There are two schools of thought regarding what exactly passive income means to different people. One is that passive income is when you have money coming in by basically doing nothing.
The other opinion is that passive income is really not passive because, for one, some effort has been put in to get that passive income. For example, to get dividends from your stocks, you have to have invested some money, for example, from your day job. Or if your passive income is from rental property, then you definitely put in some capital to build them, so it is not really passive.
Whichever way you look at it, nothing beats the feeling that you get when money comes into your bank account from these ‘passive income’ sources, and I don’t know about you, but I would rather have passive income streaming in than having to rely on for example a 9 to 5 which means you have to physically go and work for your pay.
Passive income has several advantages including; you don’t have to put in as much effort as you would for other income sources, (this is debatable depending on what school of thought you subscribe to), you also have the option to choose whether to work or just live off your passive income, it also acts as a supplement for your income. Also, in case you lose your job today, at least you have money coming in.
In this article, I share with you some examples of passive income ideas that you could start today and literally ‘make money while you sleep.’