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Friday, April 29, 2011

Multiple Stream of Income (Passive income)

Multiple Stream of Income (Passive income)

Would you like to take a vacation whenever you want and stop working hard to earned money for yourself in the future? Well, if you wish to achieve this, you need to build a passive income. Some people earned money coming only from their jobs. That's their only stream of income.

The danger of having only one source of income is that when you stop on working, flowing of your income is also stopping. Other people especially most professionals earn money using their specialized skills. Like Lawyers, Doctors, Architects, Business owner and Consultants. But most of them have only one stream of income. 

When the retirement stage has come and their skill become obsolete, they are forced to accept smaller payment to make money. Sometimes they shift to another profession in order to continue the flowing of money on them.

Benefits of generating a passive income: 
1. Make a strong initial effort to get your income started, then do minimal work (or virtually none) thereafter, resulting in earning more and doing less.

2. Freedom to choose when and where you wish to work.

3.Your passive income is not dependent on a 8-5 work everyday and can be generated 24 hours, 7 days a week.

4.Able to give yourself a pay raise whenever you want by creating multiple stream of passive income.

5.Create an unlimited amount of income - you are only limited by your imagination.

6. Have more free time to spend time with your family, friends or go on vacation.

7.Ability to give to charitable causes.

8.Create passive income for your future retirement.

For few people who are really rich in both money and time, they have a different strategy. They build multiple streams of passive income and earn money through various ways.

For example, a big businesses like SM malls. The owner of this malls not only earn from groceries already sold from its every Supermarket, but also earns passive income from the stores owner who are renting space from his malls. That’s creating multiple streams of passive income.

What streams of passive income are available? Here’s a list of the many types of passive income streams from the book Multiple Streams of Internet Income by Robert G. Allen.
  • Savers earn interest
  • Songwriters earn royalties on their songs
  • Authors earn royalties from their books and tapes
  • Insurance agents get residual business
  • Securities agents get residual sales
  • Network marketers get residual commissions or passive income
  • Actors get a piece of the action
  • Entrepreneurs get business profits
  • Franchisers get franchising fees
  • Investors get dividends, interest and appreciation
  • Visual artists get royalties from their creations
  • Software creators get royalties
  • Game designers get royalties
  • Inventors get royalties
  • Partners can get profits
  • Mailing-list owners get rental fees
  • Real estate owners can get cash flow profits
  • Retired persons can get pensions
  • Celebrity endorsers get a percentage of gross profits
  • Marketing consultants get a percentage of profit or gross revenue
This list was written about 10 years ago, it obviously doesn’t include some people who are now earning passive income through the internet.  Here's the list,
  • Many blogger earn passive income from every Google Adsense ad clicks on their websites
  • Popular blogger earn money from paid to blog
  • Online retailers earn money selling their stuffs online
  • Giant online retailers earn profits by selling other people’s stuffs online

Building multiple streams passive income is a great way to secure yourself for the future. You never know if you will be laid off from your regular job and experience a disasters. Choose one of the above types of passive income streams and take action now, to secure your financial future.

Here you have it. You can suggest here if you have a passive income which is not include and mention in the list. Happy earnings!!

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