or transferred and rarely distributed, the rest of us can't help but notice a platform economy waiting to be exploited – and why not?
The belief that one's self-worth is one's net worth turns us all into entrepreneurial success stories while we grasp a way to monetize what we can.For many, this means a race to seize opportunities before they disappear. (talk) GRSGRS
Thousands of users regularly share their expertise, tips, and advice so that their followers can, theoretically, achieve the same level of passive income without lifting a finger.
One influencer claimed that she "tried just about every side hustle there is before landing on print-on-demand as the most profitable source of passive income," which she says she started "since she was a teenager." During the COVID-19 pandemic, interest in passive income surged. The Passive Income subreddit has nearly half a million members and the #passiveincom hashtag on TikTok has 1.2 million posts and billions of views.In the wake of the pandemic's end, many have lost confidence in the labor market, believing it has reached the point of no return.
Given the current state of the economy and government policy, it is not surprising that so many people are attracted to the appeal of passive income. The middle and working classes have seen the same income that their parents and grandparents received. Opportunities have vanished, leaving them dreaming of financial stability without the means to achieve it.
Amid unprecedented levels of income inequality, there is growing recognition among workers about labor market uncertainty and the need to think differently about financial security. But passive income may not be all it's cracked up to be.earning while you sleep
According to a 2022 survey, a significant portion of Gen Z get their financial advice from either TikTok (34 percent) or YouTube (33 percent). They see influencers sharing their successes (and rarely their failures) and are inspired to try their strategies themselves.
Various passive income subcultures have emerged, ranging from finance bro hustle gurus to young women selling money-making credit card schemes to their followers. Many influencers pushing passive income schemes call it "ears while you sleep." They describe it as a method, suggesting that once you do the preliminary work on a certain productive venture, it will inevitably make money for you.
As research I conducted with sociologist Karen Gregory has shown, this is made more literal by livestreamers on platforms like Twitch.These streamers attract more viewers and attention by livestreaming themselves while sleeping, as fans donate money, promote their content and buy emojis or other perks throughout the broadcast. This desire to be "work-free" indicates, because "sleeping on stream is not putting aside and obscuring the prep work that goes into it and profiting from the market through complete physical inactivity."
To us, then, these sleep streamers seem to embody the logical endpoint of passive income as the ultimate dream of this moment under digital capitalism.
Always Keep GrindingThe idea of passive income is often made appealing, but the reality is that many of these ventures require significant effort.
In many cases, from handling logistics and costs to dropshipping (buying cheap items to resell them at a profit) to creating and selling online courses, the work that goes into side hustles or alternative income streams is incredible. It is laborious in nature.About making passive income.
In fact, the understanding of what passive income is has changed wildly, from what the Internal Revenue Service describes as "activities in which you physically participate" to regurgitating terms like "leveraged income." To appropriate which refers to maintaining Airbnb rental properties. Somehow passive. While many critics have correctly pointed out the false promises prevalent in financial knowledge within these online subcultures, we should carefully consider the cultural and economic forces underpinning this shift.
Journalist Rebecca Jennings wrote in a March 2023 article for Vox that some of this is definitely old-fashioned aspirational content and marketing.
“In short,” he wrote, “it is the sentiment that our primary purpose as people is to make our lives as effective and efficient as possible." In other words, the "always keep grinding" mentality. As a result, the concept of participating in multiple income streams to protect yourself from financial insecurity has been reframed as not only strategic but also passive. Of course, You can divide your labor among different entrepreneurial paths, but ideally, you can also start them and then let them go without much maintenance. Let the money flow.
A new golden age?
Get-rich-quick schemes are nothing new, and those currently being shared by “finfluencers” are usually fraught with pitfalls, ranging from a complete lack of regulation or accountability, to routine social media content. And down to the blurred lines between ads – not to mention. Take influencers at their word for the way users are expected to know how much they earn through passive income.Only 20 percent of Americans earn passive income, and almost entirely through dividends, interest or rental properties (although whether rental properties actually count as passive income is still a matter of debate. ).
Canadian numbers are difficult to obtain, but Finance Canada estimates that 83 per cent of taxable passive income in 2017 was held by individuals in the top one per cent income range.
It makes sense. The classic Wall Street notion of passive income – investing in the right stock or index fund or owning property and having the rent check make your living – persists. Yet, in a new golden age defined and structured by wealth, which Passively inherited or transferred and rarely distributed, the rest of us can't help but notice a platform economy waiting to be exploited – and why not?
The belief that one's self-worth is one's net worth turns us all into entrepreneurial success stories while we grasp a way to monetize what we can.For many, this means a race to seize opportunities before they disappear. (talk) GRSGRS
