Building wealth can be as simple as how much you invest, how long you invest it, and the rate of return on your investment. Suppose you don't need that magazine subscription or the most expensive phone plan. Passive income means that you're earning money without effort. Many retirees want passive income to pay for their living expenses, but you can use passive income to build wealth by reinvesting it. Ultimately, you could have as much (or more) passive income coming in as what your job pays you.

Source: The Guardian June 04, 2022 10:13 UTC