Passive income is money you get that does not require you to do a lot of “active” work, for example: from a rental property or from a limited partnership. It can also come from other enterprises that the person is not directly involved in. Passive income is usually taxable.
Frequently Asked Questions
How do I get passive income from my property?
One of the best ways to make passive income in real estate is through rental properties. Investors can get a steady income from renting these properties. You also have the option to improve the property and build equity.
Can you live off passive income?
If you play your cards right, you can definitely live off passive income as it represents a life-long success.