Passive Income Definition

by Chuck
(MD)

Are you looking for the passive income definition? What is passive income? It is the process of creating revenue streams that produce income on complete auto-pilot. It’s something that you do once, but get paid for over and over.

Most people have a job or a regular business. They trade their time for a paycheck. And if they stop going to work, they stop getting paid. That’s a fairly easy concept to understand.

On the other hand, passive income is more like an oil pipeline. Once you build it, it continues to flow and produce money. Some of the most popular passive income streams include:

• Network Marketing

• Insurance Commissions

• Book Royalties

• Rental Properties

• Blogs and Websites

• Government Pensions

• Patents

• Products

• Trademarks

Passive income is fairly easy to build too. However, most people have never been taught about this concept. Instead, they’ve been taught to get a job and work until they are 65.

One of the reasons so many people want to work for the government is because of the pension. In most cases, people can work for the government for 20-30 years and have a pension for the rest of their lives. This is one example of passive income.

If you are willing to have an open mind, and learn new concepts, you can change your life. I think all people should strive to build several passive income streams. Even if their passive income never replaces their job income, they can still improve their lifestyle, and invest more for retirement.

Best of all, you can get started very easily. Your key to success is to find something that you understand and enjoy. Once you do that, you need to brainstorm ideas about how you can turn that idea into a passive income stream. For instance, if you enjoy nutrition, you could turn that idea into a profitable book, eBook, blog, website, DVD, training course, new product, or any other passive income stream.

In conclusion, my passive income definition is “the process of creating revenue streams that produce income on complete auto-pilot.” It’s a time tested idea that’s been around a long time. Unfortunately, most people never learn about the concept in school, so they never create their own passive income streams.