Passive income refers to earning money

Passive Income: The Ultimate Guide to Financial Freedom

Passive income refers to earning money without actively working for it. This can include income from investments, rental properties, and business ventures in which one is not actively involved. The goal of building passive income streams is to eventually have enough income coming in to cover one's living expenses, allowing for financial freedom and the ability to retire or pursue other interests. Building passive income can take time and effort, but it can be a valuable way to achieve financial independence.

Rental properties: Owning and renting out real estate can provide a steady stream of income, but it also requires a significant upfront investment and ongoing management.

Dividend stocks: Investing in stocks that pay dividends can provide a regular income stream. However, the value of stocks can fluctuate, so there is risk involved.

Mutual funds: Similar to dividend stocks, mutual funds can provide a regular income stream through dividends and capital gains distribution.

Bonds: Investing in bonds can provide a steady stream of income through interest payments, but the value of bond can fluctuate based on the issuer's creditworthiness.

Online businesses: Building an online business or creating digital products can provide a passive income stream