Passive income is having a source of income that gives you additional earnings without you having to spend time and energy on it.
Most Americans want to have at least 5 sources of income but lack the ideas or planning to do so.
Not all these sources of income have to pay out thousands of dollars at first. Some start slow and add up gradually. If you manage your money correctly you can have a few of your income sources cover the majority of your expenses while the other sources are just racking up and saving through time. You can then use these funds to invest or spend as you seem necessary.
This way of thinking allows you to sleep better at night and plan your future better. When you control what income covers what expenses you know what you can spend in the long term and short term.
So even if you are earning $25 to $250 dollars a month through one of your income sources and you are letting these save up to invest accordingly then you my friend are ahead of the curve.
This beats living paycheck to paycheck. When you rely solely on one source of income you are putting all of your eggs in one basket. God prohibits the fox from getting into the henhouse and puts you in a pickle.
Some ideas for passive income are:
1. Advertise on your car
2. Renting out space in your home
3. Renting out assets like you car
4. Sell ideas or designs online
5. Podcasts & Blogs
It’s all about what you can do with little to no energy that will eventually payout and attract wealth while you focus on other things.
Figuring out what type of passive income works best for you and start taking baby steps towards that goal.
