Top 10 Best Books on Passive Income
Passive income refers to earning money in such a way that requires minimum effort. It has been widely encouraged among those who go through a financial crisis and want to achieve financial independence. It is often considered one of the legit ways to become wealthy. Passive income can come from multiple streams and, if used smartly, can make an individual emotionally and financially free. There are many insightful books written on the subject that are as follows –
- Quit Like A Millionaire: No Gimmicks, Luck, Or Trust Fund Required ( Get this book )
- The $100 Startup: Reinvent The Way You Make A Living, Do What You Love, and Create A New Future ( Get this book )
- The Lifestyle Investor: The 10 Commandments Of Cash Flow Investing For Passive Income and Financial Freedom ( Get this book )
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, And Join The New Rich ( Get this book )
- Buy Buttons: The Fast-Track Strategy To Make Extra Money And Start A Business In Your Spare Time ( Get this book )
- Passive Income Freedom: 23 Passive Income Blueprints: Go Step-By-Step From Complete Beginner To $5,000-10,000 A Month In The Next 6 Months! ( Get this book )
- The Unemployed Millionaire: Escape The Rat Race, Fire Your Boss, and Live Life On Your Terms! ( Get this book )
- Passive Investing Made Simple: How To Create Wealth And Passive Income Through Apartment Syndications ( Get this book )
- Passive Income, Aggressive Retirement: The Secret To Freedom, Flexibility, and Financial Independence (& How To Get Started) ( Get this book )
- Fire Your Boss: How To Quit Your Job, Stop Selling Your Time And Start Making Passive Income While You Sleep…And Possibly Move To A Tropical Island ( Get this book )
Let us go through each book and discuss some of the key insights that can help anyone achieve financial freedom through passive income –
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#1 – Quit Like A Millionaire
No Gimmicks, Luck, Or Trust Fund Required
By Bryce Leung and Kristy Shen
The book was released in 2019, and its central idea revolves around retiring at any time with investments and savings, becoming absolutely financially and emotionally independent.
Book Review
Two authors wrote the book, both part of the FIRE movement (Financial Independence, Retire Early). The book tells how to cut down on spending without decreasing the lifestyle quality. The authors encourage people to buy less materialistic things and spend money on experiences. The book also highlights the idea of saving and investments.
Key Takeaways
- The book talks about the 4% rule for retirement spending.
- It is one of the best books on passive income for people of all ages.
- The authors give effective ways for people to quit their 9 to 5 jobs and become self-employed.
- They show the mathematically proven formula to retire decades before the age of sixty-five.
#2 – The $100 Startup
Reinvent The Way You Make A Living, Do What You Love, And Create A New Future
By Chris Guillebeau
The book was published in 2012 and was instantly loved by the people who adore the idea of financial independence, entrepreneurship, and passive income.
Book Review
The author derived a framework for making people turn their skills into income. He says it is important to have multiple income streams and suggests that most people can make a lot of money only by using their laptops and WiFi and working from home. The author advises people always to keep their plans simple and focus more on actions.
Key Takeaways
- The book suggests that people need customers and skills for passive income.
- It states that when someone starts a business, they tend to get many pieces of advice, but they must do what they believe in.
- The author admonishes that people must take account of costs and income and not just their hobbies.
#3 – The Lifestyle Investor
The 10 Commandments Of Cash Flow Investing For Passive Income And Financial Freedom
By Justin Donald
The book was first published in 2020. It offers insights on how people can take advantage of earning through passive income. It is one of the best selling books on passive income for people, starting with nothing.
Book Review
The author talks about the lifestyle that people should look forward to and encourages “lifestyle investing.” The book divides lifestyle investing into three stages – covering minimum expenses, investing in life, and designing the lifestyle people want to be in. Finally, the book talks about smartly using passive income to attain financial freedom.
Key Takeaways
- The book gives the readers 10 commandments to live by.
- It encourages readers to structure their income and investments and always negotiate.
- The author explains the term “lifestyle investing” and its various stages.
- He talks about the value of investments and creating a portfolio.
#4 – The 4-Hour Workweek
Escape 9-5, Live Anywhere and Join The New Rich
By Timothy Ferriss
The book came out in the year 2007, and since then, it has helped thousands of people understand the importance of time freedom, work stability, and living life to the fullest.
Book Review
The book accounts for the author’s personal life decisions. He wrote this book in frustration, explaining how he removed himself from his own company to follow what he loves, learn, and travel. The author suggests that people focus on doing little things that lead to bigger progress. For example, this book explains that many people gauge productivity by the time spent working, but it is not quite right because people waste a lot of time.
Key Takeaways
- The book tells people to be effective rather than efficient.
- It explains why people need to be of high quality always.
- The author says that doing something unimportant well does not make it important.
- The book had become a best-selling book on passive income subjects.
#5 – Buy Buttons
The Fast-Track Strategy To Make Extra Money And Start A Business In Your Spare Time
By Nick Loper
The book was released in 2016 and explained that the process to have a passive income is always the same whether a person wants to earn more or comparatively less.
Book Review
The author says that there must be a product for anyone to earn, but most importantly, there must be a customer. If there is no customer, then the product is of no use. At the same time, most people struggle with finding time and energy to do what they want to do and are stuck between laziness and productivity. The author says that there are no get rich quick tricks, and people have to be patient.
Key Takeaways
- The book talks about customer acquisition and its importance of it.
- It ranks among the top books on passive income of all time.
- The author teaches how people can earn fair enough in their spare time.
- He explains the book’s title as the buy buttons strategy.
#6 – Passive Income Freedom
23 Passive Income Blueprints: Go Step-By-Step From Complete Beginner To $5,000-10,000 A Month In The Next 6 Months!
By Gundi Gabrielle
The book came out in 2019 and offered 23 passive income blueprints to follow and help people find new avenues to make more money. It is easily one of the best books on passive income.
Book Review
The book is easy to comprehend, a step-by-step guide for beginners looking to earn passive income. At the same time, it is also helpful for people already earning passive income and wants to expand it. The book is filled with the author’s insights, proven results, strategies, and bits of advice that will help readers grow in the passive income space.
Key Takeaways
- The book gives 23 passive income ideas and businesses insights.
- It offers simple ideas to earn around $5000 to $10000 a month.
- The author explains the importance of secondary income and how it involves fewer risks than a start-up.
#7 – The Unemployed Millionaire
Escape The Rat Race, Fire Your Boss, And Live Life On Your Terms!
By Matt Morris
The book was released in 2009, yet it holds some key examples of having passive income and attaining financial independence early in their lives.
Book Review
The book is a renowned self-help book helping people become rich and live their lives on their terms. It accounts for the author’s story where he started his first business at 18. Then, he dropped out of college for a full-time business. The book also shares some of the drastic times with debt, homelessness, and sadness, yet by 29, the author became a self-made millionaire. The story gets as inspiring as a reader starts reading it.
Key Takeaways
- The book shows how the author made it to the top and what life-changing decisions he took. In addition, it contains specific success principles for readers to follow.
- The author shares a step-by-step formula for turning a great idea into a million-dollar business.
- He believes that people do not have to be smart, lucky, or rich to make millions.
#8 – Passive Investing Made Simple
By Anthony Vicino and Dan Krueger
The book was published in 2021, in which authors have shared some life-altering insights as to how people can create wealth by starting small and making some long-term changes.
Book Review
Passive Investing Made Simple is a book that focuses on real estate investing. The authors say that many people are tired of the stock market’s ups and downs and readily believe that real estate has made more millionaires than any other investment. The book is an exhaustive guide to teaching people to invest in multifamily apartment schemes and build their generational wealth through passive income streams.
Key Takeaways
- The book offers a simple path to financial freedom through real estate investing.
- It helps people create passive streams of income.
- The authors provide a step-by-step process from where to start, what to do, and how to maintain the flow of income.
#9 – Passive Income, Aggressive Retirement
The Secret To Freedom, Flexibility, And Financial Independence (& How To Get Started)
By Rachel Richards
The book was first published in 2019 and shares some powerful insights on financial freedom, independence, and earning in more ways than a person can think of.
Book Review
The book is a great self-help book. If a reader wants to become financially independent, this book can induce them with the idea of creating steady flows of passive income. It is primarily for college students who eventually end up in the 9 to 5 office life and become a part of the never-ending work cycle. In addition, this book encourages people to live the life they want to and take charge of when and if they will work.
Key Takeaways
- The book talks about retiring early by achieving financial independence.
- The author stresses the idea of quitting the 9 to 5 office life.
- She explains how people can eliminate their fears and financial stress.
#10 – Fire Your Boss
How To Quit Your Job, Stop Selling Your Time and Start Making Passive Income While You Sleep…And Possibly Move To A Tropical Island
By Jonathan Green
The book was released in 2018 and talked about employees finding their worth in the company and how to get out of a job people usually despise. It is one of the best selling books on passive income.
Book Review
The author with the medium of this book speaks to many people. He categorizes them as employees who hate their job but do not know how to get out of their workaholic lifestyle. The book speaks to many young readers who are new in their first jobs or looking forward to get a job. He motivates them to fire their boss by taking the necessary steps he conveyed in the book.
Key Takeaways
- The book presents the most obvious mistakes people make while starting their business venture.
- The author says that this is not another startup book but helps readers get multiple passive income streams.
- He inspires people to start their journey of emotional and financial freedom.
Recommended Articles
This has been a guide to the Top 10 Best Books On Passive Income. Here we briefly discuss them, review them, and explain why they are the best selling. You may also have a look at these suggested books below –
- Value Investing Books
- Money Making Books
- Financial Freedom Books
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