There are a lot of different definitions of passive income. Earning money without additional work is possible in areas such as rental property and investments made in the stock market, however even those aren’t truly passive.
And all of it requires some soft of initial investment.
With that said, I prefer to create a different kinds of passive income stream that can become an even stronger asset in your income portfolio: creating an online business.
The initial monetary investment to get an online business up and running is much less (relatively speaking) for considerably much higher potential return. I’ve been building online businesses since 2008, and initially I had just spent $6.95/month to get a website up and running.
Where a lot of people fail when building online businesses is in the investment not of money, but of TIME. Time, patience and also hustle and hard work are required to find a problem and build a solution to solve that problem.
At the core: all good businesses solve a problem.
And even then, it’s not going to be passive at the start. It’s going to be VERY active to get everything up and running, and only when you learn how to create systems, and/or build a team to make those systems work for you, then you can begin to see some passive income.
