- The 4-Hour Workweek by Timothy Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- The $100 Startup by Chris Guillebeau
- The Book on Rental Property Investing by Brandon Turner
- Smart Couples Finish Rich by David Bach
- Click Millionaires by Scott Fox
- Stock Market Investing for Beginners by Darcy Malone
- KaChing by Joel Comm
For most people, passive income is a financial dream come true. Who wouldn’t welcome the opportunity to make money even when you’re asleep or on vacation? Sipping coffee in bed on a cold Monday morning: making money. Sipping cocktails in the sunshine on a faraway beach in June: making money. When you make your money work for you, the possibilities are endless.
With the growth of the FIRE (Financial Independence Retire Early) movement in recent years, the concept of passive income has become an incredibly popular one. Most of our parents, grandparents, and great grandparents worked grueling hours well into their 60s and 70s. The work dominated life is admirable, but it’s no longer necessary.
If you’re ready to work passive income streams into your life, we’re here to help. Whether you want more time to spend with your family and other loved ones or more time to pursue your true passions, passive income opens up an entire world of possibilities. Luckily, there are plenty of ways to bring it in, too. Here are the eight best books on passive income today:
The 4-Hour Workweek by Timothy Ferriss
This #1 New York Times bestseller (The 4-Hour Workweek) is, without a doubt, one of the most famous and highly praised books ever written on passive income. Timothy Ferriss is mentioned on many personal finance podcasts, in other books, and in many other places across the country. He speaks from experience and teaches his readers that the old concept of retirement that requires deferred happiness and fulfillment is better left in the past.
Whether you want to get out of your high-pressure job, travel the world, earn consistent income without lifting a finger, or some combination of these things, this is your guide. Ferriss recommends information products as the ultimate passive income stream: you make them once and then sell them forever and they’re all delivered digitally. This is one way to avoid doing any ongoing work.
Many people feel compelled to sell products online after reading this book, so if that sounds like it would be right up your alley, check this one out. It’s also great for digging into the overall concepts of passive income, retiring early, outsourcing, and determining when something is worthy of your time and attention. There are many case studies referenced in the book and Ferriss speaks from real-world experience, so it’s easy to see that he knows what he’s doing.
Rich Dad, Poor Dad by Robert T. Kiyosaki
Rather than online passive income opportunities, Rich Dad, Poor Dad got famous for its real-world applications. You’ll find this one on any given list of books on passive income – over the years, it has been translated into dozens of languages to sell all over the world. Kiyosaki covers many different money myths, passive income options, the importance of investing, and most importantly: what rich parents teach their children about money that poor and middle-class parents don’t.
This has remained one of the most popular personal finance books of all time over the 20 years since its release. One of the most important myths he busts is the idea that you need to earn a high income to be rich. Anyone who is a parent, plans to be one or wants some financial insight into their own parents’ money methods will enjoy this book.
The $100 Startup by Chris Guillebeau
His last name may be hard to spell, but his books are very famously easy to read. FIRE followers, side hustlers, and eager millennials, among others, have been devouring The $100 Startup and praising its ability to help you change course. The extended version of the title says it all: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future.
Guillebeau speaks from the heart and as someone who has visited more than 175 nations before his mid-thirties without ever holding a real job or collecting a regular paycheck. His sweet spot is turning ideas into income and using passive income as an opportunity to take the time to pursue the things that we find truly meaningful. He also includes 50 case studies in which other individuals built businesses out of modest investments. Most of them found that their passions could be monetized and that this allowed them to restructure their lives.
The Book on Rental Property Investing by Brandon Turner
Rental property investing has become a really popular method of collecting passive income over the last decade or so. If you’re wondering where you’ve heard the name before, Brandon Turner is also the co-host of one of the most popular personal finance podcasts: Bigger Pockets. In The Book On Rental Property Investing, he provides in-depth advice, tips, mistakes to avoid, strategies to implement, and actionable ideas for successful buy and hold real estate investing.
Anyone who is a current or future investor in rental properties should add this book to their list. You’ll learn about many different aspects of rental property investing, from calculating your return on investment to the newly popular idea of house hacking. As a bonus, when you’re done, you can listen to Bigger Pockets podcast episodes for more words of wisdom in the same or other financial areas.
Smart Couples Finish Rich by David Bach
Many people find that the road to early retirement can sometimes be a lonely one. Quitting your day job, skipping happy hour, and passing on the expensive dinners are not things that most people understand yet. Getting your significant other on board with your financial goals can help you get there faster and make sure you don’t feel like you’re alone.
In Smart Couples Finish Rich, Bach helps his readers create a financially sound life with their other half. There are easy to use tools and strategies that will help couples approach passive income, manage debt, loans, and credit cards, discuss long-term care needs, choose investments, and more. He also details the importance of creating a personalized financial plan that outlines your family’s current and future financial needs, along with core values and dreams. This book is perfect for anyone looking to better their financial life at home.
Click Millionaires by Scott Fox
Click Millionaires is somewhat similar to The Four-Hour Workweek in the sense that both authors discuss the idea that information products/digital publishing is one of the easiest ways to earn passive income online. Where they differ is that Fox offers some alternatives, like blogging and podcasting. This one offers a slightly wider view of the different options for online passive income. He gives actionable steps to creating an online business with a recurring revenue stream that allows you the freedom to decide how you spend your time.
Even better than the offering of alternatives to eBooks and e-mail marketing is how much time Fox devotes in the book to finding your idea. Rather than just presenting the options, he also focuses a couple of chapters on deciding which passive income idea is best for you, individually, and suggests that you write down any ideas that come to you, no matter where you are. That’s what makes this one stick out, in my opinion, particularly for beginners.
Stock Market Investing for Beginners by Darcy Malone
Many of the other books on this list touch on the topic of investing as a passive income strategy, but this one devotes itself to it. Stock Market Investing for Beginners is a quick start guide for beginners, as the name suggests, so if you want to invest but you’re not sure how, where, or when, this is a good place to start.
Malone provides guidance and advice to get her readers investing intelligently, generating passive income, and traveling down the road to financial freedom. She’ll teach you how to choose, buy, trade and monitor stocks, but what’s even better is that she’ll tell you why this is such a strong passive income method. This is a powerful tool to get you started with one of the most popular passive income strategies today.
KaChing by Joel Comm
Last but not least on this list is KaChing. This book made the cut because it highlights one of the most relevant passive income strategies for today’s technology-based world. Comm teaches his readers how to earn passive income by taking advantage of membership sites, affiliate marketing, information products, search engine optimization, and more.
His tried-and-true methods and strategies can often be applied to any niche or market, so it’s a great read for beginners and experts alike. He provides information on how to pick your niche and guides you through the process of making what you have to offer stand out. The case studies included are inspirational and the comparisons and how-to guides make passive income a much more approachable topic.