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One of the ways that you can revolutionize your finances next year is by looking into your passive income options. This is a type of income that you can earn even if you stop working on it. Of course, you need to do some legwork to set it up. Not only will you be investing your time, you also have to invest your money and skills in the beginning. But after that initial input, you are usually free to do what you want and this income source will keep on earning you money. Of course, you still need to check on your passive income source every now and then but it will not be the same as going to a 9-5 job so you can earn money. The need to earn extra has never been higher than it is now. Although we are experiencing a strong and stable job market, our past taught us to never rely on one income source. That way, if your primary source of income crashes, you still have other streams that you can tap into. Not only that, our cost of living continues to rise and the income is not rising with it. At least, it is not fast enough. According to the data from EPI.org, a typical budget of a family in a year is $49,114. This is for a family of 4 living in Morristown, Tennessee. The most expensive is in Washington, D.C. where the same family would need $106,493 to survive. Even the lowest budget is actually way above the poverty threshold in the country which is currently at $24,008. The same site also revealed that a lot of low-wage earners are having a hard time meeting the basic needs of their families. The federal minimum wage earner only takes home $15,080. Even a parent with one child will have a difficult time making ends meet if they are earning the minimum wage. This is why you need to include passive income options as part of your money resolutionsfor next year. Most of us need to work two jobs in order to get the finances needed to survive. If you have to set up two sources of income, wouldn’t it be great for one of them to be a passive income generator?