Passive income (PI) is income that does not necessarily require a person to be fully or directly involved. Some examples include royalties from the sales of a product that involved the person (example: selling a book that involved more than one author), leasing property to interested spenders (example: house for rent), and online marketing. In today’s era of big government, high unemployment and other economic uncertainties, having passive income streams can really help not just make money but also become profitable for the years to come. The truth is that PI is a powerful method to gain financial success and the very inventive minds out there have been doing it for a long time now. Many of those who benefited from passive income earned so much money; they no longer needed their daily office jobs.
At the very least, saving money in accounts that bear interest is one of many passive income streams that most people have in life. There are other more lucrative passive incomes such as rental income (money made from renting out commercial spaces to a company for their operations) and dividend income (as a part owner of a company through the stock market, the shareholder receives some income once a dividend has been declared).
There is more. Doing network referrals that are successful can earn commissions when asked. Selling information skills is another stream worth considering and it is not limited to writing books as any skillful person can offer to teach something to groups of people who pay good money through seminars to learn something valuable. Finally, network marketing is worth doing as using the network with a good amount of people in it (trying to sell products to buyers online) can rake in a good amount of money via a sales commission. These are just a few of many passive income streams that people can have if they think out of the box. Passive income is a risk that can pay off handsomely when done well.