The question of what is passive income comes up often when it comes to making money online.
Is passive income the same as residual income? What is passive income and is it about making money without doing anything?
Many people get passive income, residual income, recurring income and active income confused at times.
The idea of making money without having to work has been around for a very long time. However, that type a person is usually an estate baby, and gets money from mommy or daddy.
Usually there is some work involved in earning an income. And this is the same online.
Can you think of any types of income that would be passive? Some of the ideas might be the money you get from royalties when you write a book. Those would be passive income streams. Also it might be the reoccurring money that a client makes if you are an insurance agent. You made the initial sale, and the renewals happen on auto pilot.
In the insurance example, you will need to renew the relationship and make sure that it is strong and bonded, because insurance is very saturated and people might change agents.
The concept of the Synergy Collaborative is designed with passive recurring income in mind.
We have designed this platform so that entrepreneurs and business owners can continue to operate their business and do what they are passionate about, and get more exposure online with collaborative efforts of others and also there is an opportunity to get a return on their marketing investment.
