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!
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