Making money while you sleep has a beautiful ring to it. I mean, who wouldn’t want to be making some extra money while playing with the kids or while watching a game? The only problem is that most ‘passive’ income ideas that you’ll come across are not passive at all. Since you’re already busy with your everyday life, you won’t want to pick up a 2nd job that you don’t have time for.
Most passive income ideas require you to put in a LOT of work. And doesn’t that kind of wipe out the passive in passive income?
The truth is that to generate passive income, you’ll need to invest in an asset that produces passive income for you. Unless you are making money the old-fashioned way (inheriting it), or you are willing to put in some effort.
The good news is that you don’t necessarily need a new cash outlay either. If you already have an asset that isn’t being fully used, that can serve as your investment. We’ll get into how that works shortly.
For now, let’s talk about a few passive income ideas if you’re ready to invest and make your money work for you instead of losing value in a bank account. Hopefully some of these ideas can help set you up for a quicker path to financial independence.[Read more…] about 19 Awesome Passive Income Ideas for 2020