In Episode 4 of the #EverythingMoney Show, we go over the differences between active income and passive income, the place that they each have in your overall income strategy, and examples of each.
It’s important to note, before you jump into this episode, that passive income isn’t some magical thing that’s out of your reach. It’s also important to note, that there is no such thing as getting something for nothing.
Passive Income Isn’t Free
The small and short of it is that Active Income is income that you earn when you actively work. And Passive Income is income that comes in without your direct involvement.
But just because you don’t have to be involved when the Passive Income stream is ready and operating, that doesn’t mean that you don’t have to be involved in the creation or the acquisition of it.
Read that again…
Having a Passive Income stream is amazing, but it’s not free.
You have to be willing to put in time, effort, or money… many times, all three.
That being said, it’s still extremely worth it for you to pursue the ownership of multiple passive sources of income.
Passive Income Ideas
Some popular Passive Income Business ideas, or Passive Income Investments, are:
- Automated Digital Sales
- Income Properties
- Income Annuities
- Business / Investment Dividends
- Network Marketing
- Content Publishing
- Music Publishing
- Book Publishing
- Media Publishing
- Film/TV Publishing
- Advertising / Marketing
You can always do a Google search for the term “passive income business ideas” or “passive income investment ideas” and you’ll get more ideas than you’ll know what to do with.
My recommendation, however, is that you study a handful, figure out which ones appeal most to you, and start something.
The chances that you’ll find success at your first investment, or your first business venture isn’t likely.
It takes several attempts for the majority of people to establish or develop the knowledge and resources to own a consistent and passive income stream.
If you go into it with that mindset, instead of one idea, you’ll lineup 5-10 ideas and look for the few that will hit it, and hit it big.