Passive income consists of regular earnings from a source other than an employer or contractor.
Adding passive income streams to your portfolio can help you increase your income and accelerate your financial goals in a tremendous way.
It is always better to have income coming from multiple places so that we can constantly stay afloat if one source of income dries up.
WAYS TO GENERATE PASSIVE INCOME:
Start a blog or an online business
Write and publish an e-book
Create an online course
Develop an app
Real estate rental income
Invest in the stock Market
List your properties on Airbnb
Invest in a business
INGREDIENTS OF PASSIVE INCOME
An upfront investment + An investment of time and money
All means of passive income require at least one of these two elements.
After some time, these income streams would start to maintain themselves and bring you consistent revenue without much effort.