Visualize this: You have worked hard at your dream business for several months and you decide it’s time for a little adventure. You sign-up for a Backpacking Expedition with Outward Bound, something you have always wanted to do. You head out into the backcountry in the Rocky Mountains for 3 weeks totally unattached to your daily life, no phones, no Internet, no connection to your business, family or friends. You’re completely offline.
After 21 days of being off the grid, you return and check in on your business and you discover that you made money while you were gone. You see that you have more money than when you left because your business sailed on without you.
This is what happens when you create passive income streams. Is there a voice in your head saying, “I. Want. That.”? I’ve heard that voice, too. So how do we get there?
For starters, you will have to abandon one of the rules of the trading your time for money model: you will have to trade your time for no money. That’s right, you will have to invest your time now without payment in return. You will need to accept doing hard work upfront in exchange for passive income down the road. You need to focus energy today to establish a self-sustaining passive income stream, but know this: That passive income stream may pay you for the remainder of your life!
Now I’m not talking get-rich-overnight here. But since the plan is to work at your current job why not work a little more each day but put your extra effort toward you. That way you create a passive income stream that aligns with your dream, creating your dream stream, without any of the downside risks we talked about in Part 2.
There are many, many potential passive income streams that might fit into your dream. The first step is to do a little investigative work to find the right match for you, your talents, your budget, and most importantly your passions. Here are some ideas, just to give you a sense of the possibilities:
- Royalties – this is a good example of an upfront time investment that pays off for years. Writing a book or creating a song may take months of your time, but the resulting royalties may serve you for many years.
- Investments – if you are fortunate enough to have investment capital you may be able to learn how get s sufficient return from investments in the markets, such as stocks, bonds, REITs and funds.
- Own a business:
- Small business that can grow by duplicating – vending machines, game rooms, Laundromats, and other businesses that require little time each day
- Businesses that align with you dreams – they might require your time most days, but if it’s your dream it works!
- Network Marketing – low cost of entry, unlimited potential, many to choose as a match to passions
- Franchise business – most of the setup and infrastructure is in place for you, you just follow the franchise’s success formula. Many will have a low cost of entry, but most require big time commitment.
Ready to start your research? Search the Internet for “sources of passive income”; today it returned over 700,000 hits. It’s time to find your dream stream.
And consider a little help from Robert Kiyosaki:
Thanks and here’s to your success. Dan.