| In a recent article (What is The Ultimate Lifestyle), I | | | | can flow out of Real Estate in many |
| talked about the 8 core components that define | | | | ways, including:Buying and then re-selling foreclosures |
| "The | | | | and other |
| Ultimate Lifestyle."The first component was income | | | | "distressed" propertiesBuying apartment buildings or |
| streams, and the reason it | | | | office buildingsBuying a building for your own business |
| was listed as #1 is because if you want to live the | | | | use (I plan to do |
| ultimate | | | | this in a few years)Buying houses, renovating them, |
| lifestyle (as you define it), you must:- Have total | | | | and reselling them (my |
| control over your time (i.e. you're your own | | | | stepmother does this with a good friend of mine in |
| boss, not an employee)- Have numerous income | | | | Los |
| streams flowing, with as many of them | | | | Angeles and they're *very* successful at it) Real |
| as possible being "passive" or requiring minimal time | | | | Estate |
| and | | | | does require that someone "shows up" to do |
| effort from you. To truly live the ultimate lifestyle, | | | | various things, |
| you | | | | but you can set it up so you aren't that "someone." |
| must have income that flows whether you "show | | | | That's |
| up for work" | | | | my goal and plan with my wife.There are many |
| or not. These income streams are the "fuel" that | | | | people out there who teach powerful systems |
| drives The | | | | for setting up passive income streams with Real |
| Ultimate Lifestyle.In this article, I'm going to discuss | | | | Estate.5. InvestmentsYou can setup passive or "low |
| the "Top 10" income | | | | effort" income streams from |
| streams you can setup. There are actually many | | | | having cash you invest in "vehicles" that generate |
| more than 10, | | | | dividends, interest, or other forms income.You can |
| but we don't have we room to discuss them all | | | | also generate an income stream, although it's not |
| here.You may be in a position to take advantage | | | | completely passive (but might suit your lifestyle |
| right now of many | | | | preferences) by trading stocks, options, or |
| or all of the streams I discuss, or it may take some | | | | commodities.There's an art to generating income |
| time | | | | from investments.You do not want to choose this |
| and effort to get one or more of them flowing. | | | | option without exercising |
| There's no | | | | great caution and/or finding an advisor or partner |
| hurry. Creating the ultimate lifestyle takes vision, | | | | that can |
| time, | | | | do it for you.6. Life InsuranceThis is a longer term |
| planning and effort.All the streams I discuss may not | | | | strategy and one designed more for |
| interest you or match your | | | | your retirement years, but there are forms of life |
| preferred lifestyle, and it isn't necessary to have all | | | | insurance |
| of | | | | that allow you to fund the policy in earlier years and |
| them flowing at once (or at all) to live your own | | | | then |
| ultimate | | | | receive guaranteed income in later years. I'm putting |
| lifestyle. I'm just giving you food for thought.Here | | | | a |
| are the "Top 10" best ways I've found to generate | | | | program like this in place as we speak.7. Sale/Payout |
| the | | | | Of A BusinessIf you have your own business, you |
| streams of income required to truly live your | | | | can sell it one day |
| ultimate | | | | (maybe even soon) and use the cash you receive |
| lifestyle:1. Start/Run Your Own BusinessWe're living | | | | to fund your |
| at a fantastic time in history if your goal is | | | | ultimate lifestyle -- and/or to pursue the other |
| to start your own business and create passive or | | | | passive |
| "low | | | | income streams discussed here.My father did this. He |
| effort" income streams from it selling products or | | | | bought a small chain of travel |
| services.With the many benefits of the Internet, the | | | | agencies, built it up, then sold it. He got cash at the |
| power of direct | | | | time |
| marketing (online and offline), and the large number | | | | of sale, but also had an "earn out" that sent a |
| of top- | | | | strong |
| notch contractors and third party companies you | | | | income stream to him for 15 years. My friend randy |
| can offload | | | | did the |
| the day-to-day "grunt work" to, today's | | | | same thing when he sold his business.8. Network |
| entrepreneurial | | | | MarketingNetwork Marketing (or "MLM") gets a bad |
| environment a dream come true if you know how | | | | rap from many people |
| to set things | | | | and in many circles, yet it's one of the best ways to |
| up to take maximum advantage of the many tools | | | | create |
| and resources | | | | passive, or reasonably passive income streams, if |
| available.In addition, it has never been easier to set | | | | you pick |
| up a strong | | | | the right company and work the system correctly.9. |
| flow of income doing something you love or you're | | | | Other PartnershipsIn addition to the options listed |
| really | | | | above, there are a variety |
| passionate about - no matter what it is or how | | | | of other partnerships and relationships you can |
| "obscure" it | | | | create where |
| may be. Again, the Internet and direct marketing | | | | you help other people to achieve their goals, get |
| create | | | | something |
| unprecedented levels of opportunity.Finally, there are | | | | they really want, or give them something to sell, and |
| numerous tax advantages to having your | | | | they |
| own business which enable you to put much more | | | | compensate you for it.10. Information ProductsThis |
| money in your | | | | is a subset of having your own business, but I'm |
| own pocket -- if you know how to set things up | | | | breaking it out separately because it's an ultimate |
| and take | | | | lifestyle creation tool you should consider even if |
| maximum advantage of the many tools and | | | | you |
| systems available.If you want to live your ultimate | | | | already have your own business right now.When I |
| lifestyle, your own | | | | say "information products," I mean books, tapes, |
| business will be at the core of it. It's my #1 choice | | | | courses, seminars, coaching programs, etc.There are |
| for | | | | many people who already have a business doing |
| creating the ultimate lifestyle.2. RoyaltiesIf you have | | | | something (like being a doctor, dentist, real estate |
| a specific area of expertise and you know how to | | | | broker), and through having that business, they've |
| turn it into a book, audio, video or multi-media | | | | developed |
| course, you | | | | a strong expertise that can help other people in the |
| can get other people to manufacture it, sell it, | | | | same |
| manage all | | | | business enhance their success.For example, I know |
| the details, and send you a royalty check for a | | | | one dentist who's so skilled at a |
| percentage | | | | particular kind of reconstructive dentistry, that other |
| of the sales. This is a great stream of passive | | | | |
| income and | | | | dentists flock to him and he's created additional |
| one I'm currently pursuing aggressively.You can also | | | | income |
| generate passive royalty income from inventions | | | | streams from sharing his expertise through a |
| or other marketable ideas of various kinds.You make | | | | newsletter, |
| less money "per piece" when you go this route, but | | | | seminars and "look over my shoulder" events. He |
| the fact that you don't have daily responsibility for | | | | generates $1 |
| managing the production, sales, accounting and other | | | | million a year from his information products business |
| details | | | | and |
| has a lot of value, and if you set it up right, the | | | | could stop practicing dentistry at any time if he |
| products | | | | wanted to.I know of another man who's in the |
| that generate royalties for you also cause people to | | | | lumber business who |
| come | | | | developed a revolutionary process for drying lumber |
| back into your orbit to buy and do other things that | | | | faster. |
| end up | | | | He started teaching that process to other people in |
| benefiting you in many other ways in the long run.Do | | | | the |
| you feel this is a good idea but you don't think you | | | | lumber business through just 2-3 weekend seminars |
| have | | | | a year and |
| the expertise that could translate into a royalty | | | | created a $250,000 a year income stream from it.I |
| stream? | | | | know of a very successful real estate broker who |
| That *might* be true, but I can almost guarantee | | | | created a |
| that you | | | | variety of information products (courses, seminars, |
| have expertise you don't know you have, you could | | | | and |
| easily | | | | coaching) to teach other real estate brokers how to |
| create it by following a passion and/or create a | | | | use his |
| potential | | | | system to make a lot more money with a lot less |
| royalty stream from knowledge you have or could | | | | effort. |
| get if you | | | | While he's still working as a real estate broker every |
| got some the right kind help.3. Licensing FeesThis | | | | day, |
| income stream is similar to the royalty stream, but | | | | his information products business generates a huge |
| has | | | | income |
| many notable differences. Licensing involves charging | | | | stream for him and he could also stop working as a |
| a fee | | | | broker at |
| to allow others to sell products you create (books, | | | | any time if he wanted to.I know of a very |
| tapes, | | | | successful carpet cleaner who is now living |
| videos, etc.), or to use your likeness, logo or other | | | | his ultimate lifestyle teaching other carpet cleaners |
| very | | | | how to |
| visible aspect of your work, business or | | | | increase their sales and profits using his unique |
| "brand."Licensing can also take the form of allowing | | | | approach.I also know a very successful orthopedic |
| others to | | | | surgeon and |
| present a seminar, workshop or talk you've designed | | | | mortgage broker who want to stop working so hard |
| that | | | | in their |
| provides many benefits to the audiences receiving | | | | chosen field and are currently seeking ways to |
| them. I | | | | create |
| have two friends, Charles and Will, who've licensed | | | | information products businesses to replace their |
| the | | | | current |
| rights to one, two and three day seminars with their | | | | incomes while making dramatic shifts in their |
| | | | lifestyles.Do you have your own business and have |
| material, and they receive HUGE checks every | | | | developed a unique |
| month.Will actually has 5000 people licensed to | | | | expertise or approach that could be converted into |
| present his one | | | | an |
| day seminar, and tens of thousands of people are | | | | information products business?The Next Steps |
| getting the | | | | ...Depending on where you are right now in your |
| benefit of his work, and he's getting big checks | | | | career, you may |
| without | | | | be thinking to yourself, "This all sounds great, but I |
| lifting a finger.There are other forms of licensing, | | | | have |
| however, that don't | | | | absolutely no idea what income streams I might be |
| require expertise on your part, just visibility and a | | | | able to |
| "brand."One example includes Disney who licenses | | | | setup or how to do it."If that thought (or one like it) |
| their logo, the | | | | crossed your mind, stay |
| likenesses of Disney characters, etc. Another | | | | tuned. I'll be discussing some "what to do" and "how |
| example | | | | to do |
| includes Harry Potter merchandise. Another example | | | | it" ideas in future |
| includes | | | | =========================== Like to know |
| the use of the Coke or Pepsi logo.While it's true that | | | | more about Bob Scheinfeld? |
| these examples center around huge | | | | |
| companies, there are a variety of licensing | | | | =====================If you liked what you |
| opportunities | | | | just read, you'll definitely want all |
| for "little guys" like you and me if you get creative | | | | the details about Bob's "7 Power Centers of Life" |
| and | | | | work.Do you know what "The 7 Power Centers of |
| set it up right.4. Real EstateI've only dabbled in real | | | | Life" are? Are you |
| estate over the years, but I'm | | | | absolutely certain that all 7 of *yours* are fully |
| gearing up with my wife to get very involved with | | | | energized |
| Real | | | | and aligned for maximum success? |
| Estate in 2004 and beyond.Passive income streams | | | | |