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What Is Passive Income and How Do I Build It?

Updated: Mar 9

The future is unpredictable, everything can change in a split second. We are here today, gone the same. We plan, we hope, and expect, we look forward to what will come, both good and bad. Yet, no one knows exactly what the future will bring, we can only prepare for the best and expect the worst. God has given mankind wisdom, how to prepare for the future. All hope is never lost, amidst all the tragedies that we have encountered in our lives, there’s a certainty that things will never be the same and change will happen, whether good or bad. Change impacts every aspect of our lives, including our finances. Below are five reasons you should be generating a side income as an average income earner.

What is passive income?

Passive income is money you earn in a way that requires little to no daily effort to maintain. Some passive income ideas—like renting out a property or building a blog—may take some work to get up and running, but they could eventually earn you money while you sleep.


The word itself is dreaded by many, we may have seen or experienced the pain and discomfort that sickness brings. Although many illnesses are preventable, we can never deny the fact that we might get sick at some point in our lives. It could be terminable or short-term. Sickness is no respect of persons. Anyone at any time can get ill. How does sickness impact our work lives? Depending on the nature of our illness we might still be able to work. Sadly, for others, they are either forced off work compulsory or voluntarily. In these unprecedented times, it can become difficult to finance the usual expenses with no income, in addition to medical bills. It gets even worse for persons without insurance coverage and life savings. In these cases, family members are sometimes left to bear the burden of these expenses. With a side income, depending on what you choose, there is no limit to the amount that you can earn and when you can earn it.


It doesn’t matter how good you are, how much your work is appreciated, how much you love your job, or your job loves you. If there comes a time when your company is faced with financial difficulties, always remember that your superiors will do what’s best for business, and not necessarily what’s best for you. This doesn’t mean that your work is not appreciated, or they don’t intend to keep you, but sometimes a tough decision means that, if the loss outweighs the benefits then you must choose the benefits. In every business, salaries carry a huge cost in expenses. If a company is facing financial challenges, it will cut back on its expenditure. This means that it will either reduce work hours or cut staff if deemed necessary. What does this mean for you? Always remember that your job is not your fixed address and any change in the market or economy can affect your job directly or indirectly. That’s why it is important to consider investment options (short-term and long-term) while you earn, in case you are laid off at least you still have an income stream(s).


With the advent of Covid 19, hundreds of businesses were forced into closure and millions were left unemployed and homeless. This has negatively affected families and economies across the world. However, online sales grew exponentially, and there were many business owners who raked in millions in profit. There is a phrase, never let a good crisis go to waste. While good is not the best adjective to describe this pandemic since hundreds of lives were lost, families are homeless and jobless, and some businesses are permanently closed. It can be said that it had some benefits. We would have seen companies like Zoom and Amazon skyrocketing in sales. What does this mean for you? It means that during the time of a crisis you can still generate a side income without your day’s job. In fact, the pandemic forced many persons to utilize their craft. I saw several persons earning a side income from manufacturing and re-sale of masks. I too started an online business and wrote several ebooks during the months, I was working from home.


We are living in a fast-paced world and modern technology is advancing as the years progress. With the Covid 19. We would have seen technology at its best with most of our non-essential tasks been done virtually. Online schooling, face timing, grocery shopping, consultations, meetings, training, webinars, etc. What does this mean? It means that majority of our daily transactions that can be done virtually will continue that way in the future. This means that there will be little or no need to visit brick-and-mortar stores to complete a simple transaction. Additionally, there will be less need for persons with manual desk jobs, if more transactions are required to be completed online only. In fact, I have heard of bank workers losing their jobs to facilitate online platforms. As much as possible get yourself familiarized with digital technology, grow with it, and make it work for you. There are many ways to earn additional income from digital technology.


In these times death is more certain than life. It is feared by many, but our greatest fears will never erase the fact that eventually, our time on earth will end. What does this mean for your current job? It means that your superiors will replace you with someone else and business will continue. What about your dependent(s)? Death can negatively impact a family who survives off one income stream. If you are the only income earner within your household. It is paramount to have an additional income stream(s) that will sustain your loved ones after death. Especially cases where there is no life insurance and young children are involved. You wouldn’t want your loved ones to be deprived of basic needs, food, clothing, education, shelter due to financial constraints.

Side hustles that WILL generate an income even after you die

Passive income ideas:

  • Real estate (buy and sell)

  • Investing in Stocks/ shares

  • Owning a brand (skincare, shoes, bag, hair, clothing, etc.)

  • Rental income (commercial property, housing apartments, land, motor vehicle, furniture equipment)

  • Creating an app or software

  • Writing books or courses

  • Music

  • Art

  • Stock photos

In closing, a wise man builds his house on a rock. Therefore, you shouldn’t just work to live or live to work. Yes, material wealth isn’t all, but it is important to plan wisely for your financial future and those who are depending on you. Never feel as though you are planted in your current job and you will forever stay there. Do not become complacent, life happens, and it can change in a split second. You can wake up without your job tomorrow. Many of the side businesses I mentioned above doesn’t require much to start. In fact, there are other side businesses that you can do free. Be prudent, start now, and reap the rewards later. If not you, then your loved ones, but don’t continue your work life with one income stream. Consider the five reasons and the number of other things that could happen to your present job. Go do your research and start a side business that you love. Transform your passion into excellence.

Annette Kinglock-Murray

Author, Poet, Affiliate Marketer, Blogger, Investor, Customer Service Representative, Business Owner.

Passive income, Passive, Ways to generate passive income, How to make passive income, Best ways to generate passive income, Ways to make passive income

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