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!
Last 5 posts by Rhea Perry
- 6 Essentials for Surviving This Economy - March 8th, 2009
- What Is Happening To America's Economy? - February 25th, 2009
- The Direction of Our Nation - January 20th, 2009
- Schedule Your Family Vacation As One of Your 2009 Goals - January 11th, 2009
- How Much Do You Invest in Your Education? - December 15th, 2008
Rhea, I think it’s incredible how all your children are involved in business, such a great thing!
I also agree that it’s important to diversify as much as possible.
I’m starting to look into real estate for investment purposes, can you list your website or other resources for real estate investing you’ve found helpful?
Thanks!
[...] just read a post by Rhea Perry over at the Internet Based Moms Expert blogs and I couldn’t agree more. Rhea’s family not only get involved in business from a young [...]
I’d also like to know the resources/websites you’d recommend for real estate investing, Rhea.
I’ve never really considered real estate an area where you could earn passive income. Can you please explain how that works? Thanks!
Real Estate Guide
I couldn’t understand some parts of this article, but it sounds interesting
Mila Says:
November 8th, 2007 at 9:17 am e
>>I’m starting to look into real estate for investment purposes, can you list your website or other resources for real estate investing you’ve found helpful?
There are so many! In real estate, you have to be really careful who you learn from. So here’s my short answer.
In April, I’m hosting a real estate event.
Stay tuned, I’ll let you know when we get it all put together!
Thanks!
Rhea!
whose kids are currently building a house
Mara B. Says:
November 12th, 2007 at 1:56 pm e
>>I’ve never really considered real estate an area where you could earn passive income.
>>Can you please explain how that works? Thanks!
If you own a house and owner finance it to someone else, every time they make their mortgage payment, you get paid.
It works the same way with rent but if you don’t want to have a “job,” don’t rent. Owner finance, instead.
Hth!
Rhea!
Top Internet Business
I couldn’t understand some parts of this article, but it sounds interesting
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