Passive Income Streams

Many millionaires and billionaires have at least 7 passive income streams…….

Is your first reaction….

SO WHAT?!?….

I am unemployed or I can barely make it paycheck to paycheck with the job I have. Where would I get the money to start one stream much less more than one stream of income.

I recently read Fab Bale’s book PASSIVE INCOME : FROM BROKE TO 7 FIGURES IN 12 MONTHS: A 2020 aggressive step by step guide on how to create Multiple Passive Income Streams and to Financial Freedom, from scratch… The title intrigued me with the part about ‘step by step guide’.

In his book, Fab Bale explains what he did in 12 months to achieve this. He did have previous business experience, however he was completely broke, living on milk and bread for a time, and falling into a dark spiral in 2015. He managed to recover, going from where he was in January 2016 to earning 7 figures in 2017.

Many successful entrepreneurs have the some of the same suggestions made in this book. There is a lot of information in the book. I will be going back to read it again in the future.

Let’s start at the with a basic question…..

What are Passive Income Streams?

My understanding of a passive income stream is a business you have built to the point that it is making you money while you sleep. It runs with minimum effort on your part. Below is how Fab Bale explains passive income:

The idea is that you earn money from what is essentially background tasks. Depending on what it is, passive income typically requires one small initial effort to create something that has the potential to generate income indefinitely.

Bale, Fab. PASSIVE INCOME : FROM BROKE TO 7 FIGURES IN 12 MONTHS: A 2020 aggressive step by step guide on how to create Multiple Passive Income Streams and to Financial … (Passive Income & Financial Freedom) (p. 54). Kindle Edition.

Where to Come Up with Ideas for Passive Income Streams

Here are a couple of the suggestions of where to start that I have also heard from multiple other entrepreneurs:

Keep a notebook to write down ideas you have. What hobbies are you passionate about enough to be able to share and teach to others? Have you learned expertise from your past or present employment that you enjoy enough to be able to teach others? What have you read about that you could see yourself doing to bring in income?

Get to know your target customer base. Join Facebook groups in areas of interest that you have expertise in or have an idea about. Ask questions, read posts and find out what problems they have that you can solve.

Fab Bale’s Suggestions

Fab Bale has many suggestions for Passive Steams of Income. Here are a few of them: blogging, online courses, ebooks, audiobooks, stock photography, audio sounds, affiliate marketing, pay per lead, vending machines, sell physical products online, develop an App, real estate, rentals (assets, rooms, homes), advertising and more.

He points out some of the dos and don’ts and upsides and downsides of many of the above passive income streams. He talks about blogging a number of times in his book:

One of the oldest and most popular passive income streams is blogging ( or vlogging in more modern times ) , namely because anyone can do it and you can start for free . By writing SEO rich content , people can be led directly to your articles from Google thousands if not millions of times over . Bloggers then earn income from advertising revenue this generates , or through paid product placements .

Important parts of the step by step guide

While building your streams of income, you still need to eat and pay necessary bills, and some businesses you may want to start require some investment to start.

To do this, Fab Bale recommends having at least one job or start or doing side jobs or freelance work. There are many sites like Upwork and Fiverr to name a couple that you can start making bids on jobs.

Cut out extra spending. This is called Reverse Income. Revamp our budget cutting out unnecessary spending to be able to use this money towards building your passive income.

Really tackle procrastination. It is the biggest business killer. Limit time on social media. Learn to say NO when needed.

Eat healthier and exercise to keep yourself focused and be able to have more energy.

Eliminate excuses. Fab Bales covers in this book multitudes of way to make time and make money, find resources to learn what is needed. YOU must decide what is most important to YOU.

Look at the many success stories out there. Many are sited in this book.

Fab Bale’s pattern to 7 figures

1. 1. Read/learn – BECOME A PERPETUAL LEARNING MACHINE. THE MORE YOU LEARN THE MORE YOU EARN
  2. Get your money management and attitude to spending right.
  3. Get an initial stream of income (active or passive) with zero investment.
  4. Save 25% to invest.
  5. Invest to create, or create with zero investment, the 2nd income stream.
  6. Save 25% to invest.
  7. Invest to create a 3rd income stream.
  8. Save 50% to invest.
  9. Invest to create the 4th income stream.
  10. Save 50% to invest
  11. Invest to create the 5th stream
  12. Save 50% to invest
  13. Invest to create 6th stream
  14. Save 50% to invest
  15. Invest to create 7th stream
  16. Continuing to save 50%, to invest and to grow income.

Those 16 steps seems a lot to digest, but it’s actually really simple once you process it. You will be fixing bad financial habits, getting a primary source of income, saving and then growing your money from there.

Once you have a steady stream of active income, you MUST START TO SAVE 25% TO 50% OF IT. The money you save can be used as leverage to build further income streams. Also, some income streams you can start for free, so will work alongside your better financial habits and savings, to get you to7 figures.

The Basics of Goal Setting and Building Habits

Goals & Reading

You need to know what your goals are and what you need to start changing to get closer to accomplishing your goals. Look at these things every day to make them part of you.

Write down in advance on a notebook all the milestones you want to achieve, and all your goals. Write them out 12 times a day. Do it with your pen, not with your laptop or cell phone. Visualize the price in advance. See it yours already and write a plan to follow in order to achieve it. This is the way to tell the Universe what you want and desire.

He further suggests the following:

reading at least one book a week, if not more on many subject areas. The more you learn, the more ideas you may come up with. Keep your list of ideas going. Network.

Build your network and surround yourself with the right people.

Remember that “your net worth is your network”.

Schedule in your reading each day. Make time to learn something new in each week’s schedule. Change your social media habits to spend less time browsing randomly to specific business use only when necessary.

Finances

In addition, for your finances, start saving 25% of your income to invest and/or save. This is his recommendation in the book:

Let’s break your income down like so: 50% goes on basic bills, with 25% for investments or disposable income. This leaves the remaining 25% to go towards savings for unexpected expenses and emergencies. So if you want to maximize the 50-25-25 rule, go with investing 50% of your total income (if you have enough money left after paying basic bills). You will reach your wealth targets fast.

Are you a Fighter or a Quitter?

Any type of passive income creation will take your time and energy investment, at least to start and possibly some monetary investment. Are you willing to do what it takes? If you falter, will you quit or pick up where you left off and keep going?

The whole notion of: “I know what I want and I’m not going to quit until I get it”. That is self-discipline right there! This aligns with what’s known as a ‘focus oriented’ mindset. Have your goal well set into your mind. Have a clear path to achieve it. Write it down. Make a plan. stick to it. Every minute, every hour, every week and so on. Without self-discipline you can kiss any hope of financial freedom goodbye. It takes adjustment, focus and patience to achieve self-discipline when it comes to managing your finances. Impulse purchases have to become a thing of the past, and you should always be looking for ways to save money. In fact, you should be constantly looking at every aspect of your financial affairs to see what needs improving.

I hope this inspires you to look into the various ways to earn passive income to help your business and finances grow.

Yvonne