Income Series: What is Passive Income?

Overview

Passive income, or unearned income, is earnings that do not require an individual to be actively involved. Think of this as earning money in your sleep :) Although the initial start-up may be daunting, maintaining it requires very little effort and can be accomplished through multiple methods. Some common examples include renting out property/assets, starting a Dropshipping business, selling handmade goods, or creating sponsored social media posts! There is a wide range of opportunities to explore in passive income. 

Pros and Cons

Unlike earned income, passive income provides a flexible schedule and the freedom from contracts in a typical job. You are able to choose your work hours and don’t have to actively manage it once it takes off. This being said, the start to a successful passive income requires time and patience and is heavily self-reliant. Despite the initial process, the rewards pay off!