Passive income is the income that you generate with little to almost no effort. Practically speaking it is the money you make while you sleep or do anything else except work. The idea of passive income seems very lucrative, and most people would jump at the chance of not having to work a full-time job to earn some money.
In this article, I will mention five amazing books that can teach you how to make passive income, and help you to set up a life of financial independence by having multiple passive income streams.
Any list of books about passive income would be incomplete without ‘The 4 Hour Workweek’ by Timothy Ferriss. Although this book won’t necessarily teach you how to create new passive income streams, rather it will teach you how to work smarter instead of working harder.
The principles laid out in this book are designed to optimize your life, and to cut out all the timewasting that hampers the productivity of an individual. Furthermore, it also shares strategies through which one can outsource most of their work, thus creating more time for themselves. This time can then be used to create other passive income streams.
If I had to define this book in one sentence, it would be that, ‘it teaches you how to create your fulltime job into a fulltime passive income’
Every successful business needs to have a committed and hardworking team working towards a unified cause. This is truer in the case of a passive income stream, where you prefer not to get your hands dirty at all.
Virtual Freedom by Chris Ducker is the ultimate guide to finding and managing a virtual team. For those who have never done this before Chris will walk you through step by step. This book will help you create the perfect team of Virtual assistants who will run and manage your business for you, while you relax at home, or take a vacation to the Bahamas.
This book includes incredible case studies of how people from around the world created businesses from almost nothing. Most of the stories included in this book are about businesses that create passive income.
Thus this book can act as a massive motivation for people who are looking to start their own passive income stream. For those who are a bit limited on the financial side, this book is a must-read.
If one book could be called the Bible of financial literacy, ‘Rich Dad Poor Dad’ by Robert Kiyosaki would be it. This book teaches us the stark contrast between the attitudes and behaviors of the Rich and the Poor.
One of the main points that Kiyosaki makes in his masterpiece is that the rich make money work for them. This essentially means that the Rich use the power of passive income to increase their wealth. Whether it is stocks, bonds, real estate, or just good old businesses, this book teaches it all.
Creating passive income is one thing, the additional thing this book will teach you is how to keep your income, as Kiyosaki himself says, “It’s not how much money you make, but how much you keep”
This short and sweet read by Nick Loper is for those who are interested in walking the path of a side hustle. For those who don’t know, a side hustle can be anything that you do apart from your full-time job, to earn money.
In this book, Nick has guaranteed 10 proven ways in which you can make money outside of your day job. He not only delivers on his promise but also goes beyond that by giving real-life examples of people who have successfully created passive income streams for themselves outside of their daily 9 to 5.
This book not only motivates those who are looking forward to creating passive income but also gives practical advice with which almost anyone can start their side hustle, while also working their full-time job.