There is a movement that has been “formally” going around now for a little over 10 years, but the concepts of the movement have been around for decades. It is the FI/RE movement which stands for Financial Independence / Retire Early.
Passive income is about not having to rely on formal/traditional work to survive. Passive income can take the form of stock market investments, rental properties, a book you have written, or any other form of income that comes in from things you have invested your money and time in.
The Retire Early part of FI/RE focuses on being able to quit your job (if you want to) to pursue other hobbies or interests of yours. Many people who achieved FI/RE, spend 40 hours or more each week at part-time jobs they love and/or volunteer opportunities.
While the FI/RE Movement may sound like a hippy millennial movement, it’s really about taking control of your finances and getting rid of your debt. This is not a new strategy or concept – it’s something that your grandparents probably subscribed to.