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Passive income generates cash flow without requiring your personal time, it can be a way to gain wealth on the path to achieving financial stability. 

A contract between yourself (licensor) and companies (licensee) where you give them the rights to manufacture, distribute, advertise and sell your product while you receive a percentage of the royalties.

an amount of money or property left to someone in a will.

Generational wealth is essentially any kind of asset that is passed down from one generation to the next. This might include cash, investment funds, stocks and bonds, real estate properties, or even businesses.

A contractual payment by a person for the use of assets belonging to another person.