The best time to seek a passive income stream is when you already have an immediate cash flow income coming into your household. This is one of the best ways to acquire wealth without having to jeopardize your current financial situation.
The best way to become rich is to expand your income without having to expand your efforts. It is much harder to become rich if you are planning on doing it all by yourself.
Think about it, there are only so many hours in a day so you will remain limited in your income bracket by trying to work harder.
It may make you a little more money by working harder but it can not compare to the income producing power of working smarter.
Here are a few things to consider before looking for passive income:
1. How Much?
4. Start Up Capital.
5. Interest Level.
Before you can get it you must know what it is. If you say something like “the shy is the limit” then you have absolutely no clue what you want. Every successful person knew how much they wanted before they were able to acquire it.
They didn’t know how but they knew what they wanted. The how will come. Find an income goal & write it down.
Why do you want this extra income? Do you want to supplement, surpass or replace your current income? By determining your reason can assist you in finding the right calibre of opportunity that best fits your needs.
When do you want to start making this income? If you answered “some time soon” then you have absolutely no date in mind & may never get started with anything.
If you are truly serious then think like a businessman. Find a getting started date & write it down.
Start Up Capital:
It will take some kind of investment on your behalf to be able to make passive income. Of course you will first have to find some kind of appealing income opportunity but remember to keep an open mind about it.
If you find something that you like but don’t have the initial start up in your pocket then it will be your job to find it. Most businessmen don’t use their own money when starting any venture.
They use other people’s (bank / credit) money even if they have that kind of money sitting in their bank accounts. In the world of free enterprise you have to think like an entrepreneur to reap the rewards.
How serious are you? On a scale of 1 to 10 where 1 means not very interested & 10 means you are so ready to get started with something that it gives you goose bumps, give yourself a rating & write it down.
If you rate 8 or over then press on but if you rate a 7 or under then maybe you need to re think your position.
Here are Some Examples of Passive Income:
1. Real Estate Rental Property.
2. Investments (stocks & bonds etc).
3. Limited Business Partnership.
4. Direct Sales (team efforts).
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Rory Singh is a Home Business Development Coach and Professional Marketing Consultant. To learn how to set up & run your own online business successfully & efficiently visit: networkopportunities.net
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