If you’re looking for a path to financial freedom, then look no more – Passive Income is the key. The money left over after money earned, less expenses paid from that same money, received on a regular basis, with very little effort required to maintain it is what comprises Passive Income. If you ever became physically unable to work or became ill, passive income could carry you through that down time.
With the benefits of online marketing and the ability for an entrepreneur’s business to have a broader reach via the internet, creating passive income streams is at the top of the must do list for many entrepreneurs. Many have tried— and failed—to create successful passive income streams. Below is some helpful advice to help you be successful with a passive income stream creation; without investing a lot of extra work, money or time. When done correctly, passive income creation can require a lot less effort than working directly with clients on a cash services basis.
WEALTH ATTRACTION to Create Passive income
There are two very effective ways to generate passive income:
- Setting a revenue stream directly within your business
- Acquiring assets outside of your business
Both methods require an initial investment of time, attention and money but a sound plan and a little patience will soon have the result of passive income generation.
Additional Suggestions TO GENERATE PASSIVE INCOME
- Become an Author – Share your expertise with the world. Writing a book most definitely entails the initial investment of time but once you have completed the time-consuming task and effort needed to create your book and get published, monies earned from the sale of your book will soon fall under the passive income umbrella.
- Affiliate Marketing – Many people make some big money utilizing Affiliate Marketing to create revenue streams. Affiliate marketing works in the way that you simply promote other peoples’ items and services to your audience and when an item is purchased, you get a cut. Easy money! Or you can set up an affiliate program for your own services and products and have others sell to their audience and get a cut from you. With the ability to encourage others to promote and sell your products or services for you, your direct sales and marketing efforts will be greatly reduced.
- Rental Properties –Investing in rental properties is one of the most commonly known passive income creators. And the added bonus of owning rental properties is the direct impact it has on your wealth building strategy in the form of property assets. Incorporating a property manager into your rental property plan, and paying for the service from rental fees collected, creates a true passive revenu stream.
As a representative for Robert Kiyosaki’s Rich Dad Poor Dad program over the past few decades, my work includes guidance around building assets through real estate acquisitions. I’ve incorporated the concept into my own personal wealth portfolio as well as becoming a published author and creating affiliate relationships. All have been very successful in creating passive income streams for me on a consistent basis.
If you would like to learn more about how you can implement any or all of these suggestions to begin building a solid financial portfolio for yourself, please visit my services page to see more about the different ways we can work together: http://www.wealthattractionacademy.com/services/