Last Updated on April 27, 2021 by Ruchika Gupta
Want to build passive income but not sure how and why? This post includes the best passive income books to help you develop a correct mindset and learn how many people built their passive income dreams and achieved financial freedom.
You can never have enough money! Or can you? Human minds are built in such a way that we tend to search for financial security and various income generation aspects. Even though most of us are already slogging through the 9-5 jobs wherein we are mostly paid peanuts, it is certainly not a bad idea to look for some additional income sources simultaneously.
Passive income is a type of long-term investment that you make, giving you returns with minimal to zero efforts. A few viral examples of passive income include rent from an extra property, dividends from any shares like the stock market, etc. Books are one of the greatest sources of knowledge, and thus, we have listed some of the best books on passive income below.
Why do you need a passive income?
As Warren Buffet said,
A good passive income is literally a source of income that works even while you sleep. It indeed makes the rich even richer! It helps you gain money with zero limitations. Here are a few reasons why having passive income can make your life much easier:
- Improved financial stability
- Less reliance on the monthly paycheck. The passive income can be your backup plan!
- Independent of time, efforts, and location.
- Early retirement if your passive income plan is a hit!
- It is fun and exciting, unlike your boring 9-5 jobs!
- More exposure on personal financing
Aren’t these reasons already convincing enough? If yes, stay with us and read further on how you can build your own passive income with the best passive income books!
11 Best Books on Passive Income
Books are always the most reliable and the best sources of knowledge in every aspect. Suppose you are a complete newbie or a full-fledged professional. In both cases, these passive income books will indeed help you make the right decisions and streamline the entire procedure of passive income generation. They will help you in gaining better ideas and initiate better innovations which will give you long-term benefits. Thus, here is a list of the most loved books for a passive income of all time! Let’s check them out.
1. The 4-hour Workweek
The 4-hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich book by Timothy Ferris is Amazon’s 2nd best seller book on career guides and 3rd best sellers book on money management and investing.
This top rated passive income book focuses on how you can outsource your work and gain the profits flowing without making any direct efforts into it. It also focuses on how you can end procrastination and laziness which is a common issue with most working people. It also helps in improving your negotiation skills which you can use in your favor for a better package and so much more.
There are countless case studies included here about people who have benefited from the 4 hour work week and have built a thriving business on their own!
2. Why Doctors Don’t Get Rich
Why Doctors Don’t Get Rich: How YOU Can Create Freedom with Passive Income Investing written by Tom Burns, a doctor and seasoned real estate investor who achieved his financial freedom by managing million of dollars of real estate assets.
This self help book focuses on building your mentality and thought process towards building a passive income strategy. It focuses on how you should think about your money while investing it and how you can make your money work for you. It also focuses on topics that are rarely discussed such as how to reduce taxes, avoid common mistakes and utilize your time in a productive manner. This book overall helps you in building your financial knowledge and maintaining the right approach for a successful venture.
3. The $100 Startup
Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau, who traveled to every country on earth while in his thirties without having a real job or regular paycheck.
Following our passion, doing what we love for making money is the ultimate goal in everybody’s life. In this book, Chris discusses 1500 individuals who built their businesses with minimal investment and some incredible case studies too. This book on passive income largely helps in identifying the skill and passion of an individual and monetizes it to a great extent. And the case studies mentioned here are a living proof on how people have gradually made their skills and passions into a great passive income source.
4. How to Make $100,000 per Year in Passive Income and Travel the World
How to Make $100,000 per Year in Passive Income and Travel the World written by Chase Andrews, who created 8-sources of passive income for himself and left his 9-to-5 unfulfilling job.
This book is an all-rounder guide of 14 well-proven passive income strategies wherein it will teach you both the basics and the advanced level strategies of various passive income sources. A few passive income sources discussed in this book are blogging, selling ebooks, real estate, stock market, asset management such as gold and silver, build a massive dividend portfolio, and so much more.
5. The Book on Rental Property Investing
The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing by Brandon Turner, an active real estate investor.
If you already have some properties on hold or are planning to buy one, you can make good use of it by turning it into a rental property, another top-rated source of passive income. But several other factors are depending on the success rate of this passive income. This book is perfect for both beginners and experienced investors. It focuses on various practical strategies to generate revenue worth millions just by correct real estate investing! It is not a motivational book. It rather provides a detailed, step-by-step framework for accomplishing real estate success.
6. Click Millionaires: Work Less, Live More with an Internet Business You Love
Click Millionaires: Work Less, Live More with an Internet Business You Love written by Scott Fox. This book received Small Business Book Awards in 2013 and has been a best seller all over the world.
It is one of the best passive income books that highlights how Scott changed his living right from a tedious corner office job to doing something he loves and is passionate about. This book primarily focuses on building that initial mindset that you need while creating your own passive income. It will help you analyze the importance of outsourcing and maintaining a proper work-life balance amongst all the hustle and bustle!
7. Smart Couples Finish Rich
Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner by David Bach, one of the most popular financial authors of this time with 10 consecutive New York Times bestsellers.
Various financial challenges faced by couples at all stages of their relationships brings a unique twist to the book. Building a stable and secure future with your loved one is still a dream for many. It is because many couples lack personal financing aspects, which drains a humongous amount of money that could have been reinvested into better passive income strategies. This book focuses on building a sustainable life by managing finances adequately.
It has various tips and tricks that both you and your other half can carry out, like investment options, credit card management, etc., which are the building blocks of a financially independent future together!
8. Forex For Beginners 2020
FOREX FOR BEGINNERS 2020 The Latest Currency Trading Guide to Learn Practical Swing & Day Strategies to Make Money at Home. Discover How the Right Tactics & Psychology Can Boost Your Passive Income by Anthony Forex.
Financial trading might seem quite overwhelming to some people. Thus, this book simplifies the entire procedure of Forex trading and focuses on every possible nitty-gritty detail that you need to know before entering into the world of trading. Most books focus on giving you the strategies but do not really discuss what you need to do if you incur any loss. This book explains beautifully how you can revamp your trading graph even after such unpredictable situations.
9. Amazon FBA and E-commerce With Shopify
A Step-by-Step Beginner’s Guide To Help You Understand Algorithms and Market Strategies to Dominate E-commerce And Create Your Passive Income by Mark Miller.
This book focuses on various ways you can leverage both Amazon and Shopify for better revenue. It will help you build your eCommerce business and sell your products at a high profit with Amazon FBA. It will also help in learning algorithms which results in better clicks on your products and what not! Apart from that, it also focuses on keyword usage, backlinking, etc., for maximizing profit via Shopify! The list is endless here.
10. Options Trading: 2 Books In 1
The Complete Crash Course. A Beginners Guide to Investing and Making a Profit and Passive Income + The Best SWING and DAY Strategies to Maximize Your Profit by Ray Bears, a full-time professional trader and trading coach with decades of experience in the study of markets and their behavior.
The world of trading is massive. As mentioned above, it takes years to master the skill. But if you are a complete beginner and want to start right away in the world of trading, this book is a comprehensive crash course with all the necessary details about trading and investments. It will quickly cover all the fundamentals and give great insights into how you can avoid the risks and temptations; common with traders nowadays. The strategies explained here are logical and perfect for giving good returns over a period of time.
11. The Lifestyle Investor
The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom by Justin Donald is no. 1 Wall Street Journal Bestseller!
Justin Donald was called “Warren Buffett of Lifestyle Investing” by Entrepreneur Magazine, who used his experience to develop a proven strategy to get you off the 9 to 5-day job, create cash flow, and generate real wealth with little risk or complexity. This book is for both new and seasoned investors who want to end trading time for money and create passive cash flow streams.
How To Pick The Best Passive Income Books For Yourself?
I heartily believe that creating passive income requires strong mindset development first and effort before you could see fruitful results. It is why not everyone is successful in building a passive income stream for himself. If you genuinely want to live the life of your dreams and end trading your time for money, first invest in cultivating a mindset.
Here, I have added books suitable for beginners who want to get inspired by pioneers and develop passive income for themselves. If you are already seasoned in this area, you can get some inspiration for the next book you should read.
And then there are books based on different types of passive income sources that you can opt for. There is undoubtedly more to it. All of the books are readily available on Amazon in the form of hardcopy or audiobook online.
I hope that these books on passive income will help you lay your first step in the world of passive income and generate good revenue out of it. Thus, gear up, grab the first book on passive income today and kickstart your journey for a better and secured future!
Meanwhile, Don’t forget to read my post on passive income ideas that actually work and make real money where I have added benefits and things you should take care of while selecting a passive income stream for yourself. Looking for something with your day job? Check high paying online side hustles you can start today from the comfort of your couch.
Over to you? Audience poll:
Which one is your favorite book? And why? Please do write to me in the comments if I missed any. I would love to hear from you and might add your recommendations to this list.