The Power of Passive Income Streams

I have always said to my Alchemist Mentorship Students that to effectively be able to get started down the road to financial freedom, you need passive income streams which are greater than your monthly expenses. Now passive income is income which you are able to generate in the background and not have to spend hours of your time to make, by doing this, you free up a lot more of your time so as to find other ways to generate further income.

So what types of passive income streams does one get? Well there are many, but the two main ones are residual passive incomes and leveraged passive incomes. Now please understand me correctly, you will be needed to put time and effort in initially so as to be able to setup these passive income streams, but once they are established and up and running, they will require very little from your side so as to keep them running.

Let’s have a look at the different types.

Residual Income

Residual income is income which you are gradually able to generate over a period of time and which forms a continuous flow of passive income. Such forms of residual income might include things such as:

As I teach my Wealth Creator Mentorship Students, getting a passive income from property which you have bought and are renting out is a very good source of residual passive income so long as you have applied the correct techniques and formulas when you bought the property.
As I teach my Build a Web Students, it can be very easy and cost effective to learn how to build your own web page for free and then start selling EBooks or online products from the web page. Far too many people think you need to be a professional or expert to be able to do this, but the truth of the matter is that anybody can do it if they are using the right tools and techniques.
If you are good at photography, you might want to consider making some of your photos available as stock images for various companies.
Commissions which you earn from your customers when they renew accounts or contracts with you.

All of these are examples of residual income which will be maintainable with minimum effort from your side.

Leverage Income

When it comes to leverage income, it is a bit different as this is income which you generate by getting others to work and effectively create a passive income stream for you. Examples of leverage income include:

Building down lines in the multi-level marketing industry which allow you to receive commissions on the sales of the people below you.
Franchising your business out to others.
Selling eBooks or online products through affiliates.

Here are a couple of ideas which might help you get started to build passive income streams which only take a bit of time and effort to set up, but once they are in place will help you to boost your passive income.

Affiliate Programs – Find yourself reputable products or services which allow you to sell them online as an affiliate and promote them on your own site which you can build very quickly, easily and effectively by doing my free Build-a-Web course. You will then be able to receive commissions on sales made by people using your affiliate links.
Google Adsense – Google Adsense allows you to do advertising on your website for other sites and once again you receive commission according to the amount of traffic you drive through your advertising on your own site.
EBay – eBay is a very popular marketing site and if you are able to find a reliable wholesaler to supply you with a product, you can then set yourself up on eBay as a distributor and earn commissions on your sales while letting the distribution company actually handle all of the time consuming work such as shipping and product handling.
CafePress.com – This is a website where if you have your own products which you want to sell allows you to set up your own online shop so as to sell whatever it is which you have to offer. The best part is that your initial setup costs you nothing.

The art of generating passive income streams is one where you put in the initial effort and then allow the passive income stream to begin to generate money for you with the minimum of effort from your side thereafter to sustain it.

Now you might not make millions with your first passive income stream, but if you are able to generate a couple of these passive income streams and they are all generating a little bit, then as the Kaizen Principle states, you will be getting closer to achieving your goals on a constant and ever improving basis and this will make a big difference when you are aiming at financial freedom.

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The Power of Passive Income Streams

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