What is passive income? Passive income is in short money that can be made in your sleep and without CONSISTENT work.
Passive income can come in many ways, but it’s not like money will just come out of no-where. You will either have to invest money or your time to get passive income started.
A great example of passive income is YouTube. As you may know, large YouTube channels can bring in quite a bit of revenue per year. As you grow your channel, money can be made through AdSense, partnerships, and affiliate marketing. You will have to invest your time into making that video, maybe even putting money into a video editor or camera equipment. After posting that video, as more and more views start to rack in, you can make money from it. You can even make money from videos form years past.
Now, let me give you another example of passive income: HoneyGain. I have an article written about this desktop application here, but basically all it is is just an app that you download and they will pay you for your “un-used internet.” Not entirely sure what that means but they do pay. Depending on your everyday usage on your device as well as your internet speeds you can make between $1-$10 per month most likely.
You see how there’s different levels in passive income? I would recommend learning about different passive incomes through Google or YouTube. There’s hundreds of thousands of options out there and they can really benefit you in the long run. One of my favorite is Redbubble, and for you artists/creative folks out there you should definitely check it out (I also have a full length article about it here). Depending on the amount of effort you put into your work and the quantity of work, if you can start making consistent sales per day, you are going to do pretty well for yourself!
Lastly, why is passive income important? Though importance may differ among different individuals. Passive income to me is just a good short term hustle that brings me some nice pocket cash every month that I can use to invest in other things. No, you don’t NEED passive income, but if you have the time and skills to start building some passive income streams they really can add up and help you in the long run.
