Top 10 Passive Income Streams to Generate Residual Income

Top 10 Passive Income Streams to Generate Residual Income

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I’m sure you must have heard Warren Buffet’s saying, ‘If you can’t find a way to make money while
you sleep, you will work until you die.’

Most people are on board with this idea. Money is one of the most twisted yet desirable assets in the world. And it has one fact: there is never enough of it.

While we all work hard to earn it, people always look
forward to making money the easiest way. Even though the easy ways of making
money requires some initial investment along with time and effort, they don’t
need your active attention at all times like a regular job.

Welcome to the world of passive income: the holy
grail of entrepreneurs, the secret to making money while sleeping and freeing
up your time.

Who wouldn’t want to wake up to a pile of cash gradually creeping into their bank accounts?

Does it sound crazy to you? Well, it isn’t!

Passive income is highly sought after by people and also one of the things that are misunderstood quite often. It is easy to imagine money piling up your accounts, but what people forget is that there is a lot of work involved too. 

For people who are looking to take some time out for
themselves, untether from their daily 9 to 5 office duties, passive income is a
wonderful option.

Consider passive income as an infinite potential income stream. It’s infinite because there is literally no limit to the amount of passive income one can generate.

And for people who are constantly worried about whether their earning will meet their retirement goals, building wealth through passive income is one of the best options.

Adding passive income streams in life or a portfolio
isn’t going to harm you. It may require a few additional efforts but the
increase in your earnings will surely accelerate your financial goals.

What is Passive Income?

Just like the name, the income received, in this
case, is passive. In other words, passive income includes regular earnings from
a source other than an employer or contractor.

There can be many sources from where one can earn passive income, the most common of which remain the rental property and business, in which one does not participate very actively.

Some of these might include booking properties or stock dividends etc.

In fact, making money with a blog is also a passive income.

But, many people think that passive income is about
getting something by doing nothing. The point is that it does have a get-rich-quick
rich appeal, but those who think nothing needs to be done are often mistaken.

Clearly, it is hard to generate passive income. You give both the work and the investment upfront, only to reap the benefits later on. Sometimes, there are even no returns for a certain period of time.

In fact, one can go for even months and years without
a single dollar

[…]

 



This article was written by Kulwant Nagi and originally published on Blog – Blogging Cage.

Disclosure: Some of the links in this post are "affiliate links." This means if you click on the link and purchase the product, We may receive an affiliate commission.

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