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