Do you want to be able to have the luxury of taking time to relax, travel and spend time with your family whenever you want without having to worry about what will happen to your business? This is a biggest part of what I think of when I hear financial freedom and one of the biggest ways to achieve that is through passive income.
The concept of Passive income may be one of the best-kept secrets out there, usually only enjoyed by enterprising entrepreneurs and business people. But by making some smart, pro-active decisions you can actually have it too! Passive income is really just cash-flow earned from business investments in which the individual is not needed to be actively involved. If you want to attain true financial freedom with an emphasis in Freedom and earn more while working much less, creating multiple sources of passive income streams is what you will need to do. But with so many choices available for achieving passive income streams, it can sometimes be confusing for people to decide which options make the most sense for them. Here are the top 5 most popular ways of creating passive income and financial freedom for your life:
1. Network Marketing
Network Marketing is probably one of the most popular ways to earn passive income. It is an industry that offers a variety of products and/or services for customers to pay on an ongoing basis which in turn creates a passive income. The downside to network marketing, however, is that in order to create a passive income great enough to live off of, it often takes years of hard work. While the products and services can be great, the lifestyle you seek may never be attainable through this industry alone.
2. Rental Real Estate
Purchasing real estate to rent out is also a great method of creating passive streams of income. The monthly rental income created off one or more properties can add additional income to the household, and in some cases, can replace the current primary sources of income. In the past, this has been a great way to go, although with the current state of the economy and general lack of confidence in this arena is starting to decrease in popularity and strength.
3. Residual Income
Residual income is income that continues to come in over time from work that was done once. Residual income can be created from a variety of ways. For example a business owner who hires a manager may be able to receive income from the establishment without being there on a daily basis, network marketing or direct sales rep’s may receive passive income from her direct customers when they reorder product every month, or a marketing consultant who creates a workbook may earn a passive income by selling it in an e-book format on the Internet.
4. Leveraged Income
Leveraged income leverages the work and resources of other people to create an income stream for you. For example, one of the most commonly used methods online is affiliate marketing. Affiliate marketing companies pay other business owners or individuals a commission percentage for promoting and selling their products or services. Other possible sources of leveraged income would include using subcontractors to complete work in the construction industry, or a franchise system or network marketing system that leverages off a large down line.
5. Online Marketing
One of the most recent forms of establishing significant passive income is through marketing on the Internet. While this method will take some time up front to get started and a bit of continued support on your part, the amount of income that can be generated from this particular system is much more rewarding and substantial than any other form of business and most likely, the number one way to recession-proof your income!
There are so many proven methods of internet marketing that are so impressive in terms of creating wealth and success online. You can make money through inexpensive PPC ads, affiliate marketing and through the direct sales of products or services on your website(s), blog, forum or social networking sites. Online Marketing is considered a passive source of income because the money that is earned once your website and marketing strategies to drive traffic to your site results in visitors clicking, purchasing and even joining your team without much extra effort on your part.
If you want financial freedom and independance; to earn more, work less, and have a great retirement someday, passive income should be your goal. You will need to have income streams that do not need your directand personal involvement everyday in order to survive and continue to function successfully. Whether you are just in the beginning stages of considering an online business, or you have had it up and running for a while, the sooner you begin to shift your business model and your financial thinking towards creating more passive income, the sooner you will reach your own personal, financial freedom!
For more information about online marketing and how to achieve Passive Income, please visit, http://www.48gonow.com
Shawn Stoik is a Stay-at-Home Dad, Accomplished Entrepreneur and Top Internet Marketer who trains people around the world to own their own home-based business. He is dedicated to helping others to reach their goals for success and a fulfilled Life! For more information on the Top Internet Strategies for achieving success and wealth online, visit http://www.choosewealthnow.biz
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