Passive income is money you make without having to clock in and out. It’s not tied to your 9-to-5 and is earned without your direct involvement.

Adding passive income streams to your can give you more freedom, flexibility, and money. Explore these passive income ideas to generate extra money and build a more secure financial portfolio.

There is only so much time in a day, and finding ways to make a lot of money more efficiently can give you flexibility in your finances to hit the next level. That level might be taking a nice vacation or buying that awesome pair of shoes, but whatever it is, adding passive income streams with different underlying economics can give you the freedom to explore it.

Passive income can be a great way to help you generate extra cash flow, whether you’re running a side hustle or just trying to get a little extra dough each month, especially as inflation takes its toll. Passive income can help you earn more during the good times and tide you over if you suddenly become unemployed, if you voluntarily take time away from work, or if inflation keeps chipping away at your purchasing power.

With passive income, you can have money coming in even as you pursue your primary job, or if you’re able to build up a solid stream of passive income, you might want to kick back a little. Either way, a passive income gives you extra security.

And if you’re worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too. If you’re thinking about creating a passive income stream, check out the strategies in this book and learn what it takes to be successful with them, while also understanding the risks associated with each idea.

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