Article written by Sherin Dev; Follow me in Twitter or Facebook . To get latest news and articles Subscribe for free!
“Good management is better than good income.” Portuguese Proverb
Did you ever heard ‘failure’ as a result of continuous efforts? No chance. Result of any effort with positive mind, whatever it is, ultimately come to success! Time may decide the result sometime, but the ultimate result will be a ‘success’. When I am writing this article, have kept this truth in mind through out the process. Motivating self to identify 3 way income stream is possible by each of us. In this article, I am introducing ‘3 way income generating ideas’ to understand better and work around.
When follow experts for getting ideas on generating additional income, most of them recommend to have a full time job for steady income and do some sort of part time job or business to generate additional income to support the main stream. Of course, this will do better for most of us to support our family. But, whenever there are some possibility in front of us to generate a ‘Passive’ income as a third stream, we will not lose anything for dig little to have a try. The word ‘passive’ I have used throughout in this article with a sense ‘an activity that doesn’t required active interference from a person’. I suggest you to generate income from three ways than above said, two traditional methods.
This system could work as active-active-passive model. As I said earlier, any person have full time job with some sort of side business following an ‘active-active’ model to generate income because, he personally required to spend time and effort for each activity. When adding a third stream as per this article, a person starts generating income using active-active-passive model because, new comer doesn’t required any kind of active participation from an individual. It is an automatic process happening from highly planned, single time activity for long lasting result.
This article, ‘Motivate Self to Generate 3 Way Income’, simplifying 3 way income generating idea with an example, how I have successfully used to generate three way income in my life.
As I said earlier, active-active-passive model, we will first look what the first ‘active’ mean? This is nothing but, your full time job or business. Of course it is active because your full time presence and activities required in this area. It is quite natural for everyone working in an office or doing some sort of full time business to win their bread. An example from my life for this is, my full time job as a systems engineer is my major source of ‘active’ income.
When we move to the second ‘active’ in this model, we would borrow the recommendation from most money management experts on generating additional income. An individual can do any sort of part time job, free lance activity, supporting activity, part time service, holiday work whatever it is, as long as it is not effecting to your full time income stream, comes under the umbrella of second ‘active’ income stream.. There are lots of possibilities to generate second income. But all of these required your active presence or time to time effort and activities to produce additional income as you expected. For an example, blogging is a serious, part time activity for me and I am generating additional income from it by working regularly to write articles and tune blog at my free time. As long as my presence required to generate income from my blog, it is of course an ‘active’ method for generating income. For those, who are more curious about knowing the possible methods of creating additional income, read this article. It is fantastic and more practical.
We have now reached to the core of this article, adding “a third stream of income” or a ‘passive’ income. Unlike active-active model, it is a ‘passive’ stream where our activity no longer required. It is common sense, when a person having full time job with any part time business or job run out of time for a third activity. So I thought to find a passive way that work automatically for me when I am sleeping after my full time job and thereafter part time activities. I have identified my passive stream, investing. To execute, I have selected a set of guaranteed instruments able to generate monthly interests, dividends or other sort of regular income for me time to time. By the quality of selection, I never required to spend time to monitor these investments.
A major advantage from my passive income stream is, I never required to put any effort at any time once after putting little efforts at the beginning to identify and execute. Once identified and executed, you are totally free to sit and receive money time to time. Of course, PASSIVELY.
It is an example from my life on passive income generation, where I have passion and interest on investing. If you are interested to read my biography of investing, you are welcome. There might be another options depends on individual, that work for them overnight when they sleep and generate regular income. As I said above, an effort required to generate passive income limited to once. Identifying and executing plan. If you try sincerely, there would be something for you to work as a passive income source for you.
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