Passive income refers to earning money without directly trading time for it, with some work involved but giving you leverage to make more while working less. To achieve passive income, start by choosing something you know about and automating processes where possible, such as using platforms like Zapier or Robo-advisors. You can then explore various options for making passive income, including renting out a car, selling online courses or digital assets, investing in rental properties, renting storage space, investing in the stock market, promoting affiliate products, selling stock photos, buying vending machines, owning billboards, and dropshipping. While some investments may require a high upfront cost, such as buying a property or billboard, others can be started with relatively low overhead, like selling digital assets or stock photos. To succeed, it's essential to have a realistic mindset and understand that there won't always be a guaranteed return on investment.