Submitted by Alexandra Ducksworth
Rich Dad, Poor Dad author Robert Kiyosaki wouldn’t be the multi-millionaire today if he didn’t learn from his two fathers. His biological father worked for the government while his best friend’s dad owned various businesses.
What made poor dad “poor” and rich dad “rich?” One vital lesson Kiyosaki learned from his rich dad was the power of passive income:
“My rich dad taught me to focus on passive income and spend my time acquiring the assets that provide passive or long-term residual income…passive income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.” -Robert Kiyosaki
Passive income is money you receive from an asset that requires little to no work. For example, if you purchase a home and rent it out as Airbnb property, you earn passive income from the renters.
There are many ways you can gain passive income: Youtube monetization, real estate investing, blogging, stock dividends, and more.
Ready to build your passive income streams? Check out the following books:
1. Real Estate Investing 101 by Michele Cagan
2. Investing in Dividends for Dummies by Lawrence Carrel
3. Youtube Marketing for Dummies by Will Eagle
4. Starting an Online Business All-in-One by Shannon Belew
5. Blogging for Dummies by Amy Lupold Bair
You can find more information about passive income via Lynda.
Specifically looking into stocks? Head over to our digital resources Morningstar and Value Line.