The Power of Passive Income

The Staff Of Entrepreneur Media, Nightingale-Conant

Description

CREATE A LONG-TERM, NO-FUSS, WEALTH-BUILDING PLAN THAT WILL GET YOU OUT OF AN OFFICE CUBICLE FOR GOOD

Entrepreneur Media has teamed up with Nightingale-Conant, the world leader in self-development, to show you how to escape the 9-to-5 rat race, harness the power of passive income, and earn a steady stream of cash while living your best life. Whether you want to escape your corporate life and start a side hustle, spend more time with your family while your real es-tate investment rakes in the cash, or build a financial nest egg for the future with a passive investment stream, The Power of Passive Income will get you started on your journey.

You will learn how to:

Assess your personal skills, resources, and lifestyle

Identify passive income and time-for-money models

Get out of your debt hole and into your nest egg

Manage your income and expectations for success

Generate a six-figure income with the right strategy for your goals

Redefine wealth based on what matters to you

Free yourself from the need to work for someone else—and make yourself rich instead. Maximize your income, minimize your stress level, and get the absolute most from every moment with The Power of Passive Income.

Sujets

• Business
• Economics
• Personal finance
• entrepreneur
• Investing

Informations

• Publié par: Entrepreneur Press
• Date de parution: 19 février 2019
• Nombre de lectures: 49
• EAN13: 9781613083963
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

THE POWER OF

PASSIVE INCOME

MAKE YOUR MONEY WORK FOR YOU

Nightingale-Conant
Entrepreneur Press
Entrepreneur Press, Publisher
Cover Design: Andrew Welyczko
Production and Composition: Eliot House Productions
2019 by Entrepreneur Media, Inc.
All rights reserved.
Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed Entrepreneur Media Inc. Attn: Legal Department, 18061 Fitch, Irvine, CA 92614.
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.
Entrepreneur Press is a registered trademark of Entrepreneur Media, Inc.
ebook ISBN: 978-1-61308-396-3
CONTENTS
FOREWORD BY ROBERT W. BLY
INTRODUCTION
CHAPTER ONE
LAYING THE GROUNDWORK
Know Your Why
The New Meaning of Wealth
Find Your Freedom
Get Out of the Debt Hole
Invest in Your Nest (Egg)
Manage Your Income-and Expectations
Learn About Your Leverage
CHAPTER TWO
BREAKING YOUR BARRIERS
Passive Income vs. Time-for-Money Model
Your Financial Belief System
Avoid Self-Sabotage
CHAPTER THREE
RAMPING UP FOR ONLINE SUCCESS
Harness the Power of Your Interests
Choosing an Online Model That Is Right for You
Assessing Your Personal Skills, Resources, and Lifestyle
Keep Your Strategy Simple
Identify Your Customers
Unlocking the Power of Ecommerce
Why Ecommerce?
Solo Website vs. Multi-Vendor Storefront
Types of Ecommerce
Ecommerce Platforms
Additional Considerations
Get the Lay of the Land
Parting Thoughts
CHAPTER FOUR
LEVELING UP YOUR ONLINE STRATEGY
Prioritize POS Quality
Know Your Lane and Stay in It
Building Your Site
If You Build It, Will They Come?
Marketing Your Site
Consider Affiliate Marketing
Points to Ponder Before You Jump into Affiliate Marketing
Types of Affiliate Offers
Where to Find Affiliate Products and Services to Promote
How to Evaluate Which Affiliate Programs Are Right for You
How to Choose an Affiliate Offer
Promoting Your Affiliate Offers
How Much Money Can I Make?
Parting Thoughts
CHAPTER FIVE
MAKING YOUR MARK IN THE STOCK MARKET
Have a Plan
Got a Grand? Try These Investments
Know Your Why
What s Your Investor Profile?
The Mutual Investor: Safety in Numbers
What to Expect When You re Investing
A Bit of History
CHAPTER SIX
LEVELING UP YOUR INVESTING GAME
Set Clear Goals
Check Emotion at the Door
Avoid Investment Fads
Put Dividends in Perspective
Understand Earnings Reports
Avoid Guru Syndrome
Avoid the Friend Zone
Investing Is Not a Sport
Be Aware of Market Conditions
Know When to Fold Em
CHAPTER SEVEN
INVESTING IN REAL ESTATE
Start Single
Leverage for the Win
Sweat Equity: Worth the Cost?
Investment vs. Speculation
Find Properties That Fit Your Goals
Parting Thoughts
CHAPTER EIGHT
LEVELING UP YOUR REAL ESTATE INVESTMENT STRATEGY
The Guiding Principles of Real Estate Investment
Interacting with Potential Tenants
Have a Plan for Property Management
Parting Thoughts
CHAPTER NINE
BUILDING WEALTH WITH A SIDE HUSTLE
Plan Your Side Hustle
Make Time for Maintenance and Growth Projects
The Perfect Side Hustle: Intellectual Property
Parting Thoughts
CHAPTER TEN
GOING SOLO WITH MULTILEVEL MARKETING
MLM 101
The MLM Controversy
The Power Is in Your Downline
The Payoff
Do Your Research
Know What You re Getting Into
Promises vs. Reality
Parting Thoughts
CHAPTER ELEVEN
OPENING DOORS WITH FRANCHISING
Franchising 101
Should You Franchise?
Get Your Ducks in a Row
Lena s Story
Anna s Story
Will s Story
Parting Thoughts
CHAPTER TWELVE
CREATING A PASSIVE INCOME LEGACY
The Gift of a Plan
The Role of Charitable Giving and Gift Taxes
What Does Legacy Look Like?
Build Your Passive Income Legacy
Life Insurance
Consider a Trust
Parting Thoughts
CHAPTER THIRTEEN
THE FUTURE OF WEALTH
Get Rich, Stay Happy?
More Money, More Problems
Have Certainty in Your Skills and Goals
Be Open to Opportunities in Your Own Backyard
Find Your Happy Place
Parting Thoughts
RESOURCES
ABOUT THE AUTHOR
INDEX
FOREWORD
By Robert W. Bly, marketing and passive income expert and author of The Digital Marketing Handbook, The Marketing Plan Handbook , and The Direct Mail Revolution
T he majority of people I meet have basically one stream of income. This is typically a 9-to-5 job where they trade time for money or a small service or retail business they own in which they also trade time for money. Any business, job, or profession where you are paid only when you actually work is active income. Dentists, for instance, have a saying: If you re not drilling and filling, you re not billing. As highly paid as they are, dentists only get paid when they are working. If they are not working, they aren t getting paid, which is the drawback of active income.
In this book, you will discover one of the ways to escape the 9-to-5 rat race: Develop one or more streams of passive income (money you are making even when you are not working). You could be playing golf, taking your kids to Disneyland, fishing, or just loafing-but with passive income, you are still getting a steady stream of cash with no direct labor on your part.
For instance, if you own an apartment building or multifamily house and hire a property management firm to manage it, you collect rent checks from tenants every month-without lifting a finger. Likewise, if you are an investor and buy 10,000 ounces of silver bullion at $10 an ounce, hold onto it, and then sell when the price hits $30-you have made a $200,000 profit in passive income while sitting on your deck or vacationing in France.
That s why most wealthy people have multiple streams of passive income. That s why you should, too-and The Power of Passive Income shows you how to achieve true financial freedom by building one or more passive income streams.
For many years, I have had multiple streams of passive income-including many of those listed in the table of contents of this book. For me personally, my biggest passive income stream is my online business-primarily selling information products on the internet.
A few weeks ago, I checked my email on a Thursday night at around 6 P.M . Nothing important in the inbox. So, our family went to our favorite local Korean restaurant for a quick dinner. When we got home around 8 P.M ., I checked my mail inbox again. And here s what I found: While we were out at the restaurant, two of my customers had each ordered multiple information products from me-just in the time it took me to eat dinner.
The total dollar amount: $1,079.65.
Now, that s not a fortune. It didn t make me rich. But the average American between ages 35 and 64 earns around $50,000 a year-or roughly a grand a week. That means that, thanks to just one of my passive income streams, I made in just two hours about the same amount of money the average American earns in a week! A nice little chunk of cash with no labor on my part. No meetings. No phone calls. No going to the office (which is in the house).
I tell you this not to brag, but to make a point: I firmly believe you should have multiple streams of income, with at least one of them-and preferably, most or all of them-being passive income for two reasons.
First, while a paycheck from a 9-to-5 job is steady and expected, orders like the $1,079.65 I made overnight are unexpected-and there is delight in surprise. An unexpected royalty, commission, bonus, profit from the sale of a flip house, a stock that goes up, or a large online order makes my day, and many of my fellow solopreneurs have told me the same is true for them, too.
Second, and more important, if you can develop a passive income stream that generates an annual six-figure income (without regular active daily labor from you), you achieve a degree of financial security that 95 percent of your friends, relatives, and neighbors will never have.
I am not money hungry or even money oriented. I work long hours in my freelance copywriting business, which is my primary active income stream, and will do so as long as I am able because I love it.
But by making a six-figure passive second income online, it s comforting to know I could live nicely off that income stream alone if I so desired. And by following the advice in this book, The Power of Passive Income , you will discover how to set yourself free from the need to work for someone else-making them rich in the process-and make yourself rich instead.
INTRODUCTION
W elcome to Entrepreneur Media presents The Power of Passive Income . For the first time, we are partnering with Nightingale-Conant, the world s largest producer of audio programs and the world le