2 answers
Gabe
Student
Ramsey, Minnesota
3
Questions
Updated
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What is passive income and how do you get it?
A friend of mine told me that in my life It is a good idea to get a stable job and 2 different passive incomes. I was confused on how that is acquired and need help understanding it
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2 answers
Sue Ann Arbogast-Huang, Ed.D.
Recruiting
4
Answers
Seattle, Washington
Updated
Sue Ann’s Answer
Hello Gabe,
Passive income is a fantastic way to earn money without having to actively engage in a job. Here are a few examples to illustrate this concept:
- Owning a rental property can be a great source of passive income. The rent you collect from your tenants is money that comes in without you having to work daily for it.
- If you've invested in stocks or other financial instruments, you can earn passive income through dividends or interest. This is money that your investments are making for you!
- A Certificate of Deposit (CD) account is another excellent option. It typically generates a higher amount of interest compared to regular bank checking or savings accounts.
There's a whole world of passive income opportunities out there. A quick online search can provide you with a plethora of other options. I hope this information lights up your path to financial freedom!
Passive income is a fantastic way to earn money without having to actively engage in a job. Here are a few examples to illustrate this concept:
- Owning a rental property can be a great source of passive income. The rent you collect from your tenants is money that comes in without you having to work daily for it.
- If you've invested in stocks or other financial instruments, you can earn passive income through dividends or interest. This is money that your investments are making for you!
- A Certificate of Deposit (CD) account is another excellent option. It typically generates a higher amount of interest compared to regular bank checking or savings accounts.
There's a whole world of passive income opportunities out there. A quick online search can provide you with a plethora of other options. I hope this information lights up your path to financial freedom!
Kevin P Hust, MBA
Risk Administration and Army Officer
201
Answers
Dallas, Texas
Updated
Kevin P’s Answer
Hey there Gabe. Easiest way to describe passive income is that it makes money for you with little to labor, especially manual labor. I think of it as the ability to make money while you sleep. Now please don’t think that this means you make money sleeping. Just that you continue to make while you’re not actively doing this job.
Now you might be wondering why don’t I just get a couple of these and never work again. I suppose you could but they still require work or some type of initial investment.
One of the oldest and most tested streams of passive income is an investment property or rental home. However this costs alot of money.
One slow and steady way for passive income is through stocks and investments. In fact this is probably the most popular.
I had a friend that owned ATMs. Once week he would go fill up his ATMs. While dangerous, he did quite well.
There are dozens of different ideas and quick google search will bring many to light. Just remember it’s not free money and it does take work! Usually more work at the beginning to get it up and running.
I’ll leave you with this, the internet has revolutionized how this is done. Between YouTube channels and affiliate marketing you never have to leave the couch.
If I wanted to get into this today, I’d probably look at affiliate marketing.
Best of luck.
Now you might be wondering why don’t I just get a couple of these and never work again. I suppose you could but they still require work or some type of initial investment.
One of the oldest and most tested streams of passive income is an investment property or rental home. However this costs alot of money.
One slow and steady way for passive income is through stocks and investments. In fact this is probably the most popular.
I had a friend that owned ATMs. Once week he would go fill up his ATMs. While dangerous, he did quite well.
There are dozens of different ideas and quick google search will bring many to light. Just remember it’s not free money and it does take work! Usually more work at the beginning to get it up and running.
I’ll leave you with this, the internet has revolutionized how this is done. Between YouTube channels and affiliate marketing you never have to leave the couch.
If I wanted to get into this today, I’d probably look at affiliate marketing.
Best of luck.