Like most good things in life, generating and maintaining a passive income involves sweat equity and mental preparedness. Part of that work involves learning as much as you can about discovering, generating, and managing passive income. These seven books will help you understand what it takes to acquire passive income and how you can develop it.
1. The Power of Passive Income: Make Your Money Work for You
Self-improvement corporation Nightingale-Conant wants to show you how to stop working for the system and let the system work for you. This motivational and instructional book shows you how to create a strategy for financial success by starting with assessing your strengths and weaknesses. Also, the book teaches you how to spot passive income models, create a six-figure income by setting the right goals, manage your income, and convert debt into assets.
2. The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich
New York Times best-selling author Tim Ferriss went from earning $40,000 per year working 80 hours a week to $40,000 a month working four hours a week by using the principles and methods he reveals in this book. From the beginning, Ferriss takes you away from the traditional concept of working until old age to live a life deferred.
The book is full of advice like outsourcing your work to overseas assistants for $5 an hour to free your life for bigger and better things. In addition, the new edition includes 50 practical tips and lessons from case studies.
3. Choose Yourself: Be Happy, Make Millions, Live the Dream
Authored by stock market guru and entrepreneur expert James Altucher, Choose Yourself operates on the premise that the security that 9 to 5 jobs once provided has vanished with changing business environments. It advocates for people to take charge of their financial well-being and future through investing and entrepreneurship.
To help you triumph over a broken system, Altucher uses interviews, case studies, and his personal experience to show you how to use passive income to empower your life. Just as important, he explains how to avoid intermediaries in earning sustainable income streams.
4. Infinity Investing: How the Rich Get Richer and How You Can Do the Same
If you want to learn how to acquire wealth as rich people do, author Toby Mathis’ book, Infinity Investing, will teach you how to maximize your passive income investments and minimize your tax burden. As one of the founding members of Anderson Advisors, Mathis believes in the power of creating and following a simple plan for financial prosperity. His book explains how to get past the confusing jargon and mathematical puzzles to become proficient in getting great returns on your investments.
5. Why Doctors Don’t Get Rich: How You Can Create Freedom with Passive Income Investing
This book challenges the age-old belief that the best way to get rich and build wealth is to become a doctor or lawyer. However, as author Tom Burns, MD, points out, wealth building requires more than a high income. Burns is a medical doctor and entrepreneur who draws from his hard life experiences with money to share with you his tried-and-true approach to becoming wealthy. You will learn how to make your money perform for you, think like rich people, transform your salary into passive income, and manage your time wisely.
6. eSCAPE: The 4 Stages of Becoming a Successful Entrepreneur
Author Anik Singal is an award-winning online entrepreneur who wants to share with you how to launch a successful venture online. Singal is the founder of several multimillion-dollar online businesses, and he was recognized by BusinessWeek as one of the Top 3 Best US Entrepreneurs Under 25. In the book, he describes his journey from an aspiring doctor to a significant email and affiliate marketing player.
Along with many valuable tips and lessons, Singal tells you how to develop email lists and generate passive income from clicks. He also gives you real-life perspectives of the negatives and positives of the road to personal and financial freedom.
7. Passive Investing Made Simple: How to Create Wealth and Passive Income through Apartment Syndications
It’s common knowledge that passive income from a rental real estate portfolio is excellent for wealth building, but it can seem daunting, especially if you have no real estate experience. However, authors Anthony Vicino, Dan Krueger, Jake Stenziano, and Gino Barbaro will introduce you to a simple way to leverage syndication to invest in apartment communities.
Although you may already know about real estate investment trusts, the book takes this passive income concept a step further with a real estate investment strategy based on individuals pooling their money together to buy an apartment building or two. It may seem far-fetched, but Passive Investing Made Simple gives you a detailed manual of how to use real estate crowdfunding to boost your passive income wealth building.