The coronavirus crisis has cost many their jobs. It has renewed interest in passive income ideas. There are many old and new passive income ideas and strategies can generate a steady income for you and your family. Unlike the misconception, passive income ideas do require an upfront work to earn, like writing an e-book or building and monetizing a blog. Some income ideas don't take any physical effort at all, such as investing in stocks or real estate.
Passive income has been loosely defined as money that you earn with the least or zero amount of effort. People often associate passive income with dividends, interest as well as lottery winnings, and capital gains from real estate. Passive income or residual income can also be derived from a business where you do not have a substantial investment in terms of labor. It's easy to see why people like the idea of passive income. You can do the work once and get that passive income forever.
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The other day a friend of mine approached me excitedly, saying, “I found the house of my dreams. It's in foreclosure and the bank will sell it to me for a great price.”
Before you can become rich, you must decide whether you want to be secure, comfortable, or rich. These are called core values, or the reasons you want to invest.
