Understanding how to build and maintain streams of passive income is essential for financial independence.
Passive income is the revenue generated from investments or business ventures that require minimal effort to maintain. Key sources of passive income include rental properties, dividend-paying stocks, peer-to-peer lending, and creating digital products (like e-books or online courses). The primary concept is to develop assets that continue to generate income with little to no active involvement. This allows individuals to diversify their income sources and reduce reliance on a single paycheck, ultimately aiding in achieving financial freedom through wealth building and preservation strategies. The journey towards passive income typically involves upfront investment, whether time, money, or resources, followed by the potential for long-term financial growth with minimal ongoing effort.
Don’t wait for the right opportunity: create it.
