The phrase Passive Income is defined by Investopedia as, “Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.”
In more general terms, Passive Income is money that still comes to you today, even though you may not be actively working for it at this time. Just think about what passive income could do for you? You could be at home spending time with your family, having the time of your life, and while you’re doing that, money is still feeding into your online accounts!
If you’re not a family man, imagine yourself in a far off country or a Carribean cruise. No matter what you’re doing, you’ll still have money getting wired into your account! Passive income is a beautiful thing!
If you’d like to dig into passive income even further, you must understand that there are 3 main types of passive income: dividend income, real estate income, and business income. Each of these avenues could provide you with a sufficient residual income, but you’ll have to choose the method that best suits you.
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