King bell
VIP Contributor
1. Define what passive income means
Passive income is money you make from a source other than your active work. Passive income could come from:
When you make your passive income idea, the key is to find something that will make you passive income day after day after day. If you're putting in a lot of work on one-off occasions, then it's not true passive income. It's more like a part time job that may or may not be lucrative. Think of it this way: If you can't eat the fruits of your labor and have to keep working for money, then it's probably not a great business idea for your lifestyle. Remember, the point is to remove yourself as much as possible from monetary concerns so that you're left with more time and freedom to do what matters most to you.
Passive income is money you make from a source other than your active work. Passive income could come from:
- Rental properties or homesitting services, where you collect rent without needing to answer emails or show up at the property
- An online store of your own (or a digital service like Etsy)
- A book that you self published and sell on Amazon, Barnes & Noble, and elsewhere (This one is the riskiest as there's no guarantee people will buy it)
- YouTube videos that get a lot of views and/or adsense ads. Yes, this kind of passive income hasn't been shut down yet!
When you make your passive income idea, the key is to find something that will make you passive income day after day after day. If you're putting in a lot of work on one-off occasions, then it's not true passive income. It's more like a part time job that may or may not be lucrative. Think of it this way: If you can't eat the fruits of your labor and have to keep working for money, then it's probably not a great business idea for your lifestyle. Remember, the point is to remove yourself as much as possible from monetary concerns so that you're left with more time and freedom to do what matters most to you.
