Out Box Communications

Photo courtesy of Cottonbro Studios According to a recent Monster survey, 96% of people are currently job hunting, in large part because they need to make more money. Unfortunately, since pay isn’t keeping up with inflation, 39% of Americans currently have a side hustle and 44% believe they’ll always need one to make ends meet. But what if money could be earned while you sleep? Or Dave Ramsey says it this way, “What if you could give yourself a raise in your spare time?” That is where passive income comes in. It can be incredibly helpful to generate passive income, which is revenue that takes very little effort to acquire. Passive income is a type of unearned income that is acquired with minimal labor to earn or maintain. It is often combined with another source of income, such as regular employment or a side job. Passive income, as an acquired income, needs to be reported to the IRS for taxes. Examples of passive income include rental income and business activities in which the e