Passive income refers to earnings derived from activities in which you're not actively involved. Unlike traditional jobs where you trade time for money, passive income streams continue to generate revenue with minimal ongoing effort after the initial setup.
Building multiple passive income streams can provide financial security, freedom, and the ability to live life on your own terms.
Build a portfolio of dividend-paying stocks that provide regular income payments without selling your shares.
Generate monthly cash flow by renting out property, whether it's residential, commercial, or even storage space.
Create and sell ebooks, online courses, stock photos, or software that can be sold repeatedly with no additional effort.
Earn commissions by promoting other companies' products through your website, blog, or social media channels.
Earn interest by lending money to individuals or small businesses through online platforms.
Create evergreen video content that continues to generate ad revenue long after publication.
Set up an ecommerce store that automatically fulfills orders through suppliers, requiring minimal maintenance after initial setup.
Create custom designs that are printed on products only when customers order them, eliminating inventory management.
Build a content website or blog that earns money through display ads, sponsored content, and affiliate links.
Develop simple mobile applications that generate revenue through ads, in-app purchases, or premium versions.