So what is passive income? There are numerous answers around the internet, buts lets stick with the simplest one.
What is passive income?
I like to describe using the money tree metaphor – low-maintenance plant which requires just a little of your time and gives you a nice harvest. I don’t think this description is far from the one found in Wikipedia:
Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it
Ways to get a passive income
There are multiple ways you can get your money tree:
- Grow it from the seed. In other words, you have an idea (“seed”) and realize it yourself. This way you can create your passive income stream with little or no money, but you do need to invest plenty of your time.
- Buy a mature money tree. If you have plenty of money, invest it into a real estate, stock market or just buy an online business.
- Hire a gardener. There are plenty of experts who will help you create the passive income. For example, if you dream of having an online store, you can hire freelancers to create you the store or to reply to customer emails, you can find some warehouse which will handle the shipping, etc.
Anyway, no matter which option you choose, passive income stream requires a lot of investment. But it is up to you if you invest money, or time, or both.
Passive money tree
So what is passive income in your opinion? Please share your thoughts in the comments below. And don’t forget to browse our site – we will help you choose the right passive income stream for you.
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