What Passive Income means to you may mean something different to others. Darlene and myself want to have many streams of passive income built up for our Financial Freedom plans. Passive Income if you don’t know is Income that you make with out going to work or doing work to get paid. Yes, maybe you did work once to do it but then after you do it you could be making money off that constantly the rest of your life.
What’s nice is that some streams of passive income once they are in place can take little to none effort from you. I will always give most of our streams of passive income some love, maintenance and effort to grow them even more.
For instance, let’s say you write an e-book and put it on Amazon.com. You did the work once when you wrote it and then you did a little work uploading it onto Amazon. But you have the chance to be selling that book for the rest of your life with no more work from you. That’s good living and that’s Passive Income.
We are at 35%
Our current streams of passive income are about 35% of our current expenses. That is not counting any money that our Retirement Account’s are making for us.
When we are older, we could also have Darlene’s Pension Check each month and both of us receiving Social Security. We also want to have as many other sources of passive income streams so we never have to have a job again.
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
Passive Income Streams
Here are some of the Passive Income Streams we currently have;
- Dividend Paying Individual Stocks – Some pay us monthly and some pay us quarterly.
- REITs – Real Estate Investment Trusts that we are in some also pay monthly and quarterly.
- Dividend Paying EFT Funds.
- Dividend Paying Mutual Funds.
- I have written 7 Books and they are listed on Amazon and our website MillsWay.com
- I have made 26 Self-Hypnosis CD’s in the past. A lot of them are on Kunaki.com, MillsWay.com and E-bay.com.
- MillsWay.com we have affiliate links with ClickBank, Commission Junction, Amazon and others. So, we get paid if someone clicks on them and buys something.
- We have our Podcast income if someone listens to a Podcast, we make money from our sponsor.
- CafePress store to sell clothing and other products with our company logo on them.
- Patreon.com blog with paying followers for a monthly income.
- Selling Stock Photos on different websites.
We are working on building up more income streams from products to offer for sale to on-line University for Financial Freedom. I also have some Real Estate Investors I am talking with in possibly going in with them on some projects and earn a dividend from them for the money I invest. We also have Angel Investments, but they aren’t any passive income streams. We also know any investment is risky and can go down in value. If Darlene keeps working for her current company her small Pension will just help add passive income and to our Financial Freedom plans.
As you can see our current passive income streams do need initial investments and also work to get them up and running. I spend most of our time working on building up our followers for our Podcast, Website and Social Media Accounts. I enjoy what I do, so it really isn’t work for me. It is more like a constant challenge. Plus, the side benefit is the feeling I get from making a difference in someone’s life, Life when I help someone be more successful, make progress towards their goals or just be happier.
Passive Income Ideas
Some other forms of Passive Income that may be for you besides the above 11 that we are currently doing. I am not saying they are easy passive income streams to get going, some can take a long-time to build up and some of them most people hardly make any money from them. They are just ideas that other people have used. I have done some of them myself and some I am looking into. Possible ones are;
- Lending Club – You invest money with them.
- You Tube Channel – Build up followers and make AdSense income and direct people to your website.
- Money Market Account.
- Make your own Blog Website and have affiliate links or membership to it.
- Make Digital or Audio products to sell on your website or have others sell for you.
- Bond EFT’s.
- Rental Properties like Apartments or Commercial Real Estate.
- Business that someone else runs. Could be a Laundromat, Vending Machines, Storage Rentals to ATM machines.
- Network Marketing – MLM like Melaleuca or Isagenix.
- Digital Files on Etsy.
- Design T-Shirts
- Licensing Music.
- Create an App.
Those 25 ways are just a few I am sure of ways to create passive income. Wouldn’t it be nice to have money that is making you money when you are sleeping or on vacation? That is what I want and I know I will sleep even better once we get our Passive Income streams built up.
Social Security hopefully will be gravy on our Financial Freedom plans if we get ten to 15 streams of passive income flowing in. We will be sitting good.
I like to read books and one of the first books I read that got me really fired up about creating passive income streams was Rich Dad Poor Dad by Robert Kiyosaki. It is one of my must-read books we had our boys read.
What Passive income streams do you have? What Passive Income streams are you going to work on starting or want to have? Let me know your thoughts and plans.
Here are some positive quotes I like;
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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