Passive Profits: Do It Once and Profit Forever - Conclusion

Putting It All Together

While it’s possible to earn a lot of money from just one source of passive income, it’s generally better to have several.

Discover the reasons why multiple income sources will serve you well:

1. You’ll learn to practice diversification. Just as you spread risk with your investments, it’s best to do the same with your passive income streams. It’s best to have several unrelated sources of passive income, just to be safe. 

• What if all of your passive income is from real estate and the rental market tanks?

• What if Google changes its search algorithm and all of your web pages stop ranking for the relevant search terms?  

• What if the revenue-sharing site you’re using shuts down?

2. You’ll increase your odds of success. Many of your attempts to generate passive income are likely to come up short. However, others will pay off much better than you ever imagined. The more opportunities you give yourself, the more likely you are to hit it big.

    

3. You’ll get to know more people. Others can provide great opportunities. The more sources of passive income you build, the more people you’ll get to know, which means more revenue from networking. Swap e-mail lists and partner with others. Avoid trying to do this all alone.

    

     
4. You’ll likely find something that you’re good at, love to do, or both! Give yourself the chance to find something you excel at or are passionate about. When it stops feeling like work, you’ll be happier and more successful.

"I like thinking big. If you’re going to be thinking anything, you might as well think big."

– Donald Trump

 

Other Ways to Combine These Examples

Perhaps you’ll decide to start out by purchasing and renting out a duplex. It might take a couple of months to find a suitable property, in a good location, at an affordable price. But eventually, you’ll find a great tenant and start making some money.

Then, you could save and invest part of that positive cash flow. The rest of the income could be used to purchase several domain names and web hosting. It might take a month or two to build your websites and drive traffic to those sites through search engine optimization. You could either become an affiliate or sell your own products.

Since you probably had to write some articles for your SEO, you might continue writing and posting them on several revenue-sharing websites.

While you’re on vacation, you might take a few great photos of the Rocky Mountains. Perhaps you can create a calendar with those pictures and sell it on your own website.

By now, you might have enough money to start a small business, and so on.

“Everyone needs a certain amount of money.

Beyond that, we pursue money because we know how to obtain it.”

- Gregg Easterbrook

Conclusion

Passive income is a great wealth builder because it removes time constraints. Even wealthy professionals are limited by time. Passive income is one way to circumvent time limitations.

There are many ways to create a passive income and we’ve only covered a few. You can probably come up with several more on your own with a little creative thinking. If you’re lacking passive income sources, start adding them today. The sooner you get started, the sooner you can build your bank account.

If you can build a passive income source that pays just $5 per day, you’ll earn over $1,800 in the first year. That’s a great return for part-time work. Imagine if you found more sources like that.

Initially, you may feel like you’re making little headway, but after several months you’ll be astounded at the wealth you’re creating.

Consider what interests you. Wouldn’t it be ideal to use your passion to generate income? Imagine making money while spending time working on things that resonate with you. What could be better?

Start generating passive income today. Do it once and profit forever.

"Make every thought, every fact, that comes into your mind pay you a profit. Make it work and produce for you. Think of things not as they are but as they might be. Don't merely dream - but create"

- Robert Collier

Grab your "Do It Once and Profit Forever" downloadable pdf worksheets here and...

 If you missed any other parts of this series, just click below to find them.

Passive Profits: Do It Once and Profit Forever - Rental Income (Part One)

Passive Profits: Do It Once and Profit Forever - More Rental Income (Part Two)

Passive Profits: Do It Once and Profit Forever - Dividends, Pensions, and Other Interest (Part Three)

Passive Profits: Do It Once and Profit Forever - Conclusion (Part Four) YOU ARE HERE

Go and grow! 

Michelle R Russell

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