New Idea

[Rainman]

Bob Kiyosaki teaches that "a business is something you own that doesn't necessarily require you to participate in it, unlike a "job"." I like this thinking because it basically says that you can have multiple interests, and multiple income streams without limiting your time.

With the exception of google advertising-based or traffic-generating websites, let's get some methods/ideas on the table for discussion. If anyone else shares my thinking, we could ALL use additional streams of income with low/moderate time investment.

So, the real question is: what part-time activity are YOU doing to generate monthly cashflow?

[nado]

Quotes, rhetorical questions and personal pronouns... and yet I missed the question

So you're looking for ideas to generate passive income from multiple income streams?

[akula]

all this passive income and multiple income streams thing is like walking a goose in a scarf

it's called interest or dividends (or royalty payments, in some cases), and there is no reason to use made up marketing rhetoric, when talking about money management.

businesses don't run themselves, and getting other people to run your business for you, is a child's fantasy.

this kiyosaki fellow should get someone else to go on tour insead of him, to make his point.

[nado]

You don't like the idea of passive income akula?

Having someone else run the business for you is an awesome idea and definately produces passive income. Sure you'll still end up probably checking every now and then as to how the business is going and you may want to add the occasional idea or two into the mix, but still if your business is making enough money to be able to pay someone else to run it for you, then why not?

If I had a business earning enough money and I was either sick of running it, wanted time off, or wanted to move onto another project, then having someone else run the business either on a salary or a % of profits would be a great option.

[Satellite1]

Many businesses have someone else running things. That's called managment!

[Sarafina]

all this passive income and multiple income streams thing is walking a goose in a scarf.

it's called interest or dividends (or royalty payments, in some cases), and there is no reason to use made up marketing rhetoric, when talking about money management.

businesses don't run themselves, and getting other people to run your business for you, is a child's fantasy.

this kiyosaki fellow should get someone else to go on tour insead of him, to make his point.

Buddy, calm down. I'm sure you can express your displeasure in these idea without dropping explexitives.

There is such a thing as absolute passive income. You do some initial action in the past and don't need to replicate that action to get paid. Ex. Sell a product invention that gives you a % of product sales. You don't need to invent anymore or get involved in the sales side of things. Interest is also an example.

It differs from linear income in that to get paid, you MUST replicate that action. Ex. Mow lawns at 6/hr. You gotta keep on mowing or no paycheck.

Passive income for me refers to you leveraging your time in order to gain income. Ex.You do some initial action but don't have to replicate that action FULLY, to keep on getting paid.

How is multiple streams of income bs? Name ONE entrepreneur or very respected business figure who doesn't have multiple streams of income (not necessarily pasive). Branson, Trump, they all do.

Heck people on this board do too so it's very achievable.

[Rainman]

Precisely! Well put Sarafina.

Now that we cleared that up - any ideas?

[nado]

Precisely! Well put Sarafina.

Now that we cleared that up - any ideas?

Something net based and as automated as possible.

Get an online business running (easiest would be a service), then you can hire an admin person to handle enquiries etc.

[Karl_the_Great]

I don't know if your looking for new ideas, but there are plenty of established industries that offer entrepreneurs passive income. For example, network/MLMs, franchises, entertainment, insurance and the financial/investment industries all offer leveraged/passive income on top of any direct income you may generate on your own time and some go even further by offering residual income as well. The difference between leveraged and residual income is that leveraged income is basically getting a small % of the money earned by someone else in your organization, while residual income is money you earn for work you did one time.

[roxbrand]

anyone who says that they can't have somebody else run their business for them either needs to hire new employees, or is a terrible manager. if you can never put someone in the postition to run the company for you, you'll never get the opportunity to move on to the next project. and whats the point of owning your own business if you can't work for yourself, whenever, wherever, or however you want.

[akula]

anyone who says that they can't have somebody else run their business for them either needs to hire new employees, or is a terrible manager. if you can never put someone in the position to run the company for you, you'll never get the opportunity to move on to the next project. and whats the point of owning your own business if you can't work for yourself, whenever, wherever, or however you want.

Good point. Have you ever yourself presided over this magical, self sufficient, perpetual enterprise, run by ever-dedicated people who don't really own it?

You should photograph these things...they're kind of like mythical white elephants only seen in Kyosaki's books.

[NeeJam]

There are lots of things you can do to generate extra money, a simple google search can show you lots of ideas and franchises that you can do.

also you could sell on ebay, but use a dropshipper so you don't have to store or buy and stock until you have sold the item on ebay.

[Karen]

I have several streams of passive income that keep increasing every month. I may have to tweak one or two of them, but it is such a small inconvience it isn't even worth mentioning.

Don't even try to tell me that it isn't possible.

Even owning real estate investments can be passive. You collect rent checks every month... not too difficult. Oh sure, you might have to call a repair man once or twice a year... lets see, 20 minutes of work over a year period ..... yeah, I would still call that passive.

Another question for everyone....

if you paid $700 per month in advertising ... to generate $7000 per month, $2500 of that becomes new recurring income every month ... is it still considered passive?

Karen


Karen

[benoitb]

Focus on enjoying what you do and actually be passionate about it and the money will surely come.

[tvphoto]

Stock photography. Someone else runs the business, I take pictures and upload once in a while. The business handles the transactions, I get a check ever so often.
Not making me rich, but you get out of it what you put into it.

Heck, put your Money in the Bank. Earn Interest. The bank does all the work, right? Oh, yeah, forgot, you have to have the money first. It takes money to make money, right? Or just time + talent + a computer? But if you want big-bucks, you have to re-invest the small income to make a large income. (should have been part of your business training, right???)


I don't know many free-loader millionaires. They worked their butt's off to get things going, and probably only 1 / 1000 actually made it that far.

Risk Taking. Hard Work. Great Idea. Etc.