Developing Multiple Streams of Passive Income
The terms "Passive" and "Residual" Income mean: NO WORK! Stated another way, Residual/Passive income means owning an asset, which earns you regular or monthly income without you having to do any work for it, such as ownership of: rental property, like apartment buildings, or stocks, bonds, oil/gas wells, gold/silver mines, book, music or movie royalties, and businesses you own, but do not operate or manage (Self-generating Network Marketing businesses are in this category). You just receive income from owning the asset.
If you have to WORK to receive income, it's called having a JOB. Some people spell JOB: "J.O.B" (meaning "Just Over Broke"). What happens when a person's JOB is lost or they can't WORK? Most people lose their sole source of income. That is why, besides achieving financial freedom, most people should have at least one or, even better, "Multiple Streams of Passive Income."
Broadly speaking, there are three asset classes in which to create diversified streams of passive income: paper assets, real estate, and business.
Each asset class can then be subdivided into specific areas, arguably with some degree of the concept of diversification being lost. Real Estate, for example, can be subdivided into single family, multi-family, distressed properties, commercial, etc. Paper assets can be subdivided into stocks, bonds, commodities, etc. Businesses can be subdivided into retail, wholesale, intellectual property, Network Marketing, etc.
In following the passive income philosophy your objective would be to build passive (often called residual) income streams in more than one of the broad asset classes and in multiple subcategories, anyone of which provides enough income to live on.
It is a good idea for beginners to succeed at building one passive income stream, and then leverage or parlay some of it's cash flow into building another passive income asset. This simple approach, when repeated, of using the resources, knowledge, and experience gained from building other passive assets, can eventually lead to a nice nest-egg of multiple streams of passive income. It is recommended that you read Robert Kiyosaki's books "Rich Dad Poor Dad" and "Cash Flow Quadrant."
See the article by Todd R. Tresidder: "Multiple Streams Of Income - Truth Revealed"
See the article by Marty Foley: Why Residual Income Is Smart Money - And Ways You Can Earn It
The most successful creators and builders
"Multiple Streams of Passive Income" are
"Savvy and Qualified People."
Savvy and Qualified People are self-starters,
enthusiastic, positive thinking, ambitious, and go-getter types of individuals,
who are looking for business opportunities and have the necessary income or
other monetary assets to risk in investing in business opportunities.
If you are considering building Online "Multiple Streams of Passive Income," which millions of people worldwide have done successfully, then you need to learn correctly how to undertake such a task. A comprehensive Central Resource of Free Information on Internet, Affiliate and Network Marketing, is Refer University.
Video - "The Perfect Business" - Network Marketing by Robert Kiyosaki > EXPLAINED
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|Rich Dad Poor Dad - Cash Flow Quadrant|
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