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Streams of Income

November 6, 2007

Here are the areas we talk about generally that you can use to create
streams of income.

 eBay is the fastest since you can create money in just 3 days. If you
have cashflow problems, this is a quick fix.
You can create passive income with it if you learn how. My son Drew does
that by selling houses there. Fees are not
high compared to what you have to pay if you sell a house yourself or what
the realtor has to pay if they list it in MLS for you.
And even though eBay recently increased their fees on regular items, it’s
still a great opportunity.

 

 Real estate is the best way to create residual income. There are
many, many things you can do in this area. The
first thing to do is identify what you like and do not like. For example, my
husband is a builder. He prefers to build
new construction from the ground up. The thought of renovating an old house
like what my son buys makes him cringe.
Answer: find what you love to do. Invest in your education before you buy
your first property. Real estate also offers
incredible tax benefits.

 

Stock Market offers lots of opportunity. When you know how it works,
you can make money when it goes down
as well as when it goes up. Again, there are lots of things you can do with
it. Some have more potential for profit than
others, some offer more stability.

 

The Internet offers another incredibly diverse avenue of creating
passive income. As with real estate, there are
many, many different things you can do and having a web site is only one of
them.

 

Owning your own business of any kind and producing your products
is another way to create income. So look at what you are
good at, don’t do what someone else
is doing, but find what you want to do and apply the model you see to do
your own thing. Again, the tax benefits are worth the effort.

 

Vending machines are a semi-passive income. My little boys have a few
gumball machines out in local businesses
that produce income, but they don’t offer totally passive income because you
have to go out and service them. But they
do give them a source of income. It helps if you can drive. But if you
can’t, you just hire a driver. That’s overhead. There
will always be things you can’t do so don’t let a small thing like not being
old enough to drive stop you.

 

Ask yourself how you can solve the problem and don’t let you or anybody
tell you, “I can’t afford it” or “I can’t do that” or “There’s no way that will work.”

 

 

Ask yourself what’s in your heart to do, then pursue the education you need
to get you where you want to be. Invest in yourself first!

 

Remember Rhea’s Rule: Attitude is everything!

 

So many books, so little time…

Rhea!

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Written by Rhea Perry · Filed Under Rhea Perry 

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