Earning money while you sleep or sip mimosas on the beach is a dream for so many of us (and even those who say it isn’t are probably lying!). But is it actually possible to get rich without lifting a finger?
With our ingenious Passive income idea app, you’ll be one step closer to living your dream life, with all the cash you need to fund it!
Our Passive Income Definition
Although passive income isn’t some magic money-making scheme that will get you rich with no work, it is a way of maximizing returns so that you can work decreasingly hard over time. In other words, over time, effort goes down, and profits go up… Sounds great, right?!
One great example of a passive income stream is buying a property to rent it out. While there is some work and effort required to find the right property, deal with the legal side of things, and get it ready for tenants – plus financial investment in terms of the mortgage and deposit – once you get your tenants in, you can be earning money with minimal effort. Sure, there might be the odd property inspections and tenant changes to deal with, but the majority of your time as a landlord will be enjoying the passive income earned through the rent.
Basically, passive income is a long-term decision that involves short-term trade-offs. If you’re willing to commit your time, skills, and money towards your goal of generating passive income and potentially enjoying early retirement, then you could be making thousands in the long run.
Passive income is not:
Your job – The idea of a passive income stream is to boost your regular earnings or allow you to retire early. Your main job is not a passive income stream.
Consulting – Consulting is an excellent side gig or online business if you have a specialist subject that you can share with the world, but it’s not a source of passive income. If you want to make passive income by coaching or consulting, you need to build your practice with others who could take on the hands-on element while you step back and enjoy the benefits.
A side hustle – While a side hustle can potentially generate passive income, they’re more often an example of active income as they require your attention and effort to maintain. However, if your side gig allows you to step back over time without losing traction, this could become passive income over time.
Download application for profile based passive income ideas
With our ingenious Passive income idea app, you’ll be one step closer to living your dream life, with all the cash you need to fund it!
Our Passive Income Definition
Although passive income isn’t some magic money-making scheme that will get you rich with no work, it is a way of maximizing returns so that you can work decreasingly hard over time. In other words, over time, effort goes down, and profits go up… Sounds great, right?!
One great example of a passive income stream is buying a property to rent it out. While there is some work and effort required to find the right property, deal with the legal side of things, and get it ready for tenants – plus financial investment in terms of the mortgage and deposit – once you get your tenants in, you can be earning money with minimal effort. Sure, there might be the odd property inspections and tenant changes to deal with, but the majority of your time as a landlord will be enjoying the passive income earned through the rent.
Basically, passive income is a long-term decision that involves short-term trade-offs. If you’re willing to commit your time, skills, and money towards your goal of generating passive income and potentially enjoying early retirement, then you could be making thousands in the long run.
Passive income is not:
Your job – The idea of a passive income stream is to boost your regular earnings or allow you to retire early. Your main job is not a passive income stream.
Consulting – Consulting is an excellent side gig or online business if you have a specialist subject that you can share with the world, but it’s not a source of passive income. If you want to make passive income by coaching or consulting, you need to build your practice with others who could take on the hands-on element while you step back and enjoy the benefits.
A side hustle – While a side hustle can potentially generate passive income, they’re more often an example of active income as they require your attention and effort to maintain. However, if your side gig allows you to step back over time without losing traction, this could become passive income over time.
Download application for profile based passive income ideas
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