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| LET THE MONEY OVERFLOW... |
1) Technology apps. Mobile and tablet devices are the way to go and have surpassed the desktop computer on so many levels. Netbooks started selling quickly for the lower-end market as laptops became too pricey for the purpose of only surfing the Internet. This means that access to do business, make reservations, play games, watch sports, handle finances, catch up on favorite television shows, or book salon or gym services is open-sesame. Priced anywhere from $1.99 to $9.99, there are apps that work on an iPad, iPod, iPhone, Chromebook, Galaxy, Surface and tons of other devices of which people are willing to pay. Just think 10,000 purchases of $1.99 app is almost $20,000 in chump change.
2) Real Estate. Let's face it. The real estate market has not bounced back and we can stop reading all these promising outlooks on how great the economy is doing with 1st time homebuyers, existing mortgages, and refinances. Look for the deals that are on the market, in foreclosure, pending auction or bank sale, or owner-financed. If the location is marketable and can sustain true rental income that pays the mortgage, taxes, and maintenance, this is passive income that should not require a lot of effort (barring repairs are done upfront and the weather is optimal for the housing area) and can be passed down to the next generation.
3) High Return Businesses. Find a business that has low start-up costs and high return on the investment. If it is a product-based business, determine what it costs to make (manufacturing), ship the product (shipping and handling), and how much customers are willing to pay for it (selling price). Selling price - (manufacturing costs + shipping and handling costs) should generate a profit that will allow casual sales to generate the income you need to live comfortably if the main paycheck ceases to exist. If it is a service-based business, determine the expenses (travel, expenses, products, rents, staff), labor (what is paid to the people providing the service including you), and the charge to the clients. Client charge - (labor * service(s) provided + prorated expenses) determines how residual the income will be.
Passive income is not hard to make if there is just as much focus to get it as there is a perceived steady paycheck. Make the move to have steady overflow and be the millionaire next door with multiple streams of income. Why not!
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