What is passive income?

"Passive" income is money that flows in at regular intervals without having to put in ongoing "active" effort or time. And you could potentially set up a side hustle while still working away at your full-time job. More money can equal more freedom!

Now you don't have to have written a huge pop banger in 1997 that brings in ridiculous royalty cheques every month, there are plenty of ways you can work towards a passive income stream.

Here are just a few examples:

• Write a blog or ebook
• Receive dividends from shares
• Rent out a room at your place
• Build an app
• Buy an investment property and receive rent
• Create a YouTube channel with lots of subscribers!

Of course, these are all valid ways to earn some extra cash but a word of warning - they're gonna take a decent amount effort (and often a chunk of initial capital) to kick things off. Not to mention they can be risky. And if you're thinking of experimenting with Crypto, that is the definition of risky. Make sure you are willing to lose the lot. If it was that simple then everyone would be doing it right?

What if there was another way to build up your wealth over time?

An easier option to make your money work hard for you is through your super. We know super doesn't sound like the sexiest way to become rich while you sleep but consider this. With the magic of compounding returns, over time your balance will grow. And grow. For example, if you had $10,000 in your super when you're 20 years old, it could grow to about $50,000 by the time you retire*. Without you having to do anything more!

Check out our retirement balance calculator to see how your super could grow over time.

Everyone's super account starts from nothing and it grows even faster when you nurture it with additional contributions. Chipping in just a little bit extra every pay day can make a big difference. And you might be able to save some money on tax as well, so it really is a win win.

Super really is a great way to create financial freedom and set yourself up for a sweet retirement once you can access your balance.

So when you’re next thinking about building your wealth, why not top up your super. It's never too early to start taking control of your money and your future.

And if you’re with an Industry SuperFund, you and the nearly 6 million other members can sit back knowing that your personal wealth is growing strongly and securely thanks to the long-term performance of your fund.