Passive income is income that requires minimal labor to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Passive income is money you earn without having to make a daily effort. According to the IRS, there are two types of passive income: trade or business activities in which you don’t materially participate during the year.
Passive income can be a great way to help you generate extra cash flow, whether you’re running a side hustle or just trying to get a little extra dough each month. Passive income can help you earn more during the good times and tide you over if you suddenly become unemployed or even if you voluntarily take time away from work.
For example, if you create an online course, you just need to update its content to keep the money flowing.
You’ve probably heard the expression, “make money while you sleep.” That’s the biggest draw that entices people to earn passive income.
List of some common passive income means
1. Start a Drop shipping Store
2. Invest in Stocks
3. Buy Property
4. Affiliate Marketing
5. Sell photography online
6. Write an e-book.