multiple streams of residual income

March 15 2020

How to Create Multiple Streams of Residual Income on the Internet?

Wealth Creation Academy Internet Marketing, Multiple Streams of Income multiple streams of passive income, multiple streams of residual income, Multiple Streams of Residual Income on the Internet, mutiple stream of income ideas, passive income, Passive income ideas, residual income 0

Why Create Multiple Streams of Residual Income?

Prosperous people have always known that if one stream of income dries up, they have many more to tap into for support. Ordinary folks are much more vulnerable. If they lose one of their streams, it wipes them out.

In this fast changing uncertain world, you need a portfolio of residual income streams from completely different and diversified sources. If one stream empties, you’ll barely notice. You’ll be stable. You will have time to adjust. You will be safe.

The key to wealth and happiness in today’s world is to create multiple streams of income using diverse models that give you combination of high Cash Flow and Residual Income.

Cash Flow will support your life style and pay your bills. Residual Income will build long term wealth.

Problems Faced in Creating Multiple Streams of Residual Income

The concept of creating financial security through multiple streams of residual income is very appealing. You diversify your investment and business risk. However, the problem lies in its implementation.

Instead of creating a relaxed life style, you can get sucked into a situation where you have to become hyper active in trying to control and maintain your residual income sources.

Financial success comes from focused attention to one specific outcome. The effort in creating multiple streams of income diffuses your focus and creates extraordinary demands on your limited time. It can cause undue strain and stress on your life.

Your chances of failure increase in proportion to your defused focus. In order to succeed in creating multiple streams of residual income you have to learn to reconcile two seemingly contradictory realities of how to focus and also create multiple streams of income at the same time.

There is also a need to balance our family, health, relationships, recreation and spiritual needs. Happiness lies in balancing our needs correctly rather than focus only on one aspect of life. Financial security is extremely important, but it must not be allowed to dominate every aspect of our lives.

The Right way to Create Multiple Streams of Residual Income

The right way to create multiple streams of income is to focus on building One Business Stream first.

Once you have created your first income stream you must automate your income stream so that it does not require intervention on a day to day basis. There will be some maintenance required, but if you put proper systems into place then the time required for maintenance can be minimized. You will need to invest in right systems and technology to automate your business.

Once your first business is in profit you will need to leverage your income from this opportunity to create additional streams of residual income. Your first income stream is the most important one because you are going to leverage your knowledge and resources from this business to build other income streams.

The second income stream is just the Repeat Process of the first income stream. You can now make improvements based on your experience in creating the first income stream. You will also need lesser time, effort and money because of your experience. The returns from your second income stream will normally be much higher than your first venture.

Once you hit on a successful residual income formula just keep refining and repeating it. Creating residual income can at times be a very boring process. The money part is of course very exciting.

Be warned…..Human mind wants excitement. It will ask you to try out new ventures and divert your resources. You have to resist this temptation and keep focused on repeating and maximizing your success formula.

Maintenance Work and Growth Work

You have to understand the difference between Maintenance Work and Growth Work. There is no such thing as totally passive income. Every passive income will have some maintenance work.

It may not require your day to day involvement, but monitoring work will be needed. Even as you carry out maintenance work you should be on the lookout for new growth opportunities. Growth work creates multiple income streams.

You should focus on one growth opportunity at a time. Create a successful residual income from it before moving on to another growth activity. You will make money efficiently by following this simple strategy without overwhelming yourself.

Not all residual income streams are equal. Some may require more maintenance effort than others. If you have to create multiple residual income streams you have to find business opportunities that require less maintenance work.

Why most people fail to generate income online is because it is relatively easy to join a business opportunity but difficult to drive traffic to it. Without traffic, there are no sales. Traffic is the life blood of online residual income

March 26 2019

How to Build a Profitable Website: Four Things You Need to Know

Wealth Creation Academy General cash flow, how to build a website, multiple streams of income, multiple streams of residual income 0

When it comes to building a new website, it has become easier in the past few years. With the help of free website building software which requires little to no knowledge of the relevant programming languages, more and more people have started to use these tools for their own sake. However, there’s one question which still arises in every website owner’s mind—how to build a profitable website?

At a time when there are thousands and thousands of web pages available on search engines, it isn’t easy for almost anyone to build a successful website. You have to make sure that your website content should be better than your rivals. You also have to make sure that your personal blogs, websites, or other platforms rank highly on Google.

However, as you can imagine, it’s easier said than done especially if you’re a newbie in the field of website creation. So once again, how to build a profitable website in such a way that it can keep on generating a decent amount of revenue on a monthly basis?

In order to answer this question, we’ve created the guide below. This guide incorporates useful tips which can make your website stand tall against your competitor’s web pages in terms of traffic, revenue generation, and long-term popularity.

You just have to implement these tips in your online business, and the rest will be taken care of automatically.

How to Build a Profitable Website

Niche Selection

When it comes to constructing a new website, the first thing which you’re going to do is to choose a viable topic. Many people often overlook the importance of this step, but if you’re serious about your online business, niche selection is one of the most important decisions which you can make in this regard.

You might also want to select a familiar topic in order to build a profitable website. It doesn’t matter whether you’re a cooking expert or a travel enthusiast–always try to turn your passion into reality!

The reason behind it is that you’re going to spend a good few hours, probably every day, on your new webpage. If you aren’t interested in the niche, you just cannot pay full attention to your work. And once this happens, you’ll start to lose interest sooner or later.

Similarly, you should always do some research before coming to a final conclusion in terms of niche selection. Make sure that the topic, on which you’re going to build a new website, has a dedicated viewership so you don’t have to spend much time for driving traffic towards your webpage.

Comprehensive Content

You can always create a new website in a few hours before filling it up with relevant content. However, if you want to make the most out of your online business, you should always share comprehensive, unique and insightful content on your webpage.

Remember, there is no shortage of content on search engines. One thing which differentiates a successful website owner from an unsuccessful one is the fact that he or she makes no compromise on their content quality. Always use authentic content even though it might take quite a bit of time at first; such type of content will eventually help you in terms of attracting your audience.

So, if you want to build a profitable website, it is imperative that you should spend hours and hours on your content creation.

Search Engine Optimization

It doesn’t matter how good your content quality is or how stylish your website looks from a reader’s point of view. As long as you don’t optimize your content according to the search engines, you just cannot make enough money from your webpage.

No, there is no need to spend heavily on paid search, and you also don’t have to pay for pay-per-click campaigns. All you need to do, for an effective search engine optimization, is just to include relevant phrases, keywords, and tags in your content. Use this material as naturally as possible, and it will help you in driving organic traffic towards your website.

Having said that, you can always hire an SEO expert for this particular purpose. They will tell you how to optimize your content in an optimal manner because, when it comes to search engine optimization, there aren’t many people more aware of this topic as compared to the SEO professionals.

Monetization

Once you feel that your website is attracting decent readership on a consistent basis, there are a number of different ways in which you can monetize that traffic. First of all, you can sell products or services, and you can also offer advertisers to promote their business on your webpage.

Every time a reader purchases something from the links provided on your own website, you’ll get a fixed proportion of the overall amount without doing anything. There is no need to worry about the inventory and or even about the shipping costs because all of that will be taken care of by the original advertiser.

You’re just providing them with a decent platform where potential buyers can meet sellers. Furthermore, you can get yourself associated with an affiliate website which works in an altogether similar way as mentioned above.

Useful Tips

It doesn’t matter whether you’re an absolute newbie in the field of website creation or even if you’re experienced personnel, everyone looks for outside help at some point in their career. Be it for original content creation, for driving traffic towards your webpage or even to monetize your content in an effective manner.

Instead of losing sleep on this matter, why not get help from a professional like Solo Build It! Designed for online entrepreneurs like you who are still striving to make their website profitable, SBI! tends to help you in a number of different ways.

SBI! is basically an online platform which helps you build a profitable website in four steps. First of all, they teach you how to create an impeccable piece of writing with the help of guides, instructional manuals, and easy-to-follow tutorials.

Once you’ve created a flawless content, SBI! shares invaluable tips on how to drive loads of traffic towards your webpage on a daily basis. All the information, which is provided in this step, is tried and tested and doesn’t require you to scam your readers.

The third step is all about pre-selling as with the help of information provided at this particular stage, you can motivate your readers to take a particular action. This action can be anything, from purchasing a new webpage to subscribing to a newsletter.

Finally, you’ll get to know about effective monetization techniques in the fourth step, but you’ll only follow this step after winning the confidence of your readers with unique, fact-based information.

So if you want to build a profitable website, SBI! can help you achieve your goals in an imperious manner.

Conclusion

Gone are the days when it was considered impossible to earn decent money from an online business. Thousands of people have said goodbye to their daily, nine to five jobs and all of them followed the aforementioned tips. So if you want to be the next successful online entrepreneur, this guide is of great help.

creating multiple streams of residual income

December 1 2018

Practical Steps to Create Multiple Streams of Residual Income

Wealth Creation Academy General, Multiple Streams of Income, Wealth Creation multiple streams of income, multiple streams of residual income, residual income 0

Creating multiple streams of passive income initially can be overwhelming and hard work. Listed below are few practical steps that will help in creating different streams of income in a systematic manner.

Make a Schedule

Take some time out each day to create residual income. You have to shift from the linear income trap to create a residual income that will someday grow more than your job income. You will not be able to achieve this in a single day – it will take time. Make small changes to your daily schedule to incorporate time for creating some residual income. Devote more time each day towards creating residual income, as your residual income increases and dependence on linear income goes down. You can only succeed if you target achievable goals, make a schedule and remain focused.

Know the Difference between Maintenance Work and Growth Work

There is no such thing as a totally passive income. Every passive income will have some maintenance work. It may not require your day-to-day involvement but monitoring of work will be needed. Even as you carry out maintenance work, you should be on the lookout for new growth opportunities. Growth work creates multiple income streams.

Engage in Only One Growth Activity at a Time

There is no point dissipating your energy on several growth opportunities simultaneously—you will inch slowly towards these opportunities. It is better to focus on one growth opportunity at a time; creating a successful residual income from it before moving on to another growth activity.

You will make money more efficiently by following this simple strategy without overwhelming yourself: let us say, you have 4 growth projects that will take one week each to execute. If you start all of them simultaneously, it will take you four weeks to complete the projects. If you follow this strategy, you will have residual income coming from your projects after 4 weeks.

Now let us say that you decide to take one project at a time. On completion of the first week, you will have one income stream bringing in residual income. At the end of the second week, another stream of income will go online and so forth. This is a far superior strategy as you will start generating residual income much quicker without stressing or overwhelming yourself. This is a very simplistic example because it takes much more than a week to start creating a residual income stream.

The More the Merrier

The more residual income streams you create, more financial security you will have. Small trickles will result into a stream and small streams will result into a river someday. Don’t discount the little ones.

A website may pay you $50 in a year, which is fine as long as it does not take your precious time in maintenance. Your passive income sources can be shares, government bonds, mutual funds, interest earned from bank accounts, blogs, affiliate sales, email marketing, royalties from book sales, etc. Each of these can create a small residual income stream for you.

Not all Passive Income Streams are Worthwhile

Not all remaining income streams are equal. Some may require more maintenance effort than others. You may need selling some of your income streams if they become irksome. I sell my properties that are difficult to manage or have very little cash flow. By selling, I create time for myself and redeploy the capital into something that can generate better residual income for me.

Don’t Burn Bridges

You might push aside certain income stream to generate higher efficiency—it does not mean that you should turn off the tap altogether. Keep monitoring an income stream by visiting it periodically. If the circumstances and economic conditions change then, you should be in a position to take advantage of that income stream.

Quickest Method of Creating Residual Income is Buying Paper Assets

If you have some capital sitting idle, then buy paper assets that generate the highest rate of return – it is the Warren Buffet formula. You buy an asset for cash flow. The capital gain will happen if the asset you have purchased has proper management behind it.

Generate Multiple Streams of Income Online

The Internet is the fastest and easiest way to generate multiple streams of residual income with the least amount of investment and risk; it is effortless to automate your online business. Why most people fail to generate income online is because it is relatively easier to create a website but challenging to drive traffic to it.

Without traffic, there are no sales – traffic is the lifeblood of online residual income. You have to master traffic techniques before you can create a successful online business. So spend some time, effort and money in learning how to generate traffic. Once you master traffic skills, then creating multiple streams of income on the internet will become relatively more straightforward.

Final Thoughts

I cannot over emphasize the importance of making a shift from linear income – where you trade your hours for money – towards creating a residual income where money and systems work for you day in and day out regardless of your presence; it is perhaps the most important secret of wealth creation.

If you carry one message from this article, it is that creating residual income is the most important step towards gaining financial freedom.

Creating multiple streams of residual income is a step further and a very desirable objective, provided you implement the strategy properly. With little effort, you can leverage your existing resources and knowledge to create additional revenue streams.

There will be challenges along the way as you will need to shift your thinking and acquire new skills. You will radiate with joy and confidence when you see small streams of income joining to become a full flow of residual cash, which will bring prosperity to your family and loved ones for generations to come.

August 12 2018

Are you Financially Stable?

Wealth Creation Academy Multiple Streams of Income, Passive Income, Wealth Creation Are you Financially Stable, multiple streams of income, multiple streams of residual income, passive income 0

For Financial Stability Stand on Two Legs

Have you tried balancing on one leg? It will be extremely hurtful and probably, you will fall after some time. It is not only stressful but highly risky to stand on one leg – the same holds true in your financial life. If you stand on one leg, you will definitely fall and hurt yourself, yet so many people keep standing on one leg financially all their lives.

To be financially stable you must stand on two legs:

Employee + Investment
Self Employed + Investment
Business + Investment

Investing is the key to be financially stable, whether you are an employee, self-employed or in business. Most people opine that the clear majority of people in jobs who do not invest are financially vulnerable. You will be surprised to learn that even very smart businessmen do not invest and their financial empire collapses because of this reason. There are smart guys who build a great business and sell it for a profit of millions of dollars. They then want to repeat the process and start a new venture only to lose their entire capital.

Businesses as they grow demand more and more money. In some cases, businessmen continue pouring money in expansion of their business rather than investing a part of their profits outside their business to gain financial stability.

Even a most profitable business standing on one financial leg is unstable. Smart businessmen, however, choose to do otherwise: Bill Gates sells his shares of Microsoft every year and invests in other areas to continue growing rich.

Max Stability

The strongest two financial legs are: business + investor, because you generate excessive cash flow from a well-run business to invest in passive income investments. Employees and self-employed people are limited in their capacity to create huge cash flow because they do not have tax advantage, leveraging power or time freedom for wealth creation. They can become wealthy if they invest intelligently but will find it extremely difficult to create accelerated wealth.

Let us examine in detail on how you can systematically graduate from your current situation to create not only financial stability but sustainable wealth that can last for generations.

In this commandment, we will focus on how you can create sustainable wealth by standing on two strong financial legs.

Sustainable Wealth – Rich Vs Wealthy

What is sustainable wealth? The answer to this question is in this statement by Robert Kyosaki: “The rich have lots of money but the wealthy don’t worry about money.”

It is important to understand the difference between being rich and wealthy. A rich person can have a lot of money and possessions but a wealthy person has adequate passive cash flow to fund his or her lifestyle whether they work or not. You will be surprised to know that there are very rich people in high paying jobs who will not be able to sustain even a very basic lifestyle if they were to lose their job for some reason.

Why High Income Earners are not always Wealthy?

financially stable You will also be surprised to learn that a very large percentage of high income earners such as sports persons, movie stars, doctors, engineers etc. who buy expensive cars, boats, houses, clothes, jewelry and even fancy planes to impress people; they do not believe in investing and lead financially unsustainable lifestyle. They often appear to be rich but are going nowhere – they have money they spend recklessly, but a lot of expenses that keep them worried at night.

Have you heard about Mel B of the Spice Girls fame? She earned over $50 million and blew it all up on fancy cars, private jet holidays, clothes and shoes. It is claimed that she never wore a dress twice. Her financial miss-management highlight was a gift of an island to her beloved husband who later divorced her and sued her for money – Mel is the perfect example of being rich and not wealthy.

What is Wealth?

Wealth means number of days/ months/ years you and your family can survive without physically working and still maintain a standard of living you are used to. If you can survive only for a few days or months, then you are not doing well. If you can sustain your lifestyle indefinitely without working, you are wealthy. You are super wealthy if you not only sustain but constantly keep increasing your wealth each year without working.

Creating Sustainable Wealth

Your aim should be to create sustainable wealth. This is only possible by standing on two strong financial legs—one of which is investing. If you wish to be wealthy, you have to continually buy assets that give you passive cash flow. As you buy more and more assets, your cash flow will grow and make you wealthy.

As a matter of principle, you have to keep your expenses less than the cash flow your assets are generating and with the surplus cash, you need to continuously buy income producing assets –this will not only keep you ahead of inflation but also compound your wealth.

Your first step to financial freedom should be to become wealthy. Your next step should be to become rich and wealthy.