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