Many peo­ple won­der how Bill Gates man­ages to gen­er­ate income worth more than some coun­tries GDP.

In an inter­view, he was asked what was his secret to suc­cess  and he gave 5 point­ers.  And guess what.  His first bit of advice starts with passion.

(source)

Bill Gates Tells the Secret of His Success

Bill Gates, the rich­est per­son of the world (net worth 46,5 bil­lion UD dol­lars — Forbes 2005), was born on 28th Octo­ber, 1955. His zodiac sign is Scor­pio, and he is pas­sion­ate, very hard­work­ing and benev­o­lent. The world has been talk­ing about his secrets of suc­cess for so many years. Let’s here talk about what Bill Gates him­self told about the secret of suc­cess. The biggest busi­ness chan­nel of Indian media NDTV Profit arranged a talk show with Bill Gates and the most suc­cess­ful busi­ness exec­u­tive of Asia Narayana Murthy. When a busi­ness­man from the audi­ence asked Bill Gates the secret of suc­cess the great tycoon pre­sented a five-point mas­ter for­mula of suc­cess: 1. Pas­sion, 2. Intel­li­gence, 3. Integrity, 4. A Good Team, and 5. Lead­er­ship. Now from whom can you learn bet­ter than the Bill Gates?

1. FIND OUT YOUR PASSION

No mind-boggling suc­cess story has been writ­ten till now with­out a great pas­sion. Pas­sion gen­er­ates focus – so nec­es­sary to get suc­cess in any field. Bill Gates him­self has immense pas­sion for com­puter and soft­ware. When he was admit­ted in Lake­side School he got hooked to the com­puter there and sur­passed the knowl­edge of his teacher within a week. Amaz­ing pas­sion indeed! Soon he wrote his first pro­gramme, at the age of thir­teen. Accord­ing to great sci­en­tist Albert Ein­stein genius is one per­cent inspi­ra­tion and ninety-nine per­cent per­spi­ra­tion. But with­out pas­sion it is very dif­fi­cult to work hard. When you recog­nise your real hid­den tal­ent and work to develop that you become pas­sion­ate, and you are self-motivated to work hard and per­spire. When you have pas­sion the work becomes a fun for you and you want to enjoy it more and more.

Click here to read more »

Pas­sive income is the best way to make money. The rea­sons are end­less. No answer­ing to angry bosses or slav­ing away at an office.

I came across this arti­cle that sum­ma­rizes some of the top rea­sons to start a pas­sive income. If I haven’t con­vinced you already, then give this a read.

3 Rea­sons To Start A Resid­ual Pas­sive Income

Hav­ing a pas­sive resid­ual income flow can bring a lot of free­dom and oppor­tu­ni­ties into your

life. Fol­low­ing are 3 of the many rea­sons you should start build­ing a pas­sive resid­ual income now.

1. Once you have built a resid­ual cash flow, the money con­tin­ues to come in after the ini­tial
work is done. You are mak­ing money even when you are not work­ing. It comes in whether you are eat­ing, sleep­ing, or tak­ing a vacation.

This really comes in handy if you become sick. Imag­ine you are stuck in the hos­pi­tal for a few days or longer and your med­ical bills are pil­ing up. At least you would still have cash com­ing in to help cover the expenses.

2. Pas­sive income brings about per­sonal free­dom. If you build a large enough stream of resid­ual income, you will not have to work for another employer or com­pany. You can work when you want, take a day off when you want, spend time with your spouse and kids when you want, and take a cruise or trip when you want.

Click here to read more »

Now here’s a bit of inspi­ra­tion from the man him­self, Don­ald Trump, on cre­at­ing your own income stream and doing what you love.

In these tur­bu­lent times it’s not enough to depend on your “steady” income at a job you don’t enjoy. So think out­side the box, take a note from Trump, and cre­ate your own job descrip­tion and com­pany.  You’ll finally have time for all the things you’ve been want­ing to do.

(source)

Be your future…

Do you love your job, your boss, and all of your co-workers? If not, you are prob­a­bly not among the ranks of the self-employed.

Self-employed indi­vid­u­als are pas­sion­ate about their busi­ness and work tire­lessly to make it a success. When you work for your­self you are not con­cerned with the time clock and could care less about how many hours per week you are at the office. You do this because you are expend­ing time to grow YOUR business. Make no mis­take, you WILL be work­ing more, not less, than you were before. When you aren’t work­ing “in” the busi­ness, you will find your­self work­ing “on” the business. It will likely keep you up at night and occupy your free time so you can fig­ure out ways to grow and com­pete in your industry.

How nice would it be to not have to tip-toe around a boss who doesn’t appre­ci­ate your efforts, take credit for your suc­cesses and pass blame for his/her mistakes? I will tell you…it’s com­pletely liberating! Every morn­ing you will wake up with only one to please…your customer! Your only focus will need to be on how to attract more and make the ones you have happy enough to come back to you. It sounds easy enough except for the fact that every­one else in your indus­try has the same game plan. That’s the beau­ti­ful chal­lenge in it. You must use every ounce of your cre­ative being to make your com­pany pros­per with only you to take credit for the wins or blame your­self for the losses. I would bet you don’t get to do that on your day job now.

Click here to con­tinue reading »

Net­work mar­ket­ing is a great way to start a resid­ual income stream. But when you’re start­ing out it can be hard to tell what’s going to be good and what’s going to waste your time and money.

Check out this arti­cle that runs over the basics of what makes a good net­work mar­ket­ing oppor­tu­nity and how you can start one now.

“Top 10 Ways to Choose a Great Net­work Mar­ket­ing Opportunity

There are a few net­work mar­ket­ing oppor­tu­ni­ties that are just scams. There are far more that may be well-intentioned, but have a poor track record, for any num­ber of rea­sons. So how do you sep­a­rate the wheat from the chaff? Here are ten tips to help you pick the right net­work mar­ket­ing oppor­tu­nity for you.

1. Has the com­pany been around for at least 5 years?

If you want the efforts you put in today to pay off for many years in the future, choose a com­pany that has proven that it will be around for the long term. 90% of all net­work mar­ket­ing com­pa­nies FAIL within their first 2 years. You don’t want to invest your pre­cious time and resources (not to men­tion your future) in some­thing that may not be in busi­ness next month, do you?

2. Is the com­pany well capitalized?

In other words, does it have the cash that it will need to grow, to main­tain a solid infra­struc­ture, to attract tal­ented man­age­ment, to keep pace with tech­nol­ogy — and, of course, to pay your com­mis­sions! (I pre­fer pub­licly traded com­pa­nies because they’re required to dis­close their finan­cial con­di­tion in DETAIL every 90 days to the SEC and other gov­ern­men­tal agen­cies. You may not be able to obtain this infor­ma­tion on a pri­vate com­pany, so you’ll be tak­ing a risk on its finan­cial condition.)

Click here to con­tinue reading »

The inter­net is a great place to start a resid­ual income stream. I found this short arti­cle on one of the many ways you can cre­ate wealth via the inter­net. You have to start some­where and inter­net resid­ual income is cost-effective and easy to start up.

The inter­net is known for cre­at­ing pas­sive income that allows you to fol­low your own per­sonal dreams. So have a look, I hope you get some ideas.

(source)

How to Gen­er­ate Resid­ual Income Online

by the­jon­brown

Intro­duc­tion

Inter­ested in Resid­ual Income? $100 per week? No prob­lem.
Uti­liz­ing the inter­net to gen­er­ate a con­stant resid­ual income is very sim­ple and requires No tech­ni­cal skills, No start up money, No credit card, No social secu­rity num­ber, and No commitments.

Instruc­tions

Dif­fi­culty: Easy
Things You’ll Need

* Com­puter with inter­net con­nec­tion
* Address where checks can be mailed

Steps

Step One

Join Sur­veySavvy and obtain a per­sonal refer­ral link (10 min­utes). When some­one clicks the link, and signs up, you earn money when ever they com­plete sur­veys. Gen­er­ally, you earn $2 for every sur­vey a refer­ral com­pletes and $1 for every sur­vey their refer­ral completes.

There is a quick link to Sur­veySavvy fea­tured under ‘Resources’ (below Tips and Warnings).

Step Two

Start Gain­ing refer­rals. E-mail your refer­ral link to all your friends who may be inter­ested. Post your refer­ral link in dif­fer­ent places. Forums, and other open sites such as Yahoo Answers are great. Watch your Refer­ral count grow.

Click here to read more »

Affil­i­ate mar­ket­ing can be a huge resid­ual income stream.  It has a low-cost set up, is fun, and can free up time for you to travel, learn a new lan­guage, or pur­sue any of your per­sonal goals.

(source)

Here’s a great arti­cle that focuses on the 10 require­ments of affil­i­ate mar­ket­ing that will bring you you’re resid­ual income stream.

“Top 10 Com­mand­ments of Affil­i­ate Marketing

Ten best prac­tice tips for a prof­itable affil­i­ate mar­ket­ing business

Affil­i­ate pro­grams can be a big source of rev­enue. The key to max­i­miz­ing your earn­ings is engag­ing your read­ers. Unlike tra­di­tional ads where you are paid for impres­sions or clicks, affil­i­ates are only paid when/if a spe­cific action is per­formed. The action might be a pur­chase or sign­ing up for a newslet­ter, but regard­less, you are not paid until you’ve com­pelled your read­ers to act.

With that in mind, here are the Top 10 Com­mand­ments for affil­i­ate mar­ket­ing success.

1. Know Your Audience

The most suc­cess­ful way to use affil­i­ate pro­grams is to antic­i­pate and meet the needs of your read­ers. Con­sider why they are com­ing to your site. What are you pro­vid­ing that they are look­ing for? Make sure the affil­i­ate prod­ucts you are pro­mot­ing pro­vide a solu­tion to your audience’s problems.

If you are writ­ing about sports, don’t put up affil­i­ate ads for printer toner just because every­one has a printer and those pro­grams have a high pay­out. The peo­ple who are com­ing to read com­men­tary or get stats for their favorite teams aren’t think­ing about those things when they’re on your site.

The more rel­e­vant the ads are to your read­ers, the more likely they will use them.

Click here to con­tinue reading »

War­ren Buf­fett, the guru of invest­ing, knows a thing or two about cre­at­ing income streams.

Here are his 10 tips on get­ting rich that you can apply to your resid­ual income streams.  Who knows, you could be the next War­ren Buffett.

(source)

“10 Ways To Get Rich

War­ren Buffett’s Secrets That Can Work For You

With an esti­mated for­tune of $62 bil­lion, War­ren Buf­fett is the rich­est man in the entire world. In 1962, when he began buy­ing stock in Berk­shire Hath­away, a share cost $7.50. Today, War­ren Buf­fett, 78, is Berkshire’s chair­man and CEO, and one share of the company’s class A stock worth close to $119,000. He cred­its his aston­ish­ing suc­cess to sev­eral key strate­gies, which he has shared with writer Alice Schroeder. She spend hun­dreds of hours inter­view­ing the Sage of Omaha for the new autho­rized biog­ra­phy The Snow­ball. Here are some of War­ren Buffett’s money-making secrets — and how they could work for you.

1. Rein­vest Your Prof­its: When you first make money, you may be tempted to spend it. Don’t. Instead, rein­vest the prof­its. War­ren Buf­fett learned this early on. In high school, he and a pal bought a pin­ball machine to pun in a bar­ber­shop. With the money they earned, they bought more machines until they had eight in dif­fer­ent shops. When the friends sold the ven­ture, War­ren Buf­fett used the pro­ceeds to buy stocks and to start another small busi­ness. By age 26, he’d amassed $174,000 — or $1.4 mil­lion in today’s money. Even a small sum can turn into great wealth.

2. Be Will­ing To Be Dif­fer­ent: Don’t base your deci­sions upon what every­one is say­ing or doing. When War­ren Buf­fett began man­ag­ing money in 1956 with $100,000 cob­bled together from a hand­ful of investors, he was dubbed an odd­ball. He worked in Omaha, not Wall Street, and he refused to tell his par­ents where he was putting their money. Peo­ple pre­dicted that he’d fail, but when he closed his part­ner­ship 14 years later, it was worth more than $100 mil­lion. Instead of fol­low­ing the crowd, he looked for under­val­ued invest­ments and ended up vastly beat­ing the mar­ket aver­age every sin­gle year. To War­ren Buf­fett, the aver­age is just that — what every­body else is doing. to be above aver­age, you need to mea­sure your­self by what he calls the Inner Score­card, judg­ing your­self by your own stan­dards and not the world’s.

Click here to read more »

Here’s a great tip for resid­ual income.  It’s not a secret but it is exploited every­day by large cor­po­ra­tions and you should be doing the same.

Two words:  repeat busi­ness

I found this arti­cle that runs over the basics of repeat busi­ness and it’s a must-have for resid­ual income.

“Repeat Busi­ness Equals A Resid­ual Income Stream For An Inter­net Home Based Business

Resid­ual income comes from other peo­ple react­ing to a sin­gle action by the owner of an Inter­net home based busi­ness. What bet­ter way to secure resid­ual income then through repeat busi­ness? At its very heart resid­ual income and repeat busi­ness go hand in hand. The most suc­cess­ful inter­net home based busi­nesses know this and that is why they are suc­cess­ful. All it takes is impress­ing some­one once to earn their busi­ness and money again and again. So repeat busi­ness will always equal a resid­ual income stream.

The large cor­po­ra­tions know and believe in repeat busi­ness. It is much eas­ier to get repeat busi­ness than to get new busi­ness. It is also easy to build upon repeat busi­ness and use it to cre­ate new busi­ness. Every busi­ness owner will say that repeat busi­ness is essen­tial to busi­ness success.

Repeat busi­ness is basi­cally when a cus­tomer returns to a busi­ness to buy again. They have already been there once, liked what they got and came back. Chances are they also told some friends or fam­ily about their expe­ri­ence, too. Refer­rals are a big busi­ness builder too. Peo­ple are more likely to shop some­where if they were referred by a trusted friend or fam­ily mem­ber than sim­ply through a response to adver­tis­ing. Repeat busi­ness is more than it seems. It shows the owner of an Inter­net home based busi­ness they are doing some­thing right and that they have great prod­ucts. The inter­net home based busi­ness owner who gets a lot of repeat busi­ness is going to be suc­cess­ful because he is build­ing up a cus­tomer base of loyal peo­ple who believe and trust in the busi­ness. When cus­tomers become loyal they are usu­ally cus­tomers for life.

Click here to read more »

… Yes, numer­ous streams.

The only rea­son I’m able to finance the lifestyle I enjoy today with­out too much effort is because of the resid­i­ual income streams I’ve worked hard to build. I found a great arti­cle that dis­cusses this and I hope you find it beneficial.

(Source)

Pas­sive Income

How to Earn More and Work Less

Do you want to con­tinue work­ing 50, 70, 100 hours a week the rest of your life?

Good! Nei­ther do I.

Do you want to be able to take time off when­ever you want to, with­out wor­ry­ing about what’s going to hap­pen to your business?

So do I!

There’s a say­ing in the cor­po­rate world: “Don’t make your­self irre­place­able. If you can’t be replaced, you can’t be pro­moted.” As an entre­pre­neur, this is still true in its own way. Let’s think of “being pro­moted” as earn­ing more and work­ing less. You can raise your prices, but until you can remove your­self from being directly involved in doing the work that gen­er­ates the income, there’s always going to be a limit to how much you can earn, and it can only increase very slowly.

Pas­sive income, on the other hand, is income that does not require your direct involve­ment. Some kinds of pas­sive income you may be famil­iar with include own­ing rental prop­erty, roy­al­ties on an inven­tion or cre­ative work, and net­work mar­ket­ing. If you want to earn more, work less, and have a decent retire­ment, you’re going to have to start cre­at­ing income streams that do not require your direct involve­ment. Whether you’re just start­ing your busi­ness, or you’ve been run­ning it a while, the sooner you start think­ing about how you are going to shift your busi­ness model to cre­ate more pas­sive income, the sooner you can achieve per­sonal and finan­cial freedom.

Click here to read more »