#102 Passive Income

Passive income refers to money earned with minimal effort or active involvement. Unlike active income, which is typically earned through direct labor or the exchange of time for money (e.g., a salary from a job), passive income is generated through various sources that require relatively little ongoing effort once they are set up. Here are some common examples of passive income:
Rental Income: If you own real estate properties and rent them out, the rental income you receive can be considered passive income. However, managing rental properties can still require some level of effort, such as maintenance and tenant communication.
Dividend Income: If you invest in dividend-paying stocks or mutual funds, you can earn passive income through regular dividend payments. Companies distribute a portion of their profits to shareholders as dividends.
Interest Income: When you invest in interest-bearing assets like bonds, certificates of deposit (CDs), or high-yield savings accounts, you earn passive income in the form of interest payments.
Royalties: If you hold copyrights, patents, or own intellectual property rights, you can earn royalties from the use of your creations. This can include royalties from books, music, software, or inventions.
Business Ownership: If you own a business but have hired a management team to run it, the income you receive from the business can be considered passive if you're not actively involved in day-to-day operations.
Peer-to-Peer Lending: Platforms like Prosper or LendingClub allow individuals to lend money to others in exchange for interest payments, generating passive income.
Real Estate Crowdfunding: Some online platforms allow you to invest in real estate projects with a relatively small amount of capital. You can earn a share of the rental income and potential profits without actively managing the properties.
Affiliate Marketing: If you have a website or blog with affiliate links, you can earn commissions for promoting products or services. This income can be passive if your content continues to attract visitors.
YouTube and Content Creation: Content creators on platforms like YouTube or blogs can earn passive income through advertising, sponsorships, and affiliate marketing once their content gains traction.
Automated Online Businesses: Some online businesses, like e-commerce stores with dropshipping, can become relatively passive once the initial setup and marketing efforts are in place.
It's important to note that building streams of passive income often requires initial effort, time, and sometimes capital. Additionally, not all passive income sources are truly "hands-off," and some may require periodic monitoring or management. Moreover, passive income is subject to taxation, so it's essential to understand the tax implications of your passive income sources in your specific jurisdiction.

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