Passive income refers to earnings that are generated with little to no effort on the part of the recipient.
Just a few of the passive income possibilities.
1. Renting out a property: This could be a vacation rental, a residential property, or even a commercial space. By collecting rent from tenants, you can generate a steady stream of passive income.
2. Dividend investing: Investing in dividend-paying stocks or mutual funds can provide a passive income stream in the form of dividend payments.
3. Peer-to-peer lending: By lending money to individuals or small businesses through platforms such as Lending Club or Prosper, you can earn passive income in the form of interest payments.
4. Investing in a business: You can invest in a business as an equity owner, receiving a share of the profits without being actively involved in the day-to-day operations.
5. Creating an online course: If you have expertise in a particular subject, you can create and sell an online course, generating passive income through course sales.
6. Creating and selling an e-book: If you have writing skills, you can write and sell an e-book on a platform such as Amazon, generating passive income through book sales.
It's important to note that while these methods can provide a passive income stream, they may also require some initial effort and investment to set up and maintain. Its not my belief that one can ever truly 100% let go of the responsibility towards their investments completely; but setting them up to require far less time is irreplaceable.
Lets go passive, its worth the effort. get me.