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    How to Grow Rich by Creating Multiple Streams of Residual Income
    How to Grow Rich by Creating Multiple Streams of Residual Income
    How to Grow Rich by Creating Multiple Streams of Residual Income
    Ebook94 pages49 minutes

    How to Grow Rich by Creating Multiple Streams of Residual Income

    By Praveen Kumar

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    About this ebook

    You can find financial freedom and become seriously rich by simply understanding the phenomenal power of creating multiple streams of residual income.

    Once you read this book you will learn how the rich create their wealth and sustain it for generations. The good part is so can you?
    LanguageEnglish
    PublisherBookBaby
    Release dateSep 17, 2014
    ISBN9781311751669
    How to Grow Rich by Creating Multiple Streams of Residual Income

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      Book preview

      How to Grow Rich by Creating Multiple Streams of Residual Income - Praveen Kumar

      How to Grow Rich by Creating Multiple Streams of Residual Income

      By Praveen Kumar

      ~~~

      Smashwords Edition

      Copyright © 2012 By Praveen Kumar

      All Rights Reserved.

      Unauthorized distribution or duplication is strictly prohibited

      Smashwords Edition, License Notes

      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’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Terms of Use

      This Electronic book is Copyright © 2011 By Praveen Kumar. All rights are reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means; electronic, mechanical, photocopying, recording, or otherwise, without written permission from the copyright holder(s).

      Disclaimer

      The advice contained in this material might not be suitable for everyone. The author obtained the information from sources believed to be reliable and from his own personal experience, but he neither implies nor intends any guarantee of accuracy.

      The author, publisher and distributors never give legal, accounting, medical or any other type of professional advice. The reader must always seek those services from competent professionals that can review their own particular circumstances.

      The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.

      All pictures used in this book are for illustrative purposes only. The people in the pictures are not connected with the book, author or publisher and no link or endorsement between any of them and the topic or content is implied, nor should any be assumed. The pictures are only licensed for use in this book and must not be used for any other purpose without prior written permission of the rights holder.

      Other Books by the Author

      How to Grow Rich with the Power of Compounding

      How to Grow Rich with the Millionaire Mind Script

      How to Grow Rich with the Power of Networking

      How to Grow Rich with the Power of Leverage

      How to Become a Millionaire: Master the Mind Game

      Table of Contents

      Introduction

      The Myth of Job Security

      What is the Problem with Linear Income?

      Residual Income – The Holy Grail of Investing

      Why is Residual Income Important?

      Benefits of Generating Residual Income

      Residual/ Passive Income Misnomer

      Residual Income Generators

      Investors

      Businesses

      Categories of Residual Income

      Investment in Residual Income

      Investing Time

      Investing Money

      Steps to Create Residual Income

      Indexed funds

      Dollar Cost Averaging

      Real Estate as Basis of Residual Income

      Rate of Return

      Investment Risk

      Buy Below Market Value

      Increase Value of Investment

      Financial Leverage

      Control over Investment

      Real Estate Offers Exceptional Tax Advantages

      Monitoring Your Investment

      Fluctuations to National Average

      Great Passive Income Ideas

      Start a Bulk Candy Vending Business

      Network Marketing

      Set up an Automated eBay Business

      Online Residual Income

      Why Build Residual Income on the Internet?

      Steps to Create an Online Residual Income

      Find a Way to Make Money

      Action Steps to Create Passive Income Online

      Why Create Multiple Streams of Residual Income?

      The Dreaded Product Life Cycle (PLC)

      Problems in Creating Multiple Streams of Income

      Is Creating Multiple Streams of Income the Right Strategy for You?

      The Wrong Way to Create Multiple Streams of Residual Income

      The Right Way to Create Multiple Streams of Residual Income

      Practical Steps to Creating Multiple Streams of Residual Income

      Final Thoughts

      About The Author

      Introduction

      Wealth is when small efforts produce big results, Poverty is when big efforts produce small results - George David

      One of the fundamentals of wealth creation is to know that not all income streams are created equal. When you work and are paid only once then your income is linear.

      In the case of residual income, you work hard once and it unleashes a steady flow of income for years and maybe even a lifetime or beyond. It is often said that lower and middle class work for money where as the rich make their money work for them. The key to wealth creation lies in this simple statement.

      Royalties from Elvis Presley songs and movies earn an income in excess of $40.0 million every year even though he has been dead for over three decades. Although everyone cannot be an Elvis Presley but it is definitely possible to focus on work that will create a residual income rather than spend a lifetime in working for linear income.

      Doctors, dentists, sales persons, attorneys

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