Passive income is a stream of revenue created and maintained with little or no effort. It is one where the earner puts in minimal effort to sustain the income.
There are many ways to earn a passive income, and some of the world’s most prominent financial analysts have written books on ways to earn one.
Before I hop on to the list of the Top 10 best books on passive income, let’s first learn why reading these books can make a huge difference in your life.
Why Reading Books On Passive Income Is Extremely Important?
Well, almost all of you want to be rich, but you don’t know how because you don’t have enough knowledge to get started. You don’t know what to do in order to begin generating a steady stream of income.
This is where books come into play; they open up a universe of opportunities for you. You get to learn things you didn’t know before. This is why reading books on passive income can make change your life.
By reading books, you could learn new tricks, navigate your way to success or even learn that you were always on the right track, but you only needed a change of perspective to develop your ideas.
Here I have rounded up a list of the top 10 best books on passive income that will help you get started.
- 101 Passive Income Ideas Under $1000 by Frank Coles.
- The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom by Justin Donald.
- Affiliate Marketing Success: The Beginner’s Step By Step Guide To Making Money Online With Affiliate Marketing by Peter Yoon
- Passive Income: 30 Strategies And Ideas To Start An Online Business And Acquiring Financial Freedom by Richard Gadson
- The 4-Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich by Tim Ferris
- The Unemployed Millionaire: Escape The Rat Race, Fire Your Boss, And Live Life On YOUR Terms! By Matt Morris
- Passive Investing Made Simple: How To Create Wealth And Passive Income Through Apartment Syndications
- The Power of Passive Income: Make Your Money Work for You
- The Passive Income Myth: How To Create A Stream Of Income From Real Estate, Blogging, Stocks, And Bonds By Joseph Hogue
- Make Money While You Sleep: Use the Knowledge You Already Have to Create Passive Income Freedom by Michelle Kulp
#1. 101 Passive Income Ideas Under $1000 By Frank Coles
“101 Passive Income Ideas Under $1000 by Frank Coles” is a brilliant book on passive income. It gives the reader 101 different ideas to create a passive stream of revenue. The ideas are concise, well-researched, and doable. Along with that, Coles has also explained the ideas with factors that make them worth rooting for.
In his book, Coles mentions that you don’t become an overnight millionaire by following these ideas because they are no magic tricks. With time and consistent effort, an individual can work on his dreams of earning money with little effort. He says that by incorporating a few strategies here and there, you can make the money work for you.
Coles mentioned the following online and offline ideas for generating a passive income :
- CPA Affiliate Marketing
- Peer-to-Peer (P2P) Lending
- Dropshipping
- E-commerce
- Publishing an E-book
- Online Blogging
He even explained the factors that one needs to consider before choosing an option for making a passive stream of income:
- Risk score.
- Operation or launch costs.
- The potential of profit.
- Performance difficulty level.
Since Coles has explained the ideas and risk/profit factors, the reader can easily evaluate the method that will work best for him.
#2. The Lifestyle Investor: The 10 Commandments Of Cash Flow Investing For Passive Income And Financial Freedom By Justin Donald
Justin Donald’s “The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom” is one of the most highly recommended books on passive income. He discusses passive income as a Lifestyle Investor where he explains how passive income is a means to create a life that you enjoy.
The author emphasizes investing in a passive income stream to assist the readers in attaining their targeted net worth and encourages them to stop working on a 9-5 job.
Donald even discusses cash flow and how it can help a person to stop working on a regular job and start accumulating true wealth. This is for people who want to live in an unconventional way of life or are tired of working too hard for a regular wage.
Donald highlights in Lifestyle Investing that when you invest in mutual funds or the stock market, you are effectively granting firms interest-free access to your money in the hopes that its value will improve in the future.
He then explains that’s one method to invest, but another is to build an investment portfolio that creates enough passive income cash flow to cover all of your current expenses. That is, in a word, lifestyle investing (LI).
#3. Affiliate Marketing Success: The Beginner’s Step By Step Guide To Making Money Online With Affiliate Marketing
If you want to learn how to make money like the big brands while you’re asleep, then this is the book for you. “Affiliate Marketing Success” by Peter Yoon will help you set up a passive stream of income and teach you how to sell other people’s products.
Affiliate Marketing has a huge scope of making you Richie Rich, and this book teaches you the ropes of getting the hang of it. Basically, affiliate marketing promotes someone else’s products online and gets a commission on each sale.
Yoon says that this is the ultimate business plan since you can simply pick something that is already selling well for another vendor, take inspiration from their business concept, and then start making money! There is no risk involved, no technical knowledge is required, and it is nearly foolproof. His book will show you how to accomplish all of these goals.
Here are some of the insights that you will learn inside the book:
- Learn how to find excellent affiliate bargains with advanced pro tools.
- Sell things with a monetary value of thousands of dollars.
- Learn how to sell things through your content in a variety of ways.
- Learn how to be a thought leader and influencer.
- To avoid failing, find and select the best products.
- Manage and track a large number of items and services at the same time.
- Increase the size of your company indefinitely.
- Learn how to create the most effective material for product sales.
- Profits are guaranteed when you use PPC.
- Begin earning money right away!
#4. Passive Income: 30 Strategies And Ideas To Start An Online Business And Acquiring Financial Freedom
In his book, The “Passive Income”, Richard Gadson offers 30 tactics and ideas for achieving financial independence by launching an online business. If you’re looking for ways to gain financial freedom and if you fall into either of the following categories, then this book will be an excellent read for you.
- Are you sick of working from 9 to 5?
- Do you want your money to work for you?
- Want to make money on autopilot while you relax and enjoy your life?
If you said yes to all of the above, then you will discover and learn everything you need to know about developing a business for passive income with this book by Richard Gadson.
Basically, the Passive Income will teach you the methods and tips that will help you get out of your 9-5 job and help you transition into the life you want to live. This book will show you how to start making money while doing the things that you absolutely love.
This book is an easy read for the newbies. Richard Gadson breaks down the training into small segments so you can learn the business of passive income easily.
#5. The 4-Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich
In his book, “The 4-hour workweek”, Tim Ferris discusses a technique that he worked on to earn money from anywhere in the world without putting in much effort. Ferris tells the readers how to organize their lives so that they may be able to fulfill all their dreams easily. He discusses the concept of working less and working from anywhere, as well as producing passive or near-effortless income and then enjoying all the luxuries of life.
Many people who have invested in financial freedom revert back to Tim Ferris’ The 4-Hour Workweek, every time they feel stuck.
The book highlights the core principle to build an online business and then taking yourself out of it by delegating all of the work to distant workers or automated systems—a genuinely strong passive income machine.
Ferris was the first one to introduce the idea of dropshipping in his book, which is also regarded as one of his major achievements. He talks about delivering your supplier mail products directly to your customers under your brand label so you can avoid keeping inventory.
Ferris also advocates selling information — classes and online courses — because it is the most cost-effective way to create and distribute it.
#6. The Unemployed Millionaire: Escape The Rat Race, Fire Your Boss, And Live Life On YOUR Terms! By Matt Morris
In the best-selling passive income book, “The Unemployed Millionaire”, Matt Morris shares his story about how he went from being homeless and being heavily under debt, spending days and nights in his car at the age of 21, to becoming a millionaire all by himself at the age of 29.
His book deals with the concept of making money work for you and not the other way around.
Morris even talks about the power of the Internet and how it has made global trade simple and accessible to anyone who wants to create a business online.
Through the internet, a business owner can even sell his products to millions of clients around the world. Morris describes the key takeaways he learned from his experience and the moneymaking formula he utilized to transform his ideas into a fortune in the Unemployed Millionaire.
Here’s what you will learn from his book:
- You will get a step-by-step formula and roadmap for converting your idea into a multimillion-dollar enterprise.
- He demonstrates that you don’t need to be lucky, intelligent, or wealthy to make millions.
- All millionaires adhere to a set of success principles.
#7. Passive Investing Made Simple: How To Create Wealth And Passive Income Through Apartment Syndications By Anthony Vicino and Dan Kreuger
Anthony Vicino and Dan Kreuger’s book “Passive Investing Made Simple” focuses on passive income from apartment syndications. It’s a book for people who are interested in investing in real estate and building wealth through it.
Passive Investing Made Simple is a thorough guide that teaches the readers how to invest in Multifamily Apartment Syndications, so they can build generational wealth, generate extra passive income streams, and lower their annual tax burden.
Above all, this book is about taking charge of your financial future so that you can enjoy life on your own terms. I mean, this is something that we all deeply yearn for.
#8. The Power of Passive Income: Make Your Money Work For You By Nightingale-Conant
“The Power of Passive Income by Nightingale-Conant” is unique in a way that it will help you construct a life plan that will generate the amount of wealth you desire. You can see what works for you as an individual by using the power of passive income as a resource. The author has given the best advice in his book for building a secure future.
#9. The Passive Income Myth: How To Create A Stream Of Income From Real Estate, Blogging, Stocks, And Bonds By Joseph Hogue
This is one of the best books on creating a passive income. Here’s what you will learn from Joseph Hogue’s experiences:
- The method for making extra money via blogging.
- To get consistent income flow, there are five easy characteristics to consider when selecting dividend stocks.
- The benefit of investing in bonds is that they provide both safety and income.
- Different types of real estate loans with as little as a 3.5 percent down payment are available.
- The procedure for buying and selling residential real estate in a step-by-step manner.
- How can we invest in real estate without the hassles of tenants?
#10. Make Money While You Sleep: Use the Knowledge You Already Have to Create Passive Income Freedom By Michelle Kulp
If you want to make money quickly, “Make Money While You Sleep” is the step-by-step guide that will help you get there! Michelle Kulp will show you how to “move from idea to income” in 30 days.
With her step-by-step guide, you will learn how to convert your knowledge into a resellable digital asset. After reading her book, you’ll discover how to develop a profitable online course that continues to generate revenue for you.
It also teaches you how to discover clients and provides you with templates, checklists, and blueprints to help you get started. If you’ve ever considered selling your knowledge, this is one of the best passive income books to guide you through the process.
Conclusion
Every person on earth has a certain skill set which they can use to generate a passive stream of income for themselves, but they don’t have the right knowledge for it to put things into perspective.
With these top 10 best books, you will learn ways to get started and help yourself build real wealth that will continue to feed your future generations without putting in much effort.
