What is Passive Income?
When most people think of passive income, they think they can make money without doing anything. At all. But that’s just not how it works. The truth is that passive income always involves some sort of work, even if it’s just a little bit up front. If you’re wondering, what is passive income, let’s explore this popular topic now.
What is Passive Income?
Passive income is income you earn where you don’t have to trade your time for money. In other words, you earn passive income streams from work that you’ve done in the past. For instance, authors earn passive income in the form of royalties on their books, and website owners earn passive income from things like affiliate income and advertising spaces on their blog.
It’s a misconception to believe that you don’t have to do any work to earn passive income. The writer had to write the book to earn royalties, and the website owner had to set up the affiliate programs and advertising to earn passive income.
But once everything is in place, passive income streams continue to come in, even though you’ve already finished the work.
How Do You Make Passive Income?
You have many options when it comes to earning passive income.
Here are just some of your options:
· You can start an online store
· Write books
· Invest in the stock market
· Open a 401K account
· Own rental properties
· Allow companies to wrap your car to advertise their products or services
· Rent space in your home
· Rent your stuff
· Any other number of things that bring in money with little work.
But the key is a willingness to put in the upfront work before you begin earning passive income. For example, creating an online course is an excellent way to earn passive income. Some people earn in the ten of thousands of dollars from online courses.
But here’s the thing: the courses take a lot of work to produce.
You may put in a few hundred hours to create an online course, but the passive income stream you get from it could last for years.
Can I Earn Passive Income With No Investment?
The good news is that anyone can earn passive income, even if you don’t have any money. As with any type of income stream, you can choose between passive income streams where you will need to invest a lot of your own money to get started, or start with a passive income idea that doesn’t take any money on your part. Think: renting out your garage.
Where Can I Learn Passive Income Strategies?
If you look online, you will find a lot of passive income ideas that will allow you to earn a few pennies here and there, but that’s probably not what you’re after. If you want to a lot of realistic passive income ideas for 2019 that you can put to use right now, check out my new book, Passive Income Will Change Your Life: How to Work Less and Make More Money.
It’s the real deal. If you’re looking for passive income ideas, you’ll find what you need in this book.