10 Best Passive Income Books to Read in 2023 | Money Optimist (2024)

One of the quickest ways to achieve financial independence and escape the rat race is by generating passive income. Diversifying your passive income stream can provide a steady flow of income in early retirement or allow you to build enough of a nest egg in order to take a sabbatical or start semi-retirement. Whether you're an entrepreneur, a freelancer, or a nine-to-fiver, learning how to generate passive income can help you accelerate your wealth-building and live life on your terms.

But when I first started my journey to building passive income, I was overwhelmed by the sheer number of books out there on the subjects of personal finance, cash flow investing, real estate investing, and starting digital businesses. I had a few passive income ideas but didn't know where to start.

So I've compiled a list of my favorite 10 books on passive income. There are multiple paths to earning passive income and almost all of them require quite a bit of active work to build up; but over time, all of these paths can be automated so you can focus on the things that matter most to you.

The 10 best passive income books to read in 2023

1. Passive Income, Aggressive Retirement by Rachel Richards
2. How to Get Paid for What You Know: Turning Your Knowledge, Passion, and Experience into an Online Income Stream in Your Spare Time by Graham Cochrane
3. The Side Hustle: How to Turn Your Spare Time into $1000 a Month or More by Nick Loper
4. Passive Investing Made Simple: How to Create Wealth and Passive Income Through Apartment Syndications by Anthony Vicino
5. The 4-Hour Work Week by Tim Ferriss
6. The Unemployed Millionaire: Escape the Rat Race, Fire Your Boss and Live Life on YOUR Terms ! by Matt Morris
7. Passive Income Freedom by Gundi Gabrielle
8. The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by JL Collins
9. The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing by Brandon Turner
10. 100 Million Dollar Offers: How to Make Offers So Good People Feel Stupid Saying No by Alex Hormozi

1. Passive Income, Aggressive Retirement

Passive Income, Aggressive Retirement is written by Rachel Richards, a former financial advisor who retired at the age of 27 thanks to her passive income streams generating $10,000/month. In this book, Richards shares her personal journey to financial independence and offers practical advice on how to build a portfolio of passive income that can help you retire early and become financially free.

Key Takeaways:

• The importance of creating multiple streams of passive income to achieve financial independence.

• Get your personal finances in order before diving into passive income. Understand your FI/RE numbers and how long it'll take you to reach your financial independence numbers based on your saving rate today.
• Strategies for building passive income streams through real estate, dividend stocks, and other methods.
• Play to your strengths and investigate your interests when thinking about what types of passive income to spend time on.
• The benefits of having a passive income mindset and taking action towards your financial goals.

Overall, this is an inspiring and informative book that offers a step-by-step guide to achieving financial freedom by taking advantage of passive income opportunities. I loved Rachel's story and the concrete steps she provided to build passive income over a multi-year period. She doesn't sugarcoat the fact that these income streams took a ton of work starting out but over time they all became more passive and allowed her to reach financial freedom.

2. How to Get Paid for What You Know: Turning Your Knowledge, Passion, and Experience into an Online Income Stream in Your Spare Tim e

How to Get Paid for What You Know by Graham Cochrane is a book that provides a proven 6-step system for turning your ideas, skills, and passions into an income stream that puts money in your bank account day and night, whether you're working or not. The book is designed to help readers discover their idea and ensure it will be profitable, build an audience, create a product or service, launch and grow their income stream, automate and scale their business, and repeat the process to create multiple income streams.

Key Takeaways:

• Your knowledge, passions, and skills can be transformed into a lucrative income stream that requires little to no investment.
• Discovering your idea and ensuring it will be profitable is the first step to creating a successful income stream.
• Building an audience is essential to launching and growing your income stream. You need to know who your target audience is and what they want.
• Creating a product or service that solves a problem or meets a need is key to generating revenue. You need to develop a unique value proposition that sets you apart from the competition.
• Launching and growing your income stream requires a strategic approach that includes marketing, sales, and customer service.
• Automating and scaling your business can help you generate more income with less effort. You need to leverage technology and systems to streamline your operations and maximize your profits.
• Creating multiple income streams can help you diversify your revenue streams and reduce your risk. You need to identify new opportunities and repeat the process to create additional income streams over time.

Overall, How to Get Paid for What You Know is a practical guide to creating a successful online income stream that can help you achieve financial freedom and live the life you want.

3. The Side Hustle: How to Turn Your Spare Time into $1000 a Month

The Side Hustle is a book written by Nick Loper, the founder of the popular side hustle podcast, the Side Hustle Show, which has been downloaded more than 24 million times. He's also the author of 6 other books on entrepreneurship, side hustles, marketing, and productivity. In this book, Loper provides practical tips and advice for creating a side business that can generate passive income.

Key Takeaways:

• The importance of finding a profitable niche and validating your business idea before investing too much time or money.
• Strategies for generating ideas for profitable side hustles, such as freelancing, selling physical or digital products, or providing services.
• Tips for marketing and promoting your side hustle to reach a wider audience.
• The value of building a brand and developing a loyal following of true fans.
• The role of passive income streams in creating long-term financial security.

Overall, The Side Hustle is a valuable resource for anyone looking to start a profitable side gig. Whether you're looking to earn some extra income on the side because you can't imagine ever leaving your 9-5 or hoping to eventually turn your side hustle into a full-time thing, this book provides great step-by-step tips for how you can get started with a side hustle.

4. Passive Investing Made Simple: How to Create Wealth and Passive Income Through Apartment Syndications

Passive Investing Made Simple" is a comprehensive guide to creating wealth and passive income through apartment syndications. The book is written by Vinney Chopra, a seasoned real estate investor with over 35 years of experience in the industry.

The book covers the basics of apartment syndications, including how to find the right deals, how to structure a syndication, and how to manage the investment. Chopra emphasizes the importance of due diligence and thorough research when selecting investments, as well as the need to build a strong team of professionals to support the investment process.

Key Takeaways:

• Apartment syndications can be an excellent way to generate passive income and build long-term wealth.
• The key to success in apartment syndications is thorough research and due diligence when selecting investments.
• Building a strong team of professionals, including attorneys, accountants, and property managers, is essential for managing the investment effectively.
• Syndications can provide a way for investors to pool their resources and invest in larger properties that would be difficult to acquire individually.
• Passive investing in apartment syndications can provide a source of stable, long-term income that is not tied to the stock market or other volatile investments.

Overall, " Passive Investing Made Simple " is an accessible and informative guide for anyone interested in investing in apartment syndications. With its clear explanations and practical advice, the book is an excellent resource for both novice and experienced investors alike.

5. The 4-Hour Work Week

The 4-Hour Work Week is a book written by Timothy Ferriss, an entrepreneur and lifestyle guru who is best know for his wildly successful podcast, The Tim Ferriss Show. I picked this book up early in my career and it honestly changed my life and the way I viewed work. In this book, Ferriss challenges the traditional notions of work and retirement and provides a roadmap for creating a lifestyle of freedom and abundance.

Key Takeaways:

• The importance of creating a "muse," or a business that generates passive income and requires minimal time and effort to manage.
• Strategies for maximizing productivity and outsourcing non-essential tasks to focus on what really matters.
• How to create a lifestyle of freedom and abundance by designing your ideal life and taking action to make it a reality.
• The role of passive income in achieving financial independence and creating a life of meaning and purpose.

Overall, The 4-Hour Work Week is a must-read for anyone interested in creating a lifestyle of freedom, abundance, and purpose. Whether you're an entrepreneur, freelancer, or employee, the strategies and insights in this book can help you build a life that's truly fulfilling and meaningful. This is the one book I recommend most for people starting a career.

6. The Unemployed Millionaire: Escape the Rat Race, Fire Your Boss, and Live Life on YOUR Terms!

The Unemployed Millionaire is a book written by Matt Morris, an entrepreneur and motivational speaker who went from being broke and unemployed to building a multi-million dollar business. In this book, Morris shares his inspiring story and provides practical strategies for achieving financial freedom through entrepreneurship.

Key Takeaways:

• The importance of mindset and belief in achieving success as an entrepreneur.
• Strategies for identifying profitable business opportunities and creating a successful business model.
• The role of personal development and continuous learning in achieving long-term success.
• The value of building a strong network and seeking mentorship from successful entrepreneurs.
• The power of persistence and resilience in overcoming obstacles and achieving your goals.

Overall, The Unemployed Millionaire is an inspiring and informative book that provides a roadmap for achieving financial freedom through entrepreneurship. By following the strategies and insights in this book, you can build a successful business and create a life of abundance and fulfillment.

7. Passive Income Freedom

Passive Income Freedom is a book written by Gundi Gabrielle, an author, entrepreneur, and online marketing expert. In this book, Gabrielle provides a comprehensive guide to building passive income streams through online marketing and other strategies.

Key Takeaways:

• The importance of building multiple passive income streams to achieve financial freedom.
• Strategies for creating and selling digital products, such as ebooks, courses, and membership sites.
• The role of affiliate marketing in generating passive income through product promotion and recommendations.
• The value of building an email list and creating a sales funnel to drive passive income.
• The power of automation and outsourcing in maximizing efficiency and minimizing time spent on passive income activities.

Overall, Passive Income Freedom is a valuable resource for anyone interested in building passive income streams through online marketing and other strategies. Whether you're a beginner or an experienced entrepreneur, the strategies and insights in this book can help you build a sustainable and profitable business that generates passive income and provides financial freedom.

8. The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life

The Simple Path to Wealth is a book written by JL Collins, an author, financial advisor, and blogger. In this book, Collins provides a simple and effective approach to achieving financial independence through passive investing. This is one of my all-time favorite financial independence books and is one I recommend most to people who are just getting started with investing.

Key Takeaways:

• The importance of investing in low-cost index funds for long-term wealth accumulation.
• Strategies for creating a simple and effective investment portfolio that maximizes returns and minimizes risk.
• The value of living below your means and saving aggressively to build wealth.
• The role of financial independence in achieving personal freedom and happiness.
• The power of simplicity and avoiding financial complexity to achieve your financial goals.

I love JL's simple yet effective approach to investing and he explains complicated subjects in a very approachable way. If you're a sophisticated investor, this book is likely a bit too basic for you but should be foundational reading for anyone looking to get started with investing and financial freedom.

9. The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing

The Book on Rental Property Investing is written by Brandon Turner, an author, real estate investor, and most famously known for founding BiggerPockets.com , the go-to resource for real estate investing. In this book, Turner provides a comprehensive guide to creating wealth through rental property investing.

Key Takeaways:

• The importance of understanding the fundamentals of rental property investing, such as cash flow, appreciation, and leverage.
• Strategies for identifying and analyzing rental properties that meet your investment goals.
• The value of building a team of professionals, such as real estate agents, property managers, and contractors, to support your rental property business.
• The role of financing and leveraging other people's money to scale your rental property portfolio.
• The power of systems and processes in managing rental properties and minimizing time spent on property management tasks.

Overall, The Book on Rental Property Investing is a must-read for anyone interested in building wealth through real estate investing. By following the strategies and insights in this book, you can build a profitable rental property portfolio that generates passive income and provides long-term wealth accumulation. This is another book I recommend most to people who want to make real estate a big part of their passive income portfolio.

10. 100 Million Dollar Offers: How to Make Offers So Good People Feel Stupid Saying No

100 Million Dollar Offers is a book written by Alex Hormozi, an entrepreneur, podcast host, and business coach. In this book, Hormozi shares his experience and insights on building and scaling successful businesses that generate millions of dollars in revenue.

Key Takeaways:

• The importance of identifying a high-demand market and offering a unique and valuable product or service.
• Strategies for creating and optimizing sales funnels that convert leads into paying customers.
• The value of building a team of experts and delegating tasks to maximize efficiency and effectiveness.
• The role of innovation and continuous improvement in staying ahead of the competition.
• The power of mindset and belief in achieving extraordinary success.

Overall, 100 Million Dollar Offers is an inspiring and informative read for entrepreneurs and business owners looking to build successful and profitable businesses. This book is jam packed with valuable sales and marketing tactics to help any entrepreneur turn their side hustles or startups into profitable passive income streams over time.

Wrap Up

Building passive income streams is a key strategy for achieving financial freedom and independence. By leveraging the power of technology, automation, and smart investments, anyone can create reliable and scalable income streams that generate wealth and abundance over time.

Whether you're just starting out on your passive income journey or you're a seasoned investor or entrepreneur, these books about passive income can help you gain the knowledge, skills, and mindset you need to succeed. So, start reading, learning, and taking action today, and you'll be on your way to financial freedom and abundance in no time!