Millennials are poorer than previous generations at their same age — so says none other than the Federal Reserve. We're also stressed about it, and no wonder. Even those with full-times jobs are looking for the right side hustle.
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Luckily for all of us, there's passive income. Like the name suggests, it's money that comes in thanks to systems and processes, though not without work. Passive income can include royalties from an ebook, renting out a property or a room, putting affiliate links on a blog, or even lo-fi investments like vending machines. They've all got different requirements for input, however, and they're not all guaranteed to generate gobs of money untouched.
Passive income takes effort, though that doesn't make its name a lie. Once you've established some sort of routine, it's easier to integrate collecting that income and maintaining the generator into your day-to-day schedule. One Sapling writer used passive income to help save $10,000 in one year; another dedicates her passive income to retirement savings.
Something you've probably noticed is that passive income often takes a pretty big initial investment, especially if you're generating income through something physical rather than IP. If you can't swing buying a condo to rent out or a car to lend, don't worry about it. Starting small is never shameful, and it almost always leads to something better. If you can get the hang of passive income when the stakes are low, you could be raking it in sooner than you think.