Tuesday, October 9, 2012

Three Different Passive Income Secrets Uncovered

By Earl Gallaway

Earning a passive income may seem like a dream to you, but it's possible. You must first reject the way you see your relationship to money. Money is a tool. It doesn't control you or how you live, you do.

If you continue pursuing an active income, that state of mind will keep you from the wealthy man's mind frame. Trading your time for cash (active income) is being present to earn money.

There are several passive income strategies available to you. You can learn 3 easy ways to flip your active income into a passive income in this article.

With an active income, your road ahead is saturated with unpleasant money issues. Do you know which stance you want to take winning position or losing position?

And if you are currently working for someone else, you are limiting your income potential. First, you must start a home business.

Starting a home based business, is the best way to maximize your passive income potential.

Working hourly or salary limits your income potential. There are 24 hours in the day. How many hours do you have to work to make what you make? What if you could make that amount with half the time?

A home based business is critical. Uncap your earnings outcome while keeping your investments low by setting up your own home business. Home based business opportunities are a dime a dozen.

Having a home based business works when you aren't which uncaps your earnings potential. Your business is available 52 weeks a year, 168 hours a week. Your market has grown considerably with internet leverage.

Leverage is the key to earning a passive income... otherwise you are trading hours for dollars.

Secondly, you must reinvest the money from your home business. Reinvesting your money will create multiple streams of passive income. Investment strategies of the wealthy will keep you at the forefront of investing.

However, finding a wealthy person is hard, and getting them to share their secrets is even harder!

Finding investments of the rich takes a lot of time. Timing is everything when searching for the right investment. Whenever, you find that diamond in the rough of an investment, it will be worth the time.

And last, you want to invest correctly before a crisis hits, otherwise you will be on the wrong side. A crisis can be profitable for you or you can lose everything.

If you are ignorant as to what is going on in the world, then you've already lost.

Studying trends in the economy is a great strategy that can put you in front.

If you want to stay ahead of everyone else then you need to know what the "Next Big Thing" is. If you hear about it on the news, then you better look for the next opportunity because its too late for that one.

Strategies in investing change depending in what stage of the wealth cycle they fall in. You may know them as bear and bull markets. If you find an investment in a bear market you are positioned to make large profits when it switches to a bull market.

Buying when everyone else is selling is very important to your success.

Doing these three simple things will put you on track to earning a passive income. Owning a home business, knowing how to invest money like the mega wealthy and positioning yourself for a crisis, are the best ways to creating your own passive income.

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