The building of multiple income streams has become a necessity for most of us although we might not recognize this yet. The continuing high rate of unemployment in most countries has taught us that no job is safe and secure. Unfortunately, most people only have the one source of income – that from their daily job – and it is proving to be a rather risky situation.
There is no limit as to the number of income streams you should have or should create. The key is to ensure that the time and resources you spend maintaining an income stream does not become too unmanageable, continues to be worth the resources invested and spent, and that the income stream continues to produce a generally positive cash flow.
WHAT IS PASSIVE INCOME?
Fortunately, our business climate and economic environment is providing more opportunities for individuals to create alternative income streams. The simple idea of passive income is that it is revenue earned with as little work as possible needed to be maintained once the initial work has been completed. Some traditional, commonplace examples of such income methods are:
- Rent and lease from owned real estate properties
- Royalties from books, publications, videos, and other original works
- Retirement pensions
However, with the advent of Internet Communication systems, other forms of alternative income streams are developing and becoming more accessible to more and more people.
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