It’s practically universal to want to increase your income. Regardless of how much money someone has, they would still like to make more.
If you’re like most, you swap your time for money. Even highly paid, successful doctors and lawyers are limited because they have to trade their time in exchange for payment. Doctors can only see so many patients in a week. Their potential income is limited by time.
Passive income is money coming in that requires you to invest very little time. You may spend some time initially, while you’re getting it all set up. However, once it’s up and running, you’ll continue to receive income for a long time to come.
A few examples of passive income include:
- Rental Income
- Dividends, pensions, or interest from investments
- Earnings from a business that doesn’t require your involvement (affiliates and silent partnerships)
- Royalties or cash from an artistic creation (a book or song you wrote, or even a painting)
Imagine the power of building a few passive income streams that will provide you with reliable profits for the next ten years, or even longer.
Passive income is one of the greatest ways to build wealth.
You can create an unlimited amount of extra money in this way.