You’ve heard of stories about multi-millionaires in their 20s and 30s just chilling down in their beach houses while they passively earn unbelievable amounts of cash. You’re wondering how this is even remotely possible when you’ve just finished logging in 50 plus hours working this week and still, you can barely afford to make the rent. You’re tired, frustrated, and you’re more than ready to make a lifestyle to switch.
One way to take better control of your life is to start earning passive income, which is money that you earn with little or no work. While it’s not a get-rich scheme, it can give you freedom both financially, career-wise, and in your personal life.
If you want to explore passive income opportunities that will change your life, one way to prepare yourself is to take one of the best effective shortcuts in life: learn from the experts by reading books.
Yes, reading is NOT overrated. By absorbing available knowledge, you’re giving yourself a head start. You don’t need to make the mistakes yourself or test uncertain waters when you can take advantage of what the experts have experienced and their learnings.
If you’re looking for the best books on passive income, we’ve compiled a list of books that you should definitely consider reading.
1. Rich Dad, Poor Dad
Rich Dad, Poor Dad is one of the most popular personal finance books – ever. It is an international best seller and has been translated in many different languages. Big shots like Oprah Winfrey, Will Smith, and even Donald Trump have recommended this book. Even after more than 20 years, the book still remains relevant and popular even with many young readers.
This book is number one on this list because what it will do is change your mindset. If you want to explore how to earn passively and stop relying on a 9 to 5 job to earn wealth, it’s important to open your mind to different possibilities and ways of thinking.
It's not a step-by-step instructional, instead, it’s a guide that will challenge and break traditional habits and beliefs on how wealth is earned. One of the most popular lessons in this book is how you should not work for money, rather, you should make money work for you.
Of course, this book also has its share of critics with some finance experts saying that the contents of the book are unrealistic and useless. Nevertheless, it’s a great book to start so you can have a fresh outlook when it comes to money.
2. 4-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich
Impossible! This is probably what’s in most people’s mind after reading the title of the book. The 25 publishers who rejected the book probably thought the same but those rejections did not stop 4-Hour Work Week from being a Number 1 New York Times Best Seller and becoming one of the best books for passive income. As the title suggests, the premise of this book is to show you how you can earn more by working less.
Many personalities from different backgrounds have praised this book. Matt Diggity, a famous digital marketer, credited this book as the reason why he quit his day job and ventured on his own. Charles L. Brock, Chairman and CEO of Brock Capital Group and Former President of Harvard Law School Association said that the author created “a roadmap for an entirely new world”. Emmy Award-winning Producer Dan Partland said that the author tore apart conventional assumptions and found better ways.
3. The Unemployed Millionaire: Escape the Rat Race, Fire Your Boss, and Live Life on YOUR Terms!
With so many people getting unemployed because of the global crisis, it is easy to feel dejected and hopeless. If you’re one of these people, the best book to get you motivated again is The Unemployed Millionaire. The author, Matt Morris, tells the story of how he climbed out of a $30,000-dollar debt and went on to generate over $20 million dollars by the age of 32. The book will show readers that it is possible to succeed even without slaving yourself inside the office or having a huge investment capital.
4. The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime!
This book provides an alternative for people who don’t want to be stuck in an endless job and live a mediocre lifestyle. It shows you the “fastlane” which is supposed to be an expressway towards gaining financial freedom and extraordinary wealth. The book, however, is clear that it is not similar to the 4-Hour Work Week because according to the author, fastlane does not mean you do not need to work hard. However, it promises to show you how you can get rich now versus getting rich later.
5. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
The great thing about this book is that it contains a massive number of case-studies about self-made entrepreneurs who succeeded with just modest investments. Many of these cases are about businesses that earn passive income. Because of these real-life stories, this book not only serves as a motivational guide but also shows exactly how it’s been done.
Tony Hsieh, CEO of Zappos.com, said that the book is a valuable guide that shows readers that turning an idea into a successful business is easier than you think and that this book can help you become eager to progress to the next step.
6. 100 Side Hustles: Unexpected Ideas for Making Extra Money Without Quitting Your Day Job
Not ready to quit your day job but you want more financial freedom? That’s okay. This is another book by Chris Guillebeau, author of $100 Startup, that combines inspirations with action. Like the earlier book, it looks into case studies of people who were able to find side gigs that gave them multiple streams of income. This is a great read to inspire you that you can start your passive income venture sooner than you think.
7. Financial Freedom with Real Estate Investing: The Blueprint To Quitting Your Job With Real Estate – Even Without Experience Or Cash
If your goal is to earn passive income through real estate investing but you don’t have prior experience or capital, this book will show you how to venture into this industry. According to this book, the only way to achieve financial freedom with real estate is through apartment building investing and this guide will provide a blueprint on how to succeed in this business.
Peter Conti, the co-author of Commercial Real Estate Investing for Dummies said that Blank was able to create a process that even beginners will find simple to follow in relation to multi-family real estate investing.
8. The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing!
This book written by Brandon Turner provides in-depth advice and practical strategies on how to build significant passive income through rental properties. The book claims that the reader can begin implementing these strategies immediately and gain guidance on how to spot amazing deals even in competitive markets.
Star of HGTV's Flip or Flop Atlanta Ken Corsini lauds this book saying that he wished that this book was written when he was just starting out in real estate investing. AI Williamson of Leadinglandlord.com also said that this book is a great reference not only for new investors but also for experienced rental owners.
9. Click Millionaires: Work Less, Live More with an Internet Business You Love Hardcover
Click Millionaires teaches people how to make money online and for this, it won the Community Choice Award Winner at the Small Business Book Awards 2013. The premise of the book is to show readers how they can find a money-making niche in the online world that suits their skills and interests. It covers different online business models including blogging, affiliate marketing, online services, digital marketing, etc.
Bill O’Reilly, news anchor from Fox News Channel praised the book saying that it is an easy-to-understand roadmap for entrepreneurs who want to make money from the internet phenomenon.
10. Launch: An Internet Millionaire's Secret Formula To Sell Almost Anything Online, Build A Business You Love, And Live The Life Of Your Dreams Paperback
This book is a guide that will help new and existing entrepreneurs how to swiftly build their business. It provides a Product Launch Formula that claims to help you gain traction by using proven strategies, real-life examples, as well as step by step instruction on what you need to do. If you’re tired of books that focus on ideas rather than giving you action-driven principles, then you must have this book in your reading list.
Michael Hyatt, NYT Bestselling author and founder of PlatformUniversity.com, claims that this book is a license to print money and it has helped him create a seven-figure business.
11. Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence (& how to get started!)
If you haven’t met anyone who quit their job in their mid-20s and are now earning good money with passive income then meet the author of this book – Rachel Richards. At 27, Richards retired early, living off $10,000+ per month in passive income streams. If you want to know how she did it, then buy this book.
12. Passive Income Freedom: 23 Passive Income Blueprints To Go Step-by-Step from Complete Beginner to $5,000-10,000/mo in the next 6 Months!
After learning all about how passive income can help you have a financially rewarding lifestyle, free from the stress of a 9 to 5 job, your next question would probably be: How do I do that? This book by Gundi Gabrielle answers that question by giving you the steps on how to start a passive income business, even if you’re working from home.
One of the reviews in the book’s Amazon page said that this book is better than getting an MBA because it goes beyond the typical advice but at the same time, it assesses the relative risk involved in starting these types of businesses.
13. How to Make $100,000 per Year in Passive Income and Travel the World: The Passive Income Guide to Wealth and Financial Freedom – Features 14 Proven Passive Income Strategies
Want to make a hundred grand a year and live your life travelling the world? This book will provide you with fourteen strategies to build passive income so you can achieve your goals. It is also applicable for people who just want more time for themselves and not be totally reliant on a full-time job.
14. KaChing: How to Run an Online Business that Pays and Pays
KaChing is different because it does not promise that you’re going to be the next internet millionaire. Instead, it is for people who are looking to supplement their income and would be happy getting an additional $1,000 a month. This proposition makes it more attainable and realistic for people to achieve.
Hollywood movie producer Gary Goldstein praised the book saying that the author was able to deliver a clear roadmap that will produce precise results again and again.
15. Stock Market Investing for Beginners: Quick Start Guide to Become an Intelligent Investor and Generate Money Today
Investing in the stock market is one of the most popular ways to earn passive income. However, if you haven’t done this before, it can be quite confusing and overwhelming. This book is great for beginners who have no idea how to start investing in the stock market. It is designed to help you invest and start generating passive income immediately.
Learning from the Experts
Having a passive income is an awesome way to achieve financial freedom while living a fulfilling lifestyle at the same time. Reading books and learning from the experiences of other people who have succeeded doing this can help you jumpstart your passive income journey.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
