During the last week or so I have been discussing “multiple passive income streams”. It is a quite interesting subject, but from my point of view, there are no such things as passive income streams, maybe with exception of social welfare systems. All income streams require investments of money and/or time, maybe just initially, but even most “passive” income streams require some maintenance.
With this said, I am still very interested in the subject, however I am looking for leverage on my capital as well as my time. It is quite easy to get leverage on one of the two like hire an assistant. The assistant surely will get you time-leverage but will instead cost you the salary. The hard part is to find the solution where the assistant not only gets you time-leverage, but also perform tasks that give you finance-leverage.
Multiple Passive Income Streams are not:
- They are not really passive, you will always have to invest time and/or money initially
- They are not risk free, you might lose the money and/or time invested
- They are not easy to obtain
- They are not really passive, you will always have to invest time and/or money initially
- They are not risk free, you might lose the money and/or time invested
- They are not easy to obtain
Multiple Passive Income Streams are:
- They are a great complement to your active income
- They will give you freedom and a richer life if set up correctly
- They are a great complement to your active income
- They will give you freedom and a richer life if set up correctly
Besides getting leverage, I would also like to make my income more independent on where I am, applying the concept of “Working here”.
So let´s get practical. For my part I will focus on a few areas during 2009.
Start buying stocks and funds
The market will keep going down for a while, I believe that another 20% is likely, but I will try investing 1/3 of my active income a month to create a great foundation for growth when the market turns.
Packaged services and products
I am working on to put my services into packages and products that can help my clients even when I am not there or do not have time. The goal with my business is after all to transfer my knowledge and way of thinking so that they can manage the basic development processes themselves.
I am working on to put my services into packages and products that can help my clients even when I am not there or do not have time. The goal with my business is after all to transfer my knowledge and way of thinking so that they can manage the basic development processes themselves.
Hire a marketing assistant
A marketing assistant will give me leverage on mainly the marketing of The Rynge Group, but also with the different tasks I have listed here. This way I can focus on more income generating tasks.
A marketing assistant will give me leverage on mainly the marketing of The Rynge Group, but also with the different tasks I have listed here. This way I can focus on more income generating tasks.
Affiliate marketing
I have quite good skills when it comes to online marketing and setting up websites for online sales or leads generation. My idea is to target more traditional and local industries that might not have any online presence, set up a system for them for leads generation and do some SEO. The plan is to get paid on a per lead basis. This concept can be copied over several industries as well as several geographical locations.
I have quite good skills when it comes to online marketing and setting up websites for online sales or leads generation. My idea is to target more traditional and local industries that might not have any online presence, set up a system for them for leads generation and do some SEO. The plan is to get paid on a per lead basis. This concept can be copied over several industries as well as several geographical locations.
Selling on commission
I have already started this, helping a friend of mine marketing _bicycle seat covers_, and I will look into more short or long term commitments to act as a virtual sales person. This will also apply for my network, that I will try to help finding new clients.
I have already started this, helping a friend of mine marketing _bicycle seat covers_, and I will look into more short or long term commitments to act as a virtual sales person. This will also apply for my network, that I will try to help finding new clients.
Make my network work for me
I am offering people in my network to get a commission if they give me a lead that turns into a client.
I am offering people in my network to get a commission if they give me a lead that turns into a client.
New ventures
This is something I love, and it does certainly not give me time-leverage in the beginning but hopefully some of the ventures (like ArtByMail.com) will take off and provide me with leverage in the future.
This is something I love, and it does certainly not give me time-leverage in the beginning but hopefully some of the ventures (like ArtByMail.com) will take off and provide me with leverage in the future.
I guess I will keep posting about this subject so please stay tuned.
- Ola Rynge
The Rynge Group
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An assistant that gives both time and financial leverage – I would like to order one of those, please! does he walk the dog as well?