Have you dreamed of making money while you sleep? Did you even know that this is a possibility? The concept is called passive income and it plays a major role in obtaining financial freedom and wealth creation.
What is Passive Income? There are two primary sources of Passive Income:
- Ongoing Passive Business Income (business working for you).
- Investment Income (money working for you).
The basic principle behind passive income is to make money while you are not working. Unlike of a job, where you exchanging time for money, passive income sources focus on creating or buying an asset that creates a steady stream of cash flow.
Examples of Passive Income Sources