Having more than one way to make money gives you more freedom. By adding to your current source of income, like a 9-to-5 job or a business you own, you can get the money you need to invest or pay off debt.

Investing can help you beat inflation, grow wealth, reduce taxes, generate passive income in retirement, and attain other financial goals.

It can be scary to start a passive income stream, especially if you aren't sure that your investment will pay off. After you look at the new idea with an open mind, you can decide if you want to take that risk. But if you take the right steps, you can make a lot of money.

Residual income is money that keeps coming in even after you've done something that can bring in money. This gives you the freedom to plan, make, and run your project on your own schedule.