What is Passive Income?
Passive income refers to earnings derived from investments, businesses, or assets that require minimal active involvement.
Types of Passive Income
- Dividend Stocks: Regular income from profitable companies.
- Rental Properties: Monthly cash flow from tenants.
- Online Businesses: Digital products or affiliate marketing provide ongoing revenue.
How to Build a Strong Passive Income Stream
- Invest in Reliable Assets: Choose investments with steady returns.
- Automate Business Operations: Streamline processes to reduce manual effort.
- Diversify Income Sources: Multiple streams increase financial security.