This post is all about the best passive income books.
If you’re anything like me, you’re wondering how you can detach your time from the way you make money. What if you didn’t need money? Would you still be in the same job? Honestly, I don’t know if I would, and it was this line of questioning that led me to the concept of passive income.
Passive income is income that is generated from previous work that you have completed. You do the work upfront once and continue to get paid for it indefinitely, which essentially detaches your time and your money.
The perfect example is book sales! Imagine writing a book and getting paid royalties continuously. But what about passive income for just your average joe that doesn’t happen to be a best-selling author?
I definitely wanted to learn more. If you’re in the same boat then these books are the perfect passive income books to get your feet wet.
16 TOP Books on Passive Income
1) The Guide to Passive Income: How Affluent Investors Build Generational Wealth
Although it’s a relatively new book, only being published in 2021, the conversational tone of this book makes it a greater starter book for learning about passive income.
The Guide to Passive Income by Andrew Lanoie is easy to understand and provides real-world applications. It teaches you about the 11 best passive income-generating assets that he used to retire in his 30s!
This book covers everything from the basics of passive income to slightly more advanced strategies. If you’re looking to create passive income through real estate investing, this book is a must-read.
Buy The Guide to Passive Income on Amazon.
2) The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime
If you’re more interested in creating passive income through entrepreneurship, The Millionaire Fastlane by MJ DeMarco is the book for you. This international bestseller has been translated into more than 25 languages, so you know the lessons are universally applicable.
I would recommend this book for both passive income beginners and experts alike. Some even argue that this is the best book ever written on passive income!
Full disclosure, when the book starts DeMarco comes across as a salesman. He talks way too much about Lamborghinis throughout the book and comes across as flaunting his wealth. In spite of these flaws, I urge you to keep pushing through this book and try to understand the messages that he is trying to teach. Some lessons are philosophical others are inspirational, and there is a good mix of practical applications that will force you to change your mindset surrounding money. This is by no means a step-by-step guide for how to become successful, but it should definitely be part of your journey to wealth creation.
Buy The Millionaire Fastlane on Amazon.
3) The Automatic Millionaire: Expanded and Updated: A Powerful One-Step Plan to Live and Finish Rich
If you’re looking for a more general guide to passive income, check out The Automatic Millionaire by David Bach. This passive income book is an old-school ode to passive investing that emphasizes automatic investing and dollar-cost averaging.
The book is primarily geared toward Americans because it emphasizes accounts like 401K and other US investment providers. So if you are American then this book will provide actionable advice. However, if you’re from any other country then this book will be more about mindset than about exact steps you can take. It does a good job of covering topics like: investing, saving, and budgeting.
Buy The Automatic Millionaire on Amazon.
4) The Rich Dad Poor Dad
I hold a special place in my heart for Rich Dad Poor Dad by Robert Kiyosaki. Not because it’s the best book on the list, but because it was the first book that taught me about the power of passive income.
So, if you’re an absolute beginner or interested in real estate investing then I would definitely recommend this book. By the end of it, you should have a solid money mindset foundation that you can then build upon. However once again keep in mind that it is written for an American audience, so some of the terminologies won’t apply if you don’t live in the US.
As a forewarning, most of the book does feel like a sales pitch where Kiyosaki is attempting to get you to buy one of his products. Don’t fall for it! You can learn everything you need about passive income either online or through books (like the ones on this list!).
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5) The Four-Hour Work Week
In his 2007 book, The 4-Hour Workweek, Tim Ferriss outlined his plans for “lifestyle design”, which involves working fewer hours and making more money. To do this, Ferriss recommends that people focus on creating multiple streams of passive income. He provides several case studies of people who have been successful in doing this, as well as some tips and tricks for getting started. In particular, Ferriss advocates for using technology to automate as much of your work as possible. This frees up time that can be used to generate additional income or simply enjoy life more.
While some of Ferriss’s ideas may seem far-fetched, the book provides an interesting framework for thinking about how to create a more efficient and enjoyable lifestyle.
6) The $100 Startup
In his book, The $100 Startup, Chris Guillebeau tells the stories of entrepreneurs who have built businesses with little to no start-up costs. Guillebeau interviewed over 50 people who have done just that and distilled their lessons into this helpful guide. By following their example, he shows readers that it is possible to achieve financial independence without a large investment. Guillebeau also provides practical advice on how to get started, including tips on generating ideas, building a customer base, and making the most of limited resources. Throughout the book, he stresses the importance of taking risks and staying true to one’s passion.
With its inspiring stories and useful information, The $100 Startup is a must-read for anyone interested in starting their own business.
7) The Journey To Simple Passive Cashflow: Real Estate Investing for the Working Professional
If you’re looking for a way to achieve financial freedom, Lane Kawaoka’s book, The Journey To Simple Passive Cashflow is a must-read. In it, Kawaoka provides an actionable plan that anyone can use to create passive income streams through real estate investing.
While many books on passive income focus on theory, Kawaoka’s book is all about practicality. He walks readers step-by-step through the process of finding and funding investment properties, and he also offers helpful advice on how to manage and grow your portfolio. Perhaps best of all, Kawaoka’s approach is achievable for even the busiest of people. If you’re looking for a way to get started in real estate investing, this is the book for you.
Buy The Journey to Simple Passive Cashflow.
8) The Lifestyle Investor
Justin Donald’s The Lifestyle Investor is all about achieving financial freedom through passive income streams. The book starts off with a bang, laying out the case for why passive income is the key to creating a life of your own design. Donald then goes on to provide a detailed blueprint for how to set up and manage passive income streams. He covers everything from real estate investing to building an online business and provides helpful case studies and examples along the way. The Lifestyle Investor is an inspirational and actionable guide that should be required reading for anyone looking to achieve financial freedom.
9) How to Get Paid for What You Know: Turning Your Knowledge, Passion, and Experience into an Online Income Stream in Your Spare Time
A lot of people dream of making money from their knowledge and passions but few know how to get started. Graham Cochrane’s book is a great resource for anyone who wants to start generating passive income online.
The book covers a range of topics, including:
- identifying what kind of knowledge you have to offer
- finding profitable niche markets
- how to create and market digital products
- how to build a loyal following of customers and subscribers.
Cochrane provides clear, concise instructions and examples throughout the book, making it an easy read for anyone who wants to start generating passive income online.
Buy How To Get Paid for What You Know.
10) Millionaire Teacher
If you’re looking for a book that will teach you the basics of financial literacy, Millionaire Teacher is a great choice. Author Andrew Hallam draws on his own experience as a teacher and investor to explain the nine rules of wealth that everyone should know.
He covers topics like budgeting, saving, investing, and debt management in a simple and straightforward way. While the book is geared toward those who are just starting out on their financial journey, it also contains valuable information for anyone who wants to get a better handle on their finances. With Millionaire Teacher, you’ll learn how to build wealth over time and achieve financial independence.
11) Your Money or Your Life
Vicki Robin’s Your money or your life is a classic personal finance book that looks at the role of money in our lives and offers readers a nine-step program to transform their relationship with money. The book stresses the importance of aligning our spending with our values and living a simple, intentional life. One of the key ideas in the book is that we trade our time for money, and if we want to achieve financial freedom, we need to minimize our expenses and maximize our income. The book has been incredibly influential, and its nine-step program has helped countless people get their finances on track. If you’re looking for a thorough and practical guide to personal finance, this is a great book to check out.
12) The Fast Track to Financial Independence
In his book The Fast Track to Financial Independence, Andrew Richards lays out a straightforward plan for building passive income streams that can provide long-term financial security. The book begins with a brief overview of the concept of passive income and its importance.
Richards then outlines five key strategies for generating passive income:
1) Real estate investing
2) Stock market investing
3) Starting a business
4) Generating royalties
5) Creating a marketing funnel
He provides detailed instructions for each strategy and case studies of people who have used them to achieve financial independence. The Fast Track to Financial Independence is an accessible and concise guide that provides everything you need to get started on the path to financial freedom.
Buy The Fast Track to Financial Independence.
13) The Simple Path to Wealth
In his book, The Simple Path to Wealth, JL Collins lays out a straightforward plan for building wealth over time. He advocates for starting with a foundation of savings and investment accounts, then slowly adding more income-generating assets to your portfolio. Collins emphasizes the importance of keeping things simple and avoiding debt as much as possible. He also advocates for living below your means and investing in index funds to achieve long-term success. While there is no guarantee that following Collins’s advice will make you rich, it is certainly a sound strategy for building wealth over time.
Buy The Simple Path to Wealth.
14) The Wealthy Barber
The Wealthy Barber, written by David Chilton, is a book about how to save money and achieve financial independence. The book follows the story of Tom, a young college graduate who is trying to find his way in the world. Tom meets an older man named Ben, who helps him to understand the importance of saving money and investing for the future. Tom learns about the different types of investment vehicles available to him, as well as the risks and rewards associated with each one. By the end of the book, Tom has a better understanding of how to save money and create a passive income stream that will provide him with financial security for life.
15) Quit Like A Millionaire
In her book, “Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required,” Kristy Shen lays out a step-by-step plan for achieving financial independence. The book is divided into three sections: “Work Smarter, Not Harder,” “Generate Multiple Income Streams,” and “Make Your Money Work for You.”
In the first section, Shen explains how to use your time wisely to make more money. She advocates for making smart investments and taking advantage of compound interest. In the second section, she discusses how to generate multiple income streams through side hustles and investing in passive income opportunities. And in the third section, she provides tips on how to make your money work for you.
16) Passive Income, Aggressive Retirement
The core of the book is a three-step system for generating passive income: first, identify your passion; second, build a system to monetize that passion; and third, reinvest your earnings to buy back your time. While this may sound like a tall order, Rachel Richards provides actionable advice at each step of the process. This makes it achievable for anyone who is willing to put in the work.
The book starts with a broad overview of the concept of passive income and its importance. Then Richards delves into the details of each step in the process. She provides readers with practical advice on everything from choosing the right business model to investing in real estate. She also includes case studies of people who have successfully achieved passive income. This provides readers with a roadmap for their own journey to financial independence.
Buy Passive Income, Aggressive Retirement.
Conclusion
After you read a couple of books on passive income, you’ll quickly realize that not all authors resonate with you. Maybe you don’t want to live on a shoestring for the next 5-10 years? Instead, maybe you prefer a bit more balance now and a longer timeline? Maybe you’re not interested in real estate investing? Regardless of your goals or dreams, one of the passive income books above will help you get there.
Then at a certain point put all the books down and start taking action.
This post was all about passive income books. Happy reading!
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