Types of Passive Income
Creating revenue from your existing assets is the foundation of passive income. Without the need to invest a lot of time into managing it.
Perhaps a powerful investment portfolio, where a mix of bonds and other dividend producing assets provides revenue for your needs. Or a portfolio of rental properties generating monthly income along with an asset that appreciates over time. You can hire someone to do the maintenance and repairs for you.
Create royalties through copyrighted works such as books and music or a franchise. Use affiliate marketing to earn commission from selling another’s product or service. It gives you another potential income stream with little work on your end.
You could also sell your own digital products. Create a course or membership site that you can sell to others.
You will have to invest considerable time at the start. Later on, the right strategy will routinely generate the revenue.