Nice! I agree. People throw around the term ‘passive income’ - there is no such thing (everything requires labor or money, which also is labor). But there is such a thing as income streams that require little effort once they’re established. That is my goal, several income streams. I suppose that when I say businesses I mean income streams.
"Passive" as in, once started, they are kind of like perpetual motion. But many, such as YouTube channels, require regular inputs to make the big bucks. You can write a book that becomes a standard, but people will forget you, if you don't continue to publish.
Remember that it's best to have multiple income streams. If one craps out, you are still okay.
I have at least 12, not sure exactly how many. Some of them are small, but will increase over time.
Nice! I agree. People throw around the term ‘passive income’ - there is no such thing (everything requires labor or money, which also is labor). But there is such a thing as income streams that require little effort once they’re established. That is my goal, several income streams. I suppose that when I say businesses I mean income streams.
"Passive" as in, once started, they are kind of like perpetual motion. But many, such as YouTube channels, require regular inputs to make the big bucks. You can write a book that becomes a standard, but people will forget you, if you don't continue to publish.
That’s why I like the term “income streams”.