Why Passive Income Streams?
There are a great number of people that don’t know what passive income streams are. I want to share with you today, not only what they are, but why you should have multiple passive income streams.
Wikipedia defines passive income itself as: an income received on a regular basis, with little effort required to maintain it. So, obviously passive income streams are having several income streams that are passive.
So, when you go to work everyday from 9am to 5pm, that is active income. If you’re not at work “actively” working then you’re not making income.
When you are investing in real estate as a wholesaler and you’re chasing deals and buyers everyday that is again active income.
Why not leverage your time? Take back your time and your life all while creating passive income streams that will ensure your financial future?
You can always only work so many hours in a day. You. But money, on the other hand, can work for you all of the time. And the more money you have by creating multiple passive income streams, the more your money can grow and work for you.
What Kind of Passive Income Streams Should You Look For?
There are all types of passive income streams that you could add into your income column. Some may require a little more of a time “investment” then others.
But still, none of these passive income streams once they get going will a) require you to work 40 hours a week, b) will make you only take 2 weeks vacation and c) will have you spend more time with your co-workers then with your family and friends.
Of course, you can spend 40 hours a week, if you want to, creating passive income streams. The key phrase there just in case you didn’t catch it was if you want to.
Some ideas for passive income streams are:
1) The ATM business is an awesome idea for passive income streams. This is one of my major passive income streams that I use.
2) Multi-family investing or rental real estate is another awesome idea to add to your passive income streams. Again, this is another one of my major passive income streams that I have in my toolbox.
3) Network Marketing is a fantastic way to get some passive income streams going. A lot of folks will refer to it as residual income as well. And there are some similarities and differences between the two. But the idea is the same for both!
4) Creating blogs and websites like this one are a great way to accumulate some passive income streams. You can sell affiliate products and make a commission on them or make money off of adsense.
Folks, the list goes on and on…I honestly could be here for days talking about passive income streams for you to take part in. The key for you is to pick just one for now and develop it and then watch your money work for you. When your money is continuously working for you and you not for money, then you’re well on your well to adding multiple passive income streams to your life.
And ultimately, claiming back YOUR TIME and YOUR FINANCIAL FREEDOM all thanks to passive income streams.