Answer: Being sick and losing money because you’re not able to generate income.
No this isn’t an AFLAC commercial. It’s just a reminder of the value and importance of developing ongoing, residual income.
Dawn and I were both sick last week. It’s never fun being under the weather, but there was one very comforting fact.
While we were sick, product sales continued, new subscribers joined, stocks continued to generate dividends and interest accrued—all without our efforts.
It wasn’t long ago when this wasn’t the case. Before, when we got sick, in addition to feeling sick, we also lamented the loss of income because we couldn’t work.
It doesn’t matter whether you’re self-employed or work for someone else—you can create and develop incomes that don’t require your presence. I highly recommend it.
Real estate, licensing, product invention and your investment portfolio are all things that can provide passive income.
It takes some planning. And it takes some effort. But time is a finite and fleeting resource. Having passive income streams, on the other hand, is like owning oil wells that continue to pump and profit—while you do other things.
Action Point
Brainstorm some ways you can create or enhance income streams that flow without your constant effort and attention. Pick one or two, and go to work on them.
Recommended Resource
Lifestyle Business Course – Available on Udemy
If you have an interest and desire for creating an ongoing income stream based on your knowledge, wisdom, talents and experience, you will gain great value from this course. The reasons for taking this course and creating a true Lifestyle Business are all explained on the next page. And they are substantial. If you’re ready to turn your knowledge, experience and expertise into steady income streams, this is for you.
