THE ROLE OF PASSIVE INCOME IN ACHIEVING FINANCIAL FREEDOM

Abstract

In the past several years, achieving financial freedom has emerged as a focal point for people seeking to enhance their overall financial health. One of the most important aspects to be considered in this journey is passive income – income acquired without active engagement after the initial work has been done. Unlike wage employment, where income is received in relation to hours worked, passive income enables an individual to create wealth while not being confined by time. The purpose of this paper is to analyze various sources of passive income to understand financial freedom’s complexity while outlining clear and specific strategies for people aiming to accumulate wealth through passive income.