What is passive income

[Carpon]

Passive income refers to earnings which you make without having to work much for it. When I say that it does not mean you will just lie down and be getting alerts but there are things that must be out and put in place before making passive income will be possible.
Since passive income is received without much effort at all we know that it could be augmented with an active income. An active income is one that you make by working for it and working on a larger basis compared to passive income.
So what are examples of passive income or what are things that one can do and earn an income which will be termed passive?

Now if I have a car and I decide to lease it out to someone for commercial purposes so that at the end of the day, month or two or the year or any time you agree on, the person remits a particular amount to you. Now you see that you did not work directly for that money you received and that is an example of passive income.
What are more ways of getting passive income?
You can invest in a firm or business that is by giving a particular amount which will later on give you money when the business profit is recognized.
Also, you can make passive income by renting out your room, apartment, store or any rental property. This will bring you passive income as you do not have to do any work before realizing amounts of cash from it
You can also make passive income from savings. You will be able to do that by first having a savings account from which you get profit after the bank has used your money for commercial purposes and they discover their gain at the end which will be shared with you.

 

[Jasz]

Passive income is money you make while doing nothing much. The idea is that you invest something once and then it keeps on bringing in the money. In the past, this was only possible with a business, but today, the internet is providing more opportunities than ever to generate passive income.

The first step to generating passive income is to have a business idea. This can be an app or website, but it can also be something as simple as selling t-shirts or giving advice on how to cook certain foods. Once you have an idea for your business, you need to put together a plan for how it will work and then execute that plan by creating the product or service and marketing it online. Once your business starts generating some income from its own efforts, you can start taking steps toward making it more passive by hiring virtual assistants or outsourcing parts of the process so that you don't need to spend all day working on it yourself. Their so many ways to achieve passive income, but it takes a lot of ideas and effort to achieve it once, after which you can sit back and get the reward.