A lot of people talk about the importance of alternative income streams and for good reason. Besides just providing some extra money here and there, it's a way to lessen your dependence on your primary source of income, which is usually your job. If for some reason you were to lose your job for something out of your control, it sure would be nice to have some other source of income to fall back on.
In order to eventually reach financial freedom though, we need to start looking into specific types of alternative income streams. I'm talking here about "passive" income streams. This is money that comes in regardless of anything else. It can include interest income, investment income, and other types. This type of income isn't easy to create, but it will definitely be worth it once you have.
23 March 2008
Alternative Passive Income
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2 Comments:
You are absolutely correct about generating passive income. One of the easiest ways is rental income. It has helped me so much throughout the years. Unemployment is unfortunate and is becoming more prevalent in our current economy. Rental income definitely helps keeps the lights on.
I took it to another level as an investor and eventually started my own development/construction company, Sensible Developments, LLC, with a partner. Our company is based in Philadelphia.
We are now providing investors with turnkey real estate solutions. We buy the property, we renovate it, we get in tenant occupied, we get it property managed, and we also give a warranty on all repairs. Face it people in other professions want real estate but don’t really want to deal with the day to day hassles. That is why we came up with our Turnkey solution.
Visit our blog and website to learn more about our projects:
http://sensibledevelopments.blogspot.com/
http://www.SensibleDevelopments.com
I am completely withyou on this one. I woudl love tohave enough passive income to live off and then none of the family would have to work, but could if they wanted to. Itw oudl be amazing!
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