Passive Income Streams are a must
First, I want you to notice that I did say passive income streams…with an s. As in plural. As in not just one passive income stream.
Just wanted to make sure I pointed that out.
Ok so here’s the deal. I’ve spent my entire life growing up and knowing I was different. Knowing that I wanted EVERY DAY to feel like the weekend. That thought led me into the entrepreneurial world of side hustles.
Basically, I kept starting businesses until I found one that worked. In 1999, I realized that real estate investing was going to work.
As I progressed in the real estate world I decided I was more interested in PASSIVE INCOME STREAMS then in active income streams.
You see for me? I wanted to enjoy life NOW. While I was younger, healthier, etc. I didn’t want to have to wait until I was 60, 70, 80 etc. when it was time to retire.
I finally realized that having a j-o-b wasn’t going to get me to where I wanted. Also, working actively in real estate as a flipper, rehabber, wholesaler, etc. wasn’t going to get me there either. Why? Because I always had to be WORKING in order to make money.
I read this quote by T. Harv Eker, author of “Secrets of the Millionaire Mind”, and he said “You become financially free when your passive income exceeds your expenses.”
WOW! That was me. My world shifted after I read that. I stopped wholesaling, stopped flipping, stopped it all. Was only interested in passive income streams. Got set into only wanting rental properties (I had 1 single family rental at the time) but wanted to expand into apartment buildings.
Also, I discovered the world of owning ATM machines. (Yes I know saying machines after ATM is redundant, but it just sounds better that way lol)
The passive income streams that I started to acquire in my life really made a difference in my personal time freedom and in my bank account.
I was blown away by the passive income that came from owning ATM machines. The cool thing was they were a lot like real estate investing. So, it was comfortable for me to really get into the ATM business and accumulating passive income from them. I sometimes can be heard calling my ATM machines my “mini” rental properties without the tenants and toilet hassles! hehehe
I’d like to list for you now all of my passive income streams that I have at this point in my life. Keep in mind they don’t all make a lot of money. Most of them just have money trickle in…..but the 1st one on the list is where I make real decent passive income. The next 2 are decent…the remaining……money trickles in, but it still comes in.
Here is the list of my passive income streams:
1) Passive Income from the ATM Business. I own ATM machines. This business accounts for about 90 to 95% of my passive income.
2) Passive Income from Rental Real Estate. I currently own 1 single family residence. I have it sold on a lease/option basis and when it’s officially gone I will probably never own a single family rental again….just apartment buildings.
3) Passive Income from Online Marketing. I suppose I could really break online marketing down into so many categories but for now I’m going to leave this passive income stream as just online marketing. I own websites like this one and Gay Marriage Guide and ATM Business Blueprint, etc. etc.
4) Passive Income from Affiliate/Referral Partner Marketing. This could have been put in the online marketing category but I figured I’d leave my own personal sites and others stuff separate. So, I get paid for referring other peoples products or for putting google adsense on my websites or for selling amazon products, etc.
Just a note though: I’m not like a lot of affiliate marketers. What I mean by that is I’ll only refer an affiliates product if I have used it personally or have at least seen it and feel comfortable that it will do what it says it will.
Here’s a site that is mine that I’m a referral partner with: BBW for Dating.
5) Passive Income from Network Marketing. I am involved with Starion Energy. The reason I love them so much and feel they are the best energy company for me to work with is because they have something called a Utility Advocate program. This is a program that allows me to help any business owner that I put my ATM in their location (or any business owner in general all across the U.S.) Basically, as a utility advocate, we (they lol) will go over the business owners utility bills for the past 4 years (for FREE); water, sewer, phone, merchant services, electricity, gas, etc. And if any mistakes were made we will cut the business owner a check. Plus, we’ll keep an eye on their utilities for the next 3 years (and cut them a check every month if they are being over charged.) It’s a good deal. Makes me look good whether I put my ATM in a location or not. And it’s passive income.
6) Passive Income from Profit Sharing. I use to be a Realtor with Keller Williams Realty. I brought quite a few folks into the organization and when I left I was vested in their profit sharing program. So, now one of my passive income streams comes from Keller Williams paying me every month. Pretty cool, huh?
7) Passive Income from being a Private Money Lender. I am also a private money lender. Which means that I have money that I lend out for a certain rate for investments that I’m interested in. I generally use my Self-Directed IRA account to do this. I also, get private money for my ATM business from other folks looking for passive income as a private money lender. (Pretty cool, eh?)
8 ) Passive Income from Miscellaneous. I just put this here just in case I missed any lol Sometimes, I lose track of my passive income streams. Now, I don’t spend much time on all of these passive income streams. It’s really just the first 3 that I concentrate on. But the rest…still keeps coming.
Hope this gives you some ideas about passive income streams and let’s you finally realize that you can choose how to spend your time in your life when you own enough passive income streams.
If you’re interested in the ATM business then go here for some free information so you too can add it to your list of passive income streams in your life.
What are some of your favorite passive income streams that you currently have?