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By Michael Dinich of Mediafeed |Making money while you sleep has a beautiful ring to it
I mean, who wouldn't want to be making some extra money while playing with the kids or while watching a game? Earning passive income provides the opportunity to do just that.
Those who achieve financial independence will tell you that having multiple streams of income from different sources is the key. The only problem is that most ‘passive' income ideas that you'll come across are not passive at all. Since you're already busy with your everyday life, you won't want to pick up a 2nd job that you don't have time for.
Passive income means income from something that requires no (or little) work. Most passive income ideas need you to put in a LOT of work. And doesn't that kind of wipe out the passive in passive income? The best passive income ideas are just that – passive.
The truth is, to build a passive income stream, you will need to invest in an asset that produces passive income for you. Unless you are making money the old-fashioned way (inheriting it), or you are willing to put in some effort.
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The good news is that you don't necessarily need a new cash outlay either. If you already have an asset that you are not altogether using, that can serve as your investment. We'll get into how that works shortly.
For now, let's talk about a few passive income strategies if you're ready to invest and make your money work for you instead of losing value in a bank account. It may surprise you what some of the best passive income ideas are.