Sheryln Chopra

Passive Income ideas 2020 Sheryln Chopra

It's easy to think of passive income as money earned while sitting on a beach sipping mojitos, but there is lots of work involved, says financial coach and retired hedge fund manager Todd Tresidder.


Still, passive income can be a great supplementary source of funds for many people, and it can prove to be an especially valuable lifeline during a recession or during other tough times, such as the government lockdown imposed in response to the coronavirus pandemic. Passive income can keep some money flowing when you lose a job or otherwise experience some financial hardship.

If you're worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too.

"Many people think that passive income is about getting something for nothing," Tresidder says. "It has a 'get-rich-quick' appeal ... but in the end, it still involves work. You just give the work upfront."


In practice, you may do some or all of the work upfront, but passive income often involves some additional labor along the way, too. You may have to keep your product updated or your rental property well-maintained, in order to keep the passive dollars flowing.


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