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I’m sure you’re all familiar with the terms “passive income” and “active income.” But are you really clear on the differences between the two?
Don’t worry, I got you.
What is Passive and Active Income
Passive income and active income are two distinct sources of income that can provide financial stability and security in different ways. Passive income is income that is generated without the need for direct, active effort. Examples include rental income, royalties, and income from investments. Active income, on the other hand, is earned through activities that require regular and ongoing effort, such as a salary from a job, freelance work, or starting a business.
Both types of income can be used to build wealth and establish financial security, but each has its own advantages and disadvantages.
Basically, passive income is money that you earn without doing much work. It comes in automatically, whether you’re working or not. Active income, on the other hand, is what you earn by working. It’s harder to come by and it doesn’t always arrive on schedule.
So which one is better? The answer, of course, depends on your priorities. If having more free time is more important to you than making a lot of money, then passive income is the way to go. But if earning as much money as possible is your top priority, then active income is the way to go.
It’s up to you to decide what’s most important to you and make the right choice for your life.
Passive income is the Holy Grail of personal finance. Everyone is looking for it but only a lucky few ever find it. Passive income is basically money that you earn without doing much work. It comes in automatically, whether you’re working or not. Active income, on the other hand, is what you earn by working. So if you want to make more money, you need to get a job that pays better, right? Wrong! The key to financial freedom is passive income. With passive income, you can make money while you sleep, watch TV, or take a vacation. Sounds great, doesn’t it? Unfortunately, there’s a catch. Passive income is notoriously hard to come by.
While there are a few lucky souls who have managed to create a Passive Income Machine, for most of us mortals, it remains an elusive goal. But don’t despair! If you’re willing to put in the hard work, there are a number of strategies you can use to generate passive income. So start by rolling up your sleeves. start today on your path to financial freedom!
If you want to make more money, the key is not to get a job that pays better. The key is to have multiple streams of passive income. With passive income, you can make money while you sleep, watch TV, or take a vacation. Financial freedom is only possible when you have multiple sources of passive income.
So how many Streams of Passive Income do you have? If your answer is zero, then it’s time to get started!