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How to Generate Permanent Passive Income Streams for Life

Last week, I traveled to beautiful San Diego for business and spent the day in a hotel restaurant that overlooked the harbor. With laptop in tow and cell phone in hand, I worked, without hassle.

As the sun set, I took a stroll and it occurred to me that technology and the crazy pace of our world has caused us to work 24/7. Life’s way too short for that.

But, Passive Income holds the answer.

Passive Income means that you earn money while you enjoy the beach, golf or the mall.

Pursue these 5 Ways to Generate Passive Income:

1. Real Estate Investing

Acquire a building; then you can collect rent. Other than maintenance and managing tenants (and you can outsource these activities if you like), rent is pure passive income.

2. Sales - Good Old Fashion Selling

As a longtime sales professional, I like this flavor of passive income. Depending on the commission plan, you can establish an account, close sales now, and earn commissions for years to come. The key to earning passive income is the “tail.” In other words, once you close an account, how long will the House pay you commissions?

3. Intellectual Property (copyrights and patents)

As a copywriter, I continuously create written materials. Once we publish a work we can earn profits for years. Consider my bestselling booklet ‘157 Ways to Cut Your Grocery Bill.’ We launched the original edition in 2002, which generated an instant increase in sales and still rolls in today. Once you do the work up front, you can earn money for years.

4. Ezines and Electronic Newsletters

My company newsletter, Publishing Gold, includes some kind of promotion in almost every issue. Sometimes we include the promotion in the Editor’s Note, and other times we include a Link at the bottom of an article. We also post our most popular articles on our Website and include the link to the sales page. These efforts generate effortless passive income.

Even if you are not a writer, you can find freelance writers at reasonable rates; in fact that is one of the services our company offers. Writers can create content for you; or they can ghostwrite, which means you become the author. You can search for “Freelance Writers” and “Ghostwriters” online.

You can find articles (content) for reprint by doing a search for “Article Directories,” “Ezine Content,” “Ezine Articles” and “Article Libraries.” Reprint content that will interest your audience. Be sure to get permission to reprint first, and print the author’s byline exactly as required (you’ll usually find the reprint requirements on the Websites).

5. Affiliate Programs on the Internet

Today, you can create your own passive income stream by creating a Website and offering products for sale. You don’t even have to create product; you can license or promote other manufacturers’ or distributors’ products. Become an “Affiliate” and then promote other companies’ products on your Site. When your members, subscribers or associates make a purchase, the company pays you a commission. With ecommerce, it’s easy and there’s no labor involved. All the work is completely automated online through a shopping cart or affiliate program. And that’s a beautiful thing.

Are you pressed for time? Short on funds and long on expenses? Looking to retire early with confidence?

Then Passive Income Holds the Answers for YOU.

How To Create Passive Income Streams

Lately, I have been meeting many business owners who have questions about multiple and passive income streams. These are business owners just like you - coaches, web designers, consultants and other solo professionals. They charge a very nice hourly rate, but when they are not working with clients, they don’t get paid.

How can you change this? How can you change this for your business, and make money continuously, whether or not you are working with clients. Would it improve your lifestyle and increase your profits if you could have consistent streams of income coming in from sales of your e-books and CDs, workshop bookings and commissions? These are called multiple income streams because they are in addition to you regular income stream, and they are called passive because you create many of the products once. Once you create them, you can replicate them and sell them in perpetuity.

Let’s look at different income streams that a business owner like you can generate:

- Digital products. As a professional who works with customers, you already know what your customers are interested in as well as the information they are looking for.

Turn this information into a sellable product by publishing and selling it. Depending on the topic and the information, you can create digital products of various lengths.

- Audio Products can be delivered in two different formats. They can be instantly downloaded from your web site any number of popular audio formats, or you could burn them onto a CD and physically ship the product.

Either way is a great way to go since many people like to listen to information instead of reading it.

- Teleclasses. Teaching classes over the phone is a good way to demonstrate your expertise to many people at once and to offer your coaching or consulting sessions at a lower price point.

Material taught and discussed during tele-classes can be re-used to create tips booklets, special reports and audio products.

- Workshops. Same as tele-classes, workshops can be used to teach to many people at once, instead of doing one on one sessions.

- Affiliate Programs. There are two different ways to use affiliate programs as another income stream:

1. Creating an Affiliate Program for your products, thus, sharing product products with people who refer new customers to you, and helping them create an additional income stream.

2. Recommending Other People’s Products, though their affiliate program, thus creating another income stream for yourself and your business.

As you can see, there are many ways for you to turn your expertise into products, and generate additional income with it. If you are just starting out, pick one or two different product types, and work on them. Than, add a few more, and you will have different income streams created in no time.