Albert Einstein is believed to have said that compound interest is the eighth wonder of the world. If he were alive today I think he would say that residual passive income is the ninth. I love it and you should too.
As the name suggests, you passively earn it vs. actively earn it. Basically, you receive money as a result of little to no effort on your part. Often if you do put in effort it was long before you are still receiving money. People call it “mailbox money” for a reason. Eventually, all you have to do in order to receive it is walk to your mailbox. That counts as work, right?
There are many types of passive income and over time we’ll cover a lot of them in detail. Here are some examples of potential passive income sources if you structure them as such: stock dividends, bonds, interest-bearing savings accounts, rental real estate, affiliate income, profit share, retirement matching, treasury bills, businesses owned yet managed by others, and interest from loans made to others.