What is Passive Income?
Have you ever heard of passive income? We would all like to work less and still make money. It sounds like a pipe dream or, at best, something that only other people can achieve. Well, the idea is not as far-fetched as you think. It could happen to you and your business.
Passive income is doing the least amount of work and still reaping a profit beyond the initial time and financial commitment. Something that you have to do over and over to earn money is a job. Everyone knows how the work operates. If you don’t go to work, you don’t get paid.
It involves a type of business venture that will continue to make money without you doing very much if anything. The most popular type of passive income is real estate. Real estate ventures can turn a profit from either the immediate resale or through rental property. It may take people a while to build up to this type of passive income because of the initial cost.
It can come in small packages as well. Stocks and dividends fall into the passive income category. Money is deducted from your business and put into these types of funds in the hope of long-term gains. After the money has been deposited, the only other responsibility that you have is to monitor your investment. With a good broker, they can even take care of that task under your supervision. Continue reading “What is Passive Income?”