Passive income can be a great way to generate extra cash flow, whether you’re running a side hustle or just trying to get a little extra dough each month. Passive income can help you earn more during the good times and tide you over if you suddenly become unemployed, if you decide to voluntarily take time away from work or if inflation keeps chipping away at your purchasing power.
And if you’re worried about being able to save enough to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too.
If you’re thinking about creating a passive income stream, check out these strategies and learn what it takes to be successful with them while also understanding the risks associated with each idea.