They are means of making money in passing, without necessarily working for it. They are not usually as effective as a full time job per se, but every little bit helps. Owning up to your favorite hobby is an effective method of this.
The most important thing about building passive income streams is the income keeps coming in even when you’re not working. This is great as long as it works. It gives you a fallback position when you’re not making other money.
I asked readers, researchers, and curious folks like yourself what they felt was most important about this topic. What follows is a combination of some of the better answers in a long series of interview-format articles. The answers are raw, personal, and hopefully add some insight to your life.
Today’s Focus: Building Residual (Passive) Income Streams
R: What’s so special about this topic anyway?
I: Making extra money should be everyone’s forte because of the economy. Those who need the extra cash would benefit from this income. After learning about the topic, the one who learned about income could teach it to others.
R: I’m wondering, what do you think about this subject is so important now-a-days?
I: These types of income streams allow a person to create a comfortable lifestyle without having to extend their efforts a great deal. They are able to subsidize their income without sacrificing their time and happiness. A person who can earn income passively can spend more time on their passions, their family or relaxing.
R: Describe what’s so special about this topic in how it helps folks live life better.
I: By building residual income streams you are allowing more money to flow in for the same amount of work. More money for some could mean more recreational activities, thus, making them happier and feel like a better person. For others more money could mean being able to pay rent, buy food, get a repair done on their vehicle, etc. This would lead to being a better person because you are providing for yourself and/or your family more than you were before.
R: Describe the perfect person that is a shining example of this topic, in your opinion.
I: A tech specialist is good at understanding passive income streams. He/she spends most of their days studying this type of information. If you want to know more about it, that is the person who can give you the information. A web specialist also might be helpful.
R: Describe who least exemplifies the core meaning of this topic to you.
I: Anyone who hasn’t been to college isn’t going to know about this. It’s not taught in high school. People could read independently about it but most won’t think to.
R: Describe the “perfect day” as far as making this subject a part of your life.
I: reading up on building residual income would be the first place to start. Book stores and online resources have plenty of books available. A quick search on the internet would help. Focus on review sites. Sites that review more than one product.
R: What parts of the daily routine are best for making this subject more useful?
I: when you are about to graduate it would be a good idea. If you have been stuck in a position for years with the same company. When you want to settle down and have a family you should also think about this because you want to be financially stable
R: Are there any times when you think it is a bad idea to bring this topic into our lives?
I: It’s not a very good idea to attempt to bring in residual income when you are attempting to pursue an advanced degree. People have limited willpower and determination. It’s necessary to focus yourself on such a large task with everything in your psychological arsenal. Money will come later, first develop yourself and learn to live within limited means.
R: If you can to name a place where this topic works really well, where would that be?
I: I think that a lot of “digital nomads” are looking to build passive income streams these days. These people live in countries with very low cost of living requirements and do well with small streams of steady income. Passive income gives them the freedom to travel around and live as they want.
R: Where is this subject considered inappropriate for practice or use, in your opinion?
I: If bills need to be paid right away, then active income is more important. A situation where the potential employee does not have internet access. If the participants have no knowledge of the computer.
R: Who’s someone (or group) you think could gain a bunch from learning more about this topic?
I: Any type of organization or club would benefit. Is better to have a lot of eggs in your basket. A person involved with fundraising could benefit by reading books or talking to someone concerning residual income streams. A lot of work at home workers have residual income streams.
R: How would you recommend people get started on this topic?
I: By setting up passive income streams you are able to have more money with the same amount of effort. If you sign up for a survey taking sight that allows referrals, you not only get money from your work but a percentage from your referrals, and sometimes a smaller one from their referral, as well. If you invest the money in a long-term investment you do not even have to do the extra work of gathering referrals. The down side of this strategy however is you do have to put up your own capital as a risk and it is not guaranteed to work.
R: What would you say is something we should avoid at all costs when it comes to this topic?
I: If someone is trying to build residual income then they should avoid get rich quick scheme. Residual income is very difficult work. It requires a lot of planning. So anyone trying to sell a residual income course or program that requires little to no work is probable a scam.
R: Given any tool available, what would you recommend folks do make this subject a bigger part of their lives?
I: If you’re trying to build residual income then patience is the key. A person pursuing residual income needs a long term strategy. When making a strategy make sure you have a realistic goal .
I trust you enjoyed this trip through learning more about this topic. Often, I find some of the most useful (and colorful!) pearls of wisdom come out of the quick little answers we give each day. I hope you do too and that some of these nuggets of awesomeness were here for you.
Please feel free to share your thoughts, comments, or personal life-changing wisdom below.