When it comes to generating multiple streams of income, passive and residual income ideas are the cornerstone of a long-term financial plan. Making money while you sleep lets you pursue other ideas and goals, and if you can set up a bunch of different effortless moneymakers, you don’t have to work ever again.
Passive income is money you make without putting in time or effort to maintain the flow of cash.
Generally, you have to put in time or money to set up the source of your passive income, but once the setup phase is over, the money rolls in without extra effort on your part. Another common name for passive income is residual income.
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