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Passive income is a way to make money without having to work hard. Whether you’re looking to build wealth or diversify your income, there are lots of strategies to create passive income. Let’s explore some effective methods that can help you grow your wealth even while you sleep.

Real estate is one of the most successful passive income sources. By purchasing rental properties, you can earn a steady income through rent while the property’s value continues to rise over time. Another option is investing in Real Estate Investment Trusts (REITs), which allow you to invest in real estate without the responsibilities of being a landlord.

You can buy a rental property and rent it out, earning monthly income while the value of the property grows over the years. REITs, on the other hand, offer dividends without the need to manage physical properties.

Investing in dividend-paying stocks is one of the most straight-forward ways to generate passive income. By purchasing shares in companies that regularly distribute a portion of their profits, you can earn regular payments without selling your shares.