Passive Income
ByThere are many different types of income. I’m only going to talk about passive income in this post.
If you don’t know what passive income is all about let me explain.
Lets say for example, you buy a house with the intention of renting it. Now the rent you charge is higher than the payment you have to make to the mortgage each month. The resulting difference will be your passive income from the house. Providing you don’t have to spend in in upkeep on the house.
Another example, you have decided to write a book. You spend a few months putting together a book about the intricate artwork of “Underwater Basket Weaving”. After some waiting you get the book published. The royalties the book will make passive income for years to come.
Those are short examples. The point is once you do the work to set up the income, the income source will need little to no help from you to continue making money.
There are many different ways to make a passive income.
Stocks
Real Estate
Writing
Websites
Investing
Music
There are many more, but those are just a few examples. The hardest part in passive income is getting your first one setup. Once you do however you will find it can be very addicting.
When I first started out with the idea of passive income it was with writing. I started writing fiction and within about five years was able to quit my regular job entirely. That gave rise to my search for other sources of passive income.
I will be writing more on passive income in the coming weeks, but lets see how many streams of passive income you can come up with yourself.