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What is passive income and how do you get it?

A friend of mine told me that in my life It is a good idea to get a stable job and 2 different passive incomes. I was confused on how that is acquired and need help understanding it

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Sue Ann’s Answer

Hello Gabe,

Passive income is a fantastic way to earn money without having to actively engage in a job. Here are a few examples to illustrate this concept:

- Owning a rental property can be a great source of passive income. The rent you collect from your tenants is money that comes in without you having to work daily for it.
- If you've invested in stocks or other financial instruments, you can earn passive income through dividends or interest. This is money that your investments are making for you!
- A Certificate of Deposit (CD) account is another excellent option. It typically generates a higher amount of interest compared to regular bank checking or savings accounts.

There's a whole world of passive income opportunities out there. A quick online search can provide you with a plethora of other options. I hope this information lights up your path to financial freedom!
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