A 9-5 job can take its toll on anyone. Having a passive income, either as a side hustle or a full-time income gives you peace of mind. But where do you start?
There are a lot of websites focused on generating passive income. While those websites add value, I prefer to read books that are thought-provoking and inspire you to take action.
Here is my list of books. Each book offers nuggets of wisdom on generating passive streams of income.
Passive Income: 40 Ideas to Launch Your Online Business
As the title says, this book gives you 40 ideas to get out of your 9-5 lifestyle. Some ideas such as peer-to-peer lending, e-book publishing, and Amazon FBA were familiar to me, some like vlogging were new.
My idea of passive income is generating income with little to no work on my part. Though most of the 40 ideas listed are passive, some such as online consultancy and forex trading are not passive. You will need to put in the time to make these ideas work.
This is a great starter book for those looking to start a business that generates passive income. Most readers will find that they are capable of doing at least one of the ideas listed to generate passive some.
The Book on Rental Property Investing
Rental properties are a great way to build wealth. Some people have told me that it’s not a passive investment because you have to deal with tenants and property repairs. While that is certainly true, I do think that a case can be made that investment in rental properties can generate passive income if you manage the property well.
This in-depth book provides insight into buying single and multi-family properties, financing strategies, and most importantly managing these properties well for income. Brandon Turner, in addition to being a real estate investor, is an author at Bigger Pockets. The book directs readers to the bigger pocket website for legal forms, guides, etc.
Beginner and experienced investors will find a lot of tips and strategies from this book to generate passive income through real estate and build wealth.
How to Make $100,000 per Year in Passive Income and Travel the World
This book teaches you how to generate multiple streams of passive income and get out of the 9-5 race once and for all with 14 detailed ideas. What I really liked about the book while most books give you broad and general strategies, this book gives you step by step instructions on the various ways to generate passive income
Of the several ideas covered in the book from building membership sites to royalty companies to dividend investing, most readers will be able to find one that suits their interest.
Four Hour Work Week
In the Four Hour Work Week, Tim Ferriss teaches you how to get the most out of life in less time. Ferriss makes a lot of bold claims in this book that some of you may find unrealistic but the book exposes you to a perspective you rarely get from other books.
The book emphasizes the importance of setting a well-defined goal, eliminating distractions, automating income, and defining your job free from others’ expectations.
The author is a productivity nut looking to optimize every aspect of his life. I don’t agree with everything in the book but it is an eye-opener for folks looking to build passive income.
Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner
If you are in a relationship, you know that unless the two partners are in sync on financial matters, it is almost impossible to build wealth. The book teaches couples to identify core values and build a financial plan.
The book provides ideas on managing your credit card, investment, and even long-term care. It also details the common mistakes couples make in their personal finances.
Reading this book together will motivate couples to take control of their finances and start investing in the future. If you are newly married, I would highly recommend reading this book because it will help you get started financially in the right direction.
Bottom Line
Reading books is not just a good hobby. It is a great way to relax but is also a way to get new ideas. A good book can motivate you to start investing and generating passive income. Whether you want to own a rental property or an online business, books can provide the spark to get started. Books listed above are a great way to start reading.