JD Lovil - More Income Streams

MORE

INCOME

STREAMS

JD Lovil

MORE INCOME STREAMS

2018 Digital Edition

Copyright 2016 J D Lovil.

ALL RIGHTS RESERVED

Published by JD Lovil Publishing

This eBook is licensed for your personal enjoyment only. This eBook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you are reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite retailer and purchase your own copy. Thank you for respecting the hard work of this author.

ISBN: 9781533703750

Disclaimer

The Author regarding the subject matter of this book claims no special knowledge or authority. The experiences, conclusions, and interpretations in this book are those of the Author, and the reader is admonished to apply them at their own risk to their particular conditions. The Author knows of no manner in which application of the principles of this book could be dangerous.

DISCLAIMER:

More Income Streams is an attempt by the Author to explain to the Reader the use of several realistic income streams, which they can use to supplement their income, or possibly even replace their day job, using some of the same methods that the Author has used to construct his own income streams. The Author does not claim any special training or expertise in the financial field.

1 why income streams?

W E LIVE IN TURBULENT times. Our government tends to tell us that things are getting better when it comes to jobs, but the truth is, the jobs we seek are getting fewer and fewer.

Our manufacturing jobs are exported to Mexico and China. Our service jobs are becoming more and more automated. In a few years, I predict that even most medical care will be administered by machines.

We all need incomes, which we can fall back on when our jobs inevitably are lost. We can no longer count on 'cradle to grave' employment with a single employer.

Most of us will change jobs every five to ten years. We will change careers, at least once during our lifetimes. The only security we have, regarding our income, is to create our own little mini-businesses, which we can ramp up, and down, as needed.

When our jobs are going well, we can put only a modest amount of time and effort into running them. When things get bad, we can ramp our activities up, and support ourselves.

These other businesses should be small enough that we can live our lives and still operate on some level. They should also be potentially large enough that we can live off them if needed. The usual business start-up takes huge sums of time and money to get off the ground. It is usually difficult, or impossible, to operate the business, while still working for an employer.

The fact is that things are only going to get worse. We elect successful Lawyers to represent us in the Senate, and the House of Representatives, and one more to be our President.

Some of them mean well, but none of them believe that any American citizens live on less than fifty thousand dollars a year. They do not believe that any citizens are in constant danger of losing their jobs, and being put out on the street. They will not help us, because they do not believe in us.

We will have to fend for ourselves. We need that backup source of income, for that time, if or when our current job goes away. That is the subject of this book.

There are thousands of activities, and situations, which you can turn into streams of income, and millions which are just a waste of your time. Some of us are salesmen types, and we might well make a go of buying and selling Real Estate for a fortune. I am not such a salesman, and so I need an income stream with output determined by my work, and the skills I have, not in my ability to con or sway people into buying something that they may not want or need.

Income streams are generally divided up into two categories. They are passive income streams or active income streams. The definition of an active income stream is obvious. Sell anyone an immediate product or service, and the money you make will come from activity that you exert in the process. Sell someone a vacuum cleaner, and your money will come from the sales activity you complete. Go to the next door and sell another one, and you will have repeated the efforts.

A passive income stream is one you work to create it up front, and then you are paid for the item or service forever after that, without further actions.

Writing a book, and having it traditionally published, used to be considered a passive income stream by most folks. You wrote the book, submitted it to the publisher, and he did all the marketing and promotions. He does other things to make the book sell, while you sit back, and watch the royalties roll in.

Writing a book never really was purely passive income. You still had the occasional book signing or such to attend, but you could chalk such efforts down to basking in your fame. Passive incomes are rarely purely passive, but some of them can get close.

The closest thing to a passive income that you will probably encounter is either a dividend portfolio, buying tax liens, or engaging in some kind of affiliate program, using your website to embed clickable links, and getting a small percentage of the sales that go through that link.

I have included the first two income sources but omitted the affiliate income source. This is because making any money in the affiliate programs requires you to have a high traffic website to attract potential customers. I have never found it to be a good income source, but then, I am possibly an anti-salesman.

I picked eight income stream sources to discuss in this book. A few of them will mention alternate forms of the same stream. You should not feel limited to these streams, but I think that having one or two actually making money for you should make you more confident about expanding your empire of streams.

I will try to list the pros and cons of conducting each of these streams of income activities. I also think that caution is in order about finding a new stream of income to pursue in general.

Most of us have fallen for the plans, where someone wants to sell us a 'turn-key' plan, making some money from an activity that the Author of this shiny Franchise is also supposedly engaged in using to make money. A typical plan is to buy and sell Real Estate.