Passive income is simply revenue that occurs when you are not trading time for dollars – meaning your active labor isn't being used in the moment in which the value is created.
But let me be clear… that doesn't mean you don't work at all.
Here's what I mean: you may pour yourself into a project, and the result of that project then has the ability to go into the marketplace and provide value for other people.
While it's providing value, you may be at home sleeping.
A good classic example that happens is a movie. Many people come together with their best talents to entertain,inspire, and cause many different emotional journeys for all of us. Then they package that movie and sell it to us. While you and I are watching it, they could be building another movie, on the beach, doing all kinds of many different things to whatever makes them happiest.
The point is, they've packaged that thing (that movie) as an asset for them. One of the great ways for you and I to generate passive income is simple – we can go out there and provide housing for people.
We know how to go out there, how to buy a property, and how to rent it out for someone else.
We may not know how to find that deal and what paperwork to use, or how to find the money for it. But the good thing is, all of that can be learned.
At the end of the day, it’s fun to learn new things! Especially when it's going to result in income – whether you're awake, whether you're asleep, or whether you're just hanging out on the beach with some friends.
To learn more about creating multiple streams of passive income…
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