Building Passive Income
What is Passive Income?
Passive income is any money earned in a manner that does not require too much effort. There are several passive income-generating ideas that require a lot of work to begin with, like developing a blog, but eventually, they earn money even when the owner is asleep.
Reasons for Building Passive Income
Personal income is the greatest wealth-generating tool – something that requires an individual’s active participation. Thus, even if an individual has a full-time job, he or she would welcome additional income without necessarily having to sweat for it.
Developing a way to generate passive income provides many benefits. With the additional income, an individual is able to expand the wealth-building base so that it is easy to take early retirement.
Additionally, passive income is a backup plan in case the person loses their day job and offers an alternative in case a retiree outlives a retirement plan.
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