Passive income is a way to generate money without actively putting in effort or time to earn it. It’s a popular concept because it provides financial freedom, allowing you to earn money while doing other things. Passive income is an essential tool for achieving financial independence, creating wealth, and building a stable financial future. In this beginner’s guide to passive income, we’ll cover everything you need to know to start generating passive income streams. What is Passive Income? Passive income is money earned with minimal effort. It’s often referred to as “money working for you” because it continues to generate income even when you’re not actively working. It’s the opposite of active income, where you exchange time and effort for money. With passive income, you put in the work upfront, but the income continues to roll in long after you’ve completed the work. There are many types of passive income streams, and the income generated from each can vary widely.
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