Previously, I have stated that I want to develop passive income streams. But what even is passive income?
Passive income is income that doesn’t require anything. Usually, people go to work and get paid for the time they spend there or the job they do there. This is active income. You are actively working to make cash right then. This is fantastic for the short term.
Passive income is a whole different thing. It’s a long term strategy. I’ve been waking up before dawn and working for a week, now, and I haven’t made any real money. But in time, I can go to sleep and have more money when I wake up. That’s a good way to know if it’s actually passive income. If something can make money while you sleep, then it’s passive.
I want passive income so that I can make money and not have to work.
This does not mean that passive income is all fun and games. I work really hard, but I am developing my business, not making an individual product. I could only sell a physical product once, but I can sell digital products over and over again, and I don’t have to do anything to sell it.
YouTube, blogs, books, digital products, investments, and the like are all forms of passive income. Artists can really thrive on passive income. Most take a while to break onto the scene, but once there, anything they do is done. Art can be copied and sold over and over again, while the artist is working on a different piece of artwork.