Even when passive income is a trending word nowadays, but most of us have no idea what it is and how to earn passive income. If the case is same for you, these passive income books are just what you need.
Whether you are a student or doing a full-time job at a corporate giant, you can always explore different avenues to generate passive income.
Lucky for you, the following article lists down the 10 best passive income books to read this month.
Do you know there is something common among those looking to explore additional passive income generating ways? They aim to elevate their living standard by not settling down for less than the best.
And what best way to find motivation than to read about the real-life examples in passive income books.
Table of Contents
The Best Passive Income Books Out There!
Here are some of the best passive income books available online.
The 4-Hour Workweek
If you find yourself stuck in the daily grind of nine to five only to enjoy your life after 60 years, it’s high time to read The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss.
As one of the best passive income books, The 4-Hour Worksheet revolutionizes the concept of standard 45 working hours per week by introducing an entirely new model of working. The idea is to start enjoying your after-retirement plan by working for just four hours a week.
The author shares his tips on increasing your productivity by effectively handling your daily meetings and emails. Moreover, he negates the existing ideology of working insanely to create recurring passive income streams that don’t require much of your effort.
To emphasize the point, Ferris shared the story of his own company, QuickBrain. All he did was to tweak certain things to create a monthly passive revenue of $40,000.
Besides, Ferris talks about the Pareto Principle, which we usually learn in our Lean or Six Sigma training. The 80-20 principle states that 80 percent of the revenue is created by 20 percent of the most profitable clients. Consequently, we can focus on that 20 percent to automate the entire business model.
For your reference, the following are some key takeaways:
- Define – Always define your goals in tangible form. Just ask yourself what you want and write it down on a piece of paper.
- Eliminate – If you want to use your time more effectively, eliminate distractions, and focus on the 20 percent without any interruptions.
- Automate – Try to think of a passive income stream that can run on autopilot. Or you can simply hire a virtual assistant if your business needs one.
- Liberate – Don’t overburden yourself with expectations. Take it easy and have mini-retirements or work from home.
The $100 Startup
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau is a passive income book about drop shipping. This practical guide is all about launching a business from scratch.
It includes real-world examples of ordinary individuals who managed to build extra-ordinary businesses with just a hundred dollars in their pockets.
Additionally, all the examples quoted in the book are financially viable, with turnover ranging between modest and excessive. Just so you know that the majority of the mentioned start-ups belong to a median range of income, leading to growth and, most importantly, satisfaction.
It’s a handbook for all the aspiring entrepreneurs who want to learn about the necessary steps and strategies to expand their businesses bit-by-bit. The best thing about this book is its simplicity in explaining business strategies without using complicated business jargon.
Most of you must be tired of reading about those massive business empires that can achieve either of the two extremes – to expand or crumble.
No, you don’t want to learn about such examples. Right? You no longer wish to hear about innovative startups developed in the heart of Silicon Valley or MIT incubator.
You want to learn about the success stories of online yoga classes, clothes stores, bookkeeping sites, and handmade toy outlets. This is exactly what this book aims for. It shares the stories of passive income businesses to which one can relate to.
The name says it all for this passive income book, Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business. This one’s written by Chris Ducker.
Whether you own a small online blogging website or online store, the biggest hurdle you face is staffing and outsourcing. That’s when this book steps into the game with an inventive methodology to work with virtual staff.
Not only that, but it also helps you in building your dream business by being more productive without wasting time in continuous closed-loop follow-ups.
This book teaches you a simple lesson. You need to remind yourself every day you wake up that you are not a superman.
Yes, that’s it. You just can’t be a jack of all and expect yourself to do all the work from SEO to website management.
That’s why you need to outsource your work if you sincerely want to increase your passive income. So, the best way is to get rid of all the time and energy-consuming tasks.
Don’t worry; the book also highlights common areas that you can outsource right away:
- Web developer
- Graphic designing
- Internet/Social Marketing
- Video editing
- Virtual assistance
Furthermore, the author goes on to elaborate on all these roles and their respective business tactics.
By the way, the book includes two detailed sections on pay scales to give you in-depth insights about why the prices change every passing year. For example, you pay around $150 to $200 per hour to a top-class digital marketing agency while $100 to $125 to a local agency.
In the end, it narrates that you’ll surely see a return on your investment, even if it’s just a dollar.
The E-Myth Revisited
If you are a passionate entrepreneur, the E-Myth Revisited: Why Most Small Business Don’t Work and What to Do About it by Michael E. Gerber is one of the best passive income books to read.
The author starts this book by breaking one of the misconceptions about passive incomes. He says that most people begin passive income streams to gain freedom and empowerment; instead, they end up being slaves of their businesses. That’s a harsh reality.
You can learn to build and run a business independently to have your freedom in the real sense. The author shares the following three golden rules to modify your existing business model:
- Think about systems with replicable results similar to a franchise. In this way, your business runs like a machine to replicate optimum results with maximum productivity.
- Work on your life mission to make your business a part of your life and not vice versa.
- Lastly, always work ON the business instead of working IN the business. Meaning, hire a task force and outsource, just like mentioned in the book reviewed above.
It allows you to understand the current life cycle of the business. You always start your business with the concept of not having a boss. However, your business, in return, becomes your boss and starts governing your life.
Moreover, it gives you a basic understanding of the difference between technician, manager, and entrepreneur. It means that people usually start their business as technicians because they know how to do the job.
The next step is to hire a team and move towards the manager phase. However, you shouldn’t commit the common mistake of doing the work by yourself instead of delegating.
The final phase is to go beyond the comfort zone towards maturity, just like IBM. Yes, IBM’s mantra has always been to build a business, not do a business.
As the name suggests, the Rich Habits – The Daily Success Habits of Wealthy Individuals by Thomas C Colrey is about rich people’s habits and choices.
In this review, the passive income books are categorized in an order in which you can relate to the passive income lifecycle. Once you have the financial freedom and all the riches in the world, you may indulge in bad habits such as procrastination or overeating.
Actually, the author himself went down from rich to being poor overnight. That’s why he spent years researching rich people’s behavior and why wealth can’t be categorized as derivatives of privilege or luck.
If you want to switch to good habits, you should give this passive income book a read this month.
The first section comprises short stories about rich people with bad habits and how their life collapsed because of bad management and financial practices. These habits include overeating, not showing up at work, not focusing on building relations with existing customers, and many more.
Moving on to the next section, the author presents an innovative plan known as rich habits. You can read for 30 minutes about your line of work instead of mindlessly watching local news or scrolling through the social media feed. Or you can make a healthy meal for yourself at home for $10 instead of having a burger for lunch.
The third and final section switches back to the short stories about how the first section’s characters transformed their habits to become happier and more successful.
By the way, the best thing about this book is that it’s just 100 pages long. So, you can have it as your daily handbook to remind yourself of productive habits.
Moreover, it identifies the bad habits we adopt over time and then moves forward to their solution. And the real-life stories add to the overall effectiveness of this book.
Job Escape Plan
This is one of those passive income books that include interviews of John Lee, Dumas, Nick Loper, Rob Cubbon, Steve Scott, Stefan Pylarinos, and many more.
It allows you to put your fears aside and leave your comfort zone to embark on your entrepreneurial journey. Additionally, this book serves a multi-purpose role for all the people who are looking for motivation to explore passive income avenues.
So that you know, the author is an experienced entrepreneur after leaving the standard workforce to start her dream business. That’s why she takes the readers through her step by step experience to motivate them. Of course, what better way to seek inspiration than by the real-life experience of the author herself.
Not only that, but this book also includes the interviews and stories of successful digital entrepreneurs. These businesses include blogging, online courses, mobile applications, and many more.
It doesn’t matter if the business releases to you, but you can gain insight into the process, especially the co-founders’ mindsets. Additionally, you can watch the interview videos online available on the author’s website.
Next, it includes all the resources for you to chalk out their escape plan. This book allows you to develop an entrepreneurial mindset to increase your passive income streams.
The Side Hustle Path
As the name depicts, The Side Hustle Path by Nick Loper explains ten proven ways to make money outside of your day job.
Yes, all of us want to earn some extra cash to increase our living standards. Some people like to pay off the loans, while some want to enhance their savings. It doesn’t matter; you may need extra passive income streams to fulfill the desired goal.
They say time is money, but there are only 24 hours a day. So, how to maximize income by not disturbing the work-life balance. You can find out by reading the side hustle path.
The author, Nick Loper, started his entrepreneurial journey at a very early age by selling candies to his fellow boy scouts at a summer camp. Later on, at the University of Washington, he also painted houses in college.
After college, he got a job, but it wasn’t fulfilling. That’s when he started to work on building websites, learning online advertising channels, and running marketing campaigns for other companies.
The main idea of this book is to explore low-risk ways to make more money. Moreover, this book isn’t for the people who want to get rich with some get-rich-overnight formula. Instead, it focuses on the time constraint and the starting point.
You can find a plethora of online courses about how to make money online. However, beginners often find themselves confused about a scam or a legit path.
It’s one of those passive income books that discuss real-world examples of ordinary people with a passive or a side hustle income in addition to the standard employment.
Some people continue with part-time ventures, while others turn them into full-time businesses to attain the ultimate freedom. At the end of the day, the choice is really yours to make.
In a nutshell, this book focuses on building:
- Financial Security
Turn Your Computer Into a Money Machine
Isn’t it what we all want? Written by Avery Breyer, Turn Your Computer Into a Money Machine guides you in the process of making money from your home with zero prior experience. Not only that, it guarantees a complete setup within just a week.
Avery Breyer is a best-selling author of the Smart Money Blueprint Series. Moreover, she is also a member of the Top of the Million Dollar Round Table. After reading this book, you can make $60 per hour from home in your spare time
All you need is a computer and a good-quality Internet connection. It doesn’t matter if you don’t have any experience or need to learn from multiple online courses.
This book guides you to write books, build websites, and become a blogger. Moreover, it aspires you to start a multi-level marketing business, fill out online surveys, and sell products on eBay.
The author claims that you can set the entire system in just one week and start making money with little to no start-up costs.
The earlier reviewed passive income books in this article reform your personality to make you a more productive person. Once you save your time, you can utilize it to earn more money without requiring any regular job.
You can enjoy the flexibility to work from anywhere in the world. It’s up to you if you want to earn passive income while sitting on a couch or in a coffee shop.
The StrengthsFinder 2.0 by Tom Rath will help you to identify and unleash your hidden potential and strengths. Tom breaks the stereotype by focusing on fixing their weaknesses while ignoring their strengths.
The book can be summarized in four actionable tips:
- Focus on areas where you have the most potential.
- Stop wasting much of your time addressing your weaknesses.
- Make your life simple by hiring expert people for tasks you can’t perform.
- Work on your strengths and don’t take them for granted. Always keep in mind that talent becomes strength only after hard work.
Tom Rath is an acclaimed American researcher on employee wellbeing and productivity. He has identified 34 critical strengths of people in the book.
You often find yourself surrounded by self-development books preaching you achieve anything you want. No, it’s simply not true – instead, your potential and talent matter.
What if you have the writing potential, but you want to become number one in real estate? This is why it’s better to maximize your potential by working on your skills.
Moreover, the author emphasizes not to struggle against your natural tendencies trying to fix your weaknesses. It won’t help you but make you feel more miserable.
But, it doesn’t necessarily mean to ignore them completely. Meaning, you should achieve baseline competence levels in areas that are your business requirement.
Suppose you are a tech start-up CEO but are terrified of public speaking. You should know how to address the public or pitch your idea but don’t spend years just trying to get better at public speaking.
However, don’t confuse talent with strength. No one is born an expert. So, you need to work on your skill to convert it into your strength for a longer run.
The Six-Figure Second Income
Your ultimate wish has been granted. Written by David Lindahl, The Six-Figure Second Income offers you to start and grow a successful online business without quitting your day job.
It’s one of the most straight-forward passive income books that paint a bigger picture to make money on the Web. This world belongs to Infopreneurs, who focus on selling information products to empower people.
That’s why the author shares proven practices to create and sell information products on the Internet. Moreover, this book is simple yet fun because of its step-by-step methodology so that you can turn your ideas into actionable items.
By the way, this book also gives you a warning about common traps. One such trap is, you can’t research thoroughly without researching similar products. In addition to that, you also need to bring variations on a proven theme to attract existing customers.
The book encourages you to explore avenues with a narrow audience. It doesn’t matter if you attract fewer audiences because you’ll attract them more strongly.
One of the greatest lessons this book teaches is the accurate measure of a lead-generation technique. To your surprise, it isn’t the cost per lead, but actually, it’s the return on investment (ROI).
The book’s central theme is to make a product one-time and sell it in the coming years. It also includes particular examples, including books, boot camps, start kits, hotline consultation, posters, seminars, special reports, membership sites, and many more.
Reading about the best passive income books opens new learning avenues. You not only increase your productivity but also utilize your spare time to make more money.
It’s a fast-paced digital era where you can convert every passing second into cash.
After reading these books, you can create a pathway of your own by eliminating all the time-consuming tasks from your life. Now, you can invest your time and energy in side-hustles to build a business.
Don’t forget about delegating the tasks to the experts. It’s no shame in asking for help if required.
Not only that, you’ll be able to focus on your strengths and polish them to convert them into irreplaceable talent.
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