Entrepreneurship
12 Best Passive Income Books You Must Read
Several stories are told about multi-millionaires in their late 20’s or early 30’s. You will find them chilling down in their beach homes as they earn unbelievable amounts of cash passively. You could be wondering how this can be possible remotely yet you work over 50 hours per week and you are struggling to even pay your rent.
You could be frustrated, tired and you would like to switch your lifestyle. The best starting point is to read passive income books. You will learn so many tips on how to live and work smart. The best starting point is reading passive income books.
What Is Passive Income?
Passive income is the income that needs no effort to maintain or earn. In case the person earning it puts in little effort to grow the income, it is referred to as progressive passive income. A perfect example of passive income is rent collection or any business activity that you don’t materially participate in as the earner.
Some taxing authority jurisdictions distinguish passive income from the other forms of income like the payment you receive from contractual or regular payment. Most of these authorities tend to tax passive income differently. With passive income, you have your money working for you. That is why smart people look for ways of getting this kind of income.
The best starting point is to look for as many books on passive income as possible and read them. You will learn how you can grow your financial stability through passive income.
Why Earn Money Passively?
When you earn passive income, you will be able to take better control of your life. Remember you are earning this cash with little to no work. However, this is not a get-rich scheme and it can give you freedom in your personal life, career-wise and financially.
Exploring the various options for passive income will change your life. The best way to do so is to learn from experts by reading the best books on passive income. Reading is one of the most effective shortcuts that you can take in life.
One thing you need to understand about reading is that it is not overrated. You give yourself a big head start by absorbing the knowledge that is available. You don’t have to test uncertain water or make mistakes yourself. You can take advantage of what the experts have learnt or what they have experienced. If you are searching for the best books on passive income, here is a list of the ones that you definitely need to read.
Best Passive Income Books
1. Rich Dad, Poor Dad
Rich Dad, Poor Dad is among the most famous personal finance books in the market. Currently, it is a best seller internationally and has been translated into several different languages. World leaders like Donald Trump, Will Smith, and Oprah Winfrey have recommended this book. The book has been in the market for over 20 years but it is still popular and relevant even among young readers.
Rich Dad, Poor Dad tops the list of our passive income books because it does change the mindset of the reader. If you would like to stop relying on your 5 to 9 job and explore the ways of earning income passively, you need to open your mind to various ways of thinking and different possibilities. It is something that is presented in this book perfectly.
This isn’t a step-by-step instructional but rather a guide that challenges and breaks traditional beliefs and habits on how to earn wealth. The book challenges you to stop working for money and let your money work for you.
Like the other books, Rich Dad, Poor Dad also has its own share of critics. According to some financial experts, the book has useless and unrealistic contents. Nevertheless, this book will give you a fresh outlook when it comes to money.
2. 4-Hour Work Week: Escape 9 – 5, Live Anywhere and Join the New Rich
When most people read the title of this book, most of them believe that it is an impossibility. 25 publishers rejected this book but it still became the number-one New York Times Seller and this made it one of the best books on passive income. The book basically shows readers how to earn more while working less.
So many personalities from various backgrounds have applauded this publication. Matt Diggity, a renowned digital marketer, attributed this book as the main reason he quitted his day job and started his own venture. Charles L. Brock, the CEO and chair of the Brock Capital Group and previously the President of the Harvard Law School Association stated that this author designed a plan for a completely new world. Dan Partland, Emmy Award-Winning producer claims that the writer tore apart conventional assumptions and discovered better ways.
3. The Unemployed Millionaire: Escape the Rat Race, Fire Your Boss, and Live Life on Your Terms
There has been an increase in the number of people who are getting unemployed because of the global crisis. As a result, it is very easy to feel hopeless and dejected. In case you are among these individuals, the unemployed millionaire is the best book to motivate you. It was authored by Matt Morris and he explains how he managed to climb out of a $30,000 debt and generated more than $20,000 million by age 32. What this book tells you is that it is possible to succeed even without a huge investment capital and slaving yourself inside the office.
4. The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
In case you don’t want to get stuck in an endless job and lead a lifestyle that is mediocre, this book gives you the best alternative. It shows readers the ‘fastlane’ that should always be an expressway of gaining extraordinary wealth and financial freedom. However, the book is very clear that it does not resemble the 4-hour workweek. According to this author, fastlane doesn’t imply that you shouldn’t work hard. However, it gives you an alternative to getting rich now and not later.
5. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
The most interesting thing about this book is that it has several case studies about self-made entrepreneurs who succeeded with very modest investments. Most of these stories talk about business ventures that earn passive income. Therefore, it is among the best passive income books that you must read. The book has real-life stories hence serves as a motivational guide and it also shows you how other people have done it.
The CEO of Zappos.com, Tony Hsieh, refers to this book as a valuable guide that shows readers how to easily turn an idea into a successful business. The book will make you become eager about progressing to the next level.
6. 100 Side Hustles: Unexpected Ideas for Making More Money
Are you looking for more financial freedom but you are not ready to quit your day job? This passive income book by Chris Guillebeau is a perfect publication for you. The content of this book combines action with inspirations. Like the 5th book on this list, it focuses on case studies by individuals who have been able to get side gigs that yielded multiple income streams. The reading will inspire you greatly to begin a passive income venture faster than you thought.
7. Financial Freedom with Real Estate Investing: The Blueprint to Quitting Your Job with Real Estate – Even Without Experience or Cash
Is your goal earning passive income by investing in real estate and you don’t have the capital or prior experience? This book is a perfect guide on how to venture in the industry. In this book, you can only achieve financial freedom in real estate by investing in apartment buildings. The guide provides a blueprint on how to succeed in the business.
Peter Conti, who is the co-author of Commercial Real Estate Investing for Dummies states that Blank managed to create a process that even the beginners find easy to follow in line with multi-family real estate investment.
8. The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Buy & Hold Real Estate Investing
The author of this book is Brandon Turner and he provides practical strategies and an in-depth advice on how you build a massive passive income via rental properties. According to the book, you can start to implement these strategies with immediate effect and learn to spot amazing deals even in markets that are highly competitive.
Star of HGTV’s Flop or Flip Atlanta Ken Corsini lauds the book by stating that he wished that the book was written by the time he was beginning to invest in real estate. AI Williamson from Leadinglandlord.com claims that the book is a great reference for both experienced rental owners and new investors. It is one of the must-read passive income books that serve as a perfect guide to real estate investing.
9. Click Millionaires: Work Less, Live More with an Internet Business You Love Hardcover
Click Millionaires is a book that teaches people on the strategies of making money online. As a result, it won the Community Choice Award in 2013 at the Small Business Book Awards. The premise of this book is to show the reader how he can identify a money-making niche in this online world that matches their interests and skills. The book covers various online business models like digital marketing, online services, affiliate blogging, and blogging.
Bill O’Reilly, a news anchor from the Fox News Channel applauded this book by stating that it provides a roadmap that is easy to understand especially among the entrepreneurs who wish to generate some income from the internet phenomenon.
10. Launch: An Internet Millionaire’s Secret Formula to Sell Almost Anything Online, build a Business You Love, and Live the Life of Your Dreams Paperback
The book serves as a guide to help both the new and existing entrepreneurs on how they can build their business swiftly. The book provides a product launch formula that claims to help readers gain traction by making use of real-life examples, proven strategies, and step-by-step instructions on what you should do.
If you are tired of reading passive income books that focus on ideas instead of suggesting action-driven principles to you, this publication should not miss on your list of the best passive income books. Michael Hyatt, founder of platformuniversity.com and NYT Bestselling author this book is licensed for printing money and that is what has helped him to create a 7-figure business.
11. Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence (& How to Get Started)
If you have never come across an individual who quit his job in his mid-20’s and is currently earning a substantive amount from passive income, you can interact with Rachel Richards, who is the author of this book. Richards retired at an early age of 27, living on $10,000 monthly of passive income streams. Would you like to know how she made it? Read her passive income book and you will not regret it.
12. Passive Income Freedom: Twenty Three Passive Income Blueprints to go from Full Beginner to $5,000 – 10,000/mo in the next 6 Month!
Have you learnt about how passive income can give you a financially rewarding lifestyle that is free from the stress that comes with the 9 to 5 job? The next question you could be having is how you can achieve this. Gundi Gabrielle, in this passive income book, provides answers to this question by guiding you on how you can start a passive income business even if it means working from home.
One review on the Amazon page of this book states that the publication is even better than obtaining an MBA. The reason is that it goes beyond typical advice and evaluates the relative risk that comes with starting these kinds of businesses.
Conclusion
If you would like to start earning money passively, these are the best passive income books that you must read. Most of them have real-life case studies of people who have benefited from these ventures. It is a good thing if you start by learning from those who have gone ahead of you.
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