The Money Podcast How to Create & Scale Multiple Streams of Income
Have you ever wondered how you can create a steady stream of passive income? In today’s episode, Rob shares with you the steps to create multiple streams of passive income and the key differences between residual and passive cash flow.
Tune in to hear how to create a life of truly leveraged and passive income from creating online resources and courses to building assets and products using the 70/20/10 rule that can bring you income for years to come.
KEY TAKEAWAYS
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Only when you can do anything, anywhere are you then truly leveraged and passive. This means that you need a laptop and to be able to work from anywhere in the world with an internet connection. If you want to start and build multiple streams of income (online, passive or residual) you can start by never having an office in the first place.
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There is a difference between passive and residual. Passive is once the asset is set up there is no active work involved. Residual is ongoing income. What you should be looking to do is create assets, you have to have assets to create a recurring (residual or passive) income.
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Online courses are a great source of passive and residual income. You will need to create and record content for your online course and deliver it only once. This allows your content to become an asset as you will never have to deliver the course again, but the course can be delivered for years to come.
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All the assets you create, you want them to ideally have a long shelf life as possible, otherwise, they decay and they don’t become recurring, residual or have much of lifetime value.
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Start with three income streams you spend your time: 70% on your main one, 20% on your second one and 10% on your third one. You think systems, leverage, outsourcing, processes and people. All these processes then create an asset that is then set and managed.
BEST MOMENTS
“You can’t have a baby and not have the labour pains.”
“Do once, and repeat the process over and over again.”
“Create multiple streams of income that you can manage from your phone.”
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979