Turning Passive Income Streams Into Raging River

Hi Rick :)

You already got a lot of good answers, but I'll add my voice to this noisy chorus.... :)

> 1. How do you manage your active income
> streams to allow time to develop your
> passive income streams? Or do you not manage
> your active streams? Do you just sleep less?
> *g* Remember too that most of us also need
> to give time to our families, communities,
> churches, etc. How do you make all of this
> work?

Well, passive income doesn't *have* to take time.... As I see it, it usually takes time (at the beginning to set it up) *or* it takes money.

For example, if you just leave your money in the bank and collect interest, that's a passive income stream. (Not a very high-paying one, but it's still one....)

Or if you save up (or borrow) money and buy property, then rent it out -- as long as the money coming in from rent is greater than the money your paying on your borrowings (if you borrowed), then this is a passive income stream too.

It's like Monopoly. In Monopoly, you buy houses, then hotels.... You first spend your money, then you get that money back when people pay rent. (In Monopoly, they have to land on a square you own, while in real life you have to have tenants.)

Some people say that owning houses etc. is extra work, because you have to fix toilets or whatever. In fact, you can contract that out to someone else who will manage your property for you. If you bought a pretty good property, you can still make a profit even after paying for those services.... (I'm not a property guy, but I have this on good authority from someone I know who is now looking to buy his 3rd piece of property....)

The trick is to live simply, don't be too extravagant so you'll have extra money to invest....

Some people *prefer* to borrow the money than to save, because it's often psychologically easier to pay back the money you borrowed than it is to save it. When you have money sitting in your bank account, it's easier to spend it than to save it....

So, you don't need to spend *time*. You can alternatively use your *money*. But I think you may have to have one or the other.... at least either some time or some money, to get your passive investments going....

I've spoken about my own stock market investments before.... I spend a little bit of time at the beginning, finding good long-term growth stocks that I believe are undervalued. But once I invest the money and buy some stock in a company, I do nothing.... I just sit back and watch the money grow.... (I'm not a day-trader, I'm a long-term investor, and I always look to invest my money for at least several years at a time.... I try to follow a "Warren Buffett"-ish "buy and hold" approach.....)

> 2. How do you find the get and up and go
> when it feels like it got up and went? *g*
> IOW, after you've given all you've got to
> your active income streams, how do you have
> anything left to give to your passive income
> streams?

Rick, here's my "secret".... I use different types of *music*!

I find music can put me in certain moods.... one type of music puts me in a very focused, hard-working, sort of technical-thinking mode.... Another type of music relaxes me, and puts me in a more relaxed and conversational moood. But I use music all the time to motivate myself.... Not just one type, but many different types of music depending on what sort of mood I need to be in (when it's necessary)....

I don't know if this works for everyone, but it might be worth trying. However, you have to experiment a bit with different types of music.... Don't just listen to one sort, but listen to several types of music and see what sort of mood that music puts you into....

I hope that helps :)

Cheers,

Dien