Friends I m going to share you How I build & nurture alternate Income source. Hope you like & if you can pick one of the idea & can work on it to build your own alternative income sources…..If I can, anyone can.
As Robert Kiyosaki says, If you want to be rich, simply serve more people”.
Zig ziglar said the same principal.
“You can have everything in life you want, if you will just help other people get what they want”.
So helping & empowering people is the core of my philosophy.
After reading “The Parable of pipeline” by Burke Hedges & “Rich Dad & Poor Dad” by Robert Kiyosaki, I was motivated & inspired to create my own passive income sources that will give a considerable amount as an alternate income.
It took me 2 long years to set up various Income streams that I m going to share with you.
The idea behind Passive Income is that , you don’t have to depend on a single source of income ie. Salaried income. In normal case we have to work for money, In passive income money works for you. Even when you are doing you routine work.
As Warren Buffett said, If you don’t find a way to make money while you sleep, you will work until you die. It’s a key to your Financial Freedom.
The realization of this was a disruption in my thinking. It turn around, & changed my thinking up side down. After researching inetrnet about Financial Freedom & Passive Income , I was convinced that I must & should create multiple income sources (tunnels) to generate more cash flow.
Question was HOW?
After thinking & brainstorming I came up with following ideas to build alternate income streams.
I was absolutely clueless whether this will work or not. But still have to try it….
I started with a list of prospective business ventures; I called it “Venture List”
Passive Income Venture List :
- Trading stocks & Investing – I was already trading for 4-5 years. Learned Technical Analysis & was making good money taking positional & swing trades.
- By learning some new skill (but don’t know which ? )
- By teaching others some skill in which I have mastery & command. (but don’t know which ? )
- By writing a blog.
- By helping & guiding others people about handling their Finances.
- By taking a side job, that won’t disrupt my present job but still pay me good amount.
After a lot of consideration, I end up finding answers to all the Questions in Venture List.
Brainstorming Answers :
- Should start trading with a monthly amount as a target.
- Learned how to build a web site , created my own web site ie icaruswealth.com Shared my site with as much as people. They liked the site some asked me to help them to build their own site. That’s how I stared making money with my newly learned skill.
- Teaching trading to others. Many still don’t know the potential of stock market, I have to make them aware thats my duty as a Financial advisor.
- Started a new website, with a blog about how to achieve a financial freedom. & my ventures to build alternate income. Its very good to help others as it comes back as karma. So helping & empowering others in turn will help & empowering yourself.
- Became a Financial Advisor.
- Became a Business partner in 2 reputed Insurance companies. Started recruiting people & building my own team.
This is how I build my 6 streams that will make money for me.
All of the above, Trading & Investing is by far one of my favorite.
Warren Buffett, Jorge Soros build there empire by investing in stock market. If they can…I too can.
In India Rakesh Jhunjhunwala, Ramesh Damani, Radhakishan Damani are some of legendary investors who created wealth in stock market.
So I motivated & determined to learn & trade, I threw myself in learning trading & evaluating & analyzing & studying stocks.
Main aim is to generate cash flow by trading & booking profit consistently, The profit will again invested for long term portfolio that will yield good dividend & portfolio appreciation.
Pending Venture List :
- Write an e book, about How to achieve Financial Freedom
- Learn some new skill.
- Can become a motivational & public speaker, delivering lectures & seminar about leadership ect.
- Float a U tube channel & post videos about self help & motivational also about how to generate alternate income sources.
Still Working on Venture List…..
Hope you find this post informative & you can pick one of the idea & work on it to build your own alternative income sources.
Let me know you like the post……..Thanks.