The concept of having multiple income streams is not new. In fact, at one point or another most of us find ourselves searching for ‘extra cash’ to pay down debt or increase our investments. However, one mistake many people make is assuming that income streams only come in the form of J.O.B’s. Picking up extra hours at the Home Depot or at Duncan Donuts is something we could all do, but that’s not what I had in mind.
Much like cash flows from Multifamily Properties, income streams shouldn’t take up all of our time and make us crazy! When assessing multiple income streams, there are a few factors that should be considered.
Will you have fun? Generating additional sources of income can be a lot of work, so you might as well enjoy what you’re doing.
Keep it inexpensive! A lot of income generating opportunities requires massive investment both to get started and to maintain. Look for opportunities with a proven system in place. Implementation shouldn’t be rocket science and maintaining the business shouldn’t mean you constantly have to dip back into your pocket… That defeats the purpose of having an additional stream of income!
Don’t create another job, create another income! The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full time job, the last thing you want is being tied down to an additional set of commitments that make your life miserable.
Make sure it isn’t something that only works one time! The ideal extra income source will continue to generate cash even when you’re not working at it. The idea is to build something that can eventually function without you. (That’s one of the reasons I chose multi family investing!)
Will it get better? Look for income sources that have at least the possibility of generating substantial amounts of income. Finding something that is scalable online is a big plus as I outlined in my book The Six Figure Second Income.
Earning extra income can take work, but its payoff can be huge. Next week I’m having a webinar on creating a new income stream and getting your real estate business online to maximize your pay out. I’ll be e-mailing you soon.
To Your Success,
Dave
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Everyone at RE Mentor would like to take a quick moment to thank & think about all of those who have dedicated their lives to help us better our own:
April is officially “Earth Month” and Friday of this week marks the 41st anniversary of Earth Day. I did some “Q&D” (Quick and Dirty) research and came up with the 5 easiest ideas your tenants can get on the Green bandwagon. The light bulb has long been the graphic symbol for a bright idea, so lets start right there with one of the biggest wastes of energy on the plant… the antiquated incandescent light bulb.
1. Kick out Thomas Edison
Thomas Edison may have invented the familiar bubble-shaped incandescent light, but it’s time he got the LED out. Incandescent bulbs are notorious wasters of energy. If you pay the electric utilities at your building, you have an even greater incentive to make the switch.
2. Grow a green thumb
Indoor plants clean the air. More plants mean cleaner air. Your model apartment should make good use of them because it drops the hint that green is beautiful and welcome.
3. Use the dishwasher
Dishwashers use less water and less soap. Plus, they are more sanitary. And when you’re finished in the kitchen, turn off the light. It is a massive waste of energy to light space that nobody is using.
4. Be a bag-free person
Instead of accepting plastic bags from retailers, bring your own tote. Many supermarkets sell tote bags and you may even be able to strike up a deal with a green-friendly retailer near your apartment complex and get free tote bags for your tenants. (There’s an added value: when you carry a tote you tend to buy only what you need because you carry less. So now you’re not only saving the planet, you’re saving money.)
5. Change by degree
Adjust the thermostat to be one degree cooler in winter and one degree warmer in summer. “Spring ahead; fall back” refers to changing the clocks, but now it can also refer to the thermostat. If you like it set at 72 in the summer, set it ahead to 73. If you like 76 in the winter, set it back to 75.The temperature difference is negligible, but multiply that slight energy reduction by tens of millions of thermostats around the globe one degree makes a big difference.
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A double-dip is great if you’re talking ice cream. But if the subject is the U.S economy it’s not so good.
Some experts predict the economy is headed for a double-dip… a very rocky road indeed. The culprit is consumer confidence, which is dropping fast: March saw the 10th steepest decline on record. Gloomy consumers purchase less. And since homegrown U.S. consumers account for 70% of our economy, that spells trouble.
Why are U.S. consumers depressed? A possible war with Libya and the meltdown of Japan certainly made for gloomy headlines. But other factors are closer to home and our pocketbooks… Hourly wages continue to fall, which deflates consumer confidence like a pin to a balloon. And home prices continue to decline, which makes people feel poorer as their primary nest egg evaporates. The S&P/Case-Shiller 20-City Home Price Index dropped 3.1% in the year ending this past January, which has some housing industry watchers predicting that the market bottom has not been reached and a double-dip is just around the corner.
You’ll always get conflicting predictions on the Web. Take the idea of buying a home right now… One expert will point to the combo of cheap prices and low interest rates and say it is a great time to buy. Another expert will say signals are mixed and you should wait at least until the foreclosure backlog stops depressing prices. Still others say houses don’t beat inflation and you should rent.
So… should you wait until consumer attitudes improve before you invest in commercial real estate? Well, that’s kind of like striking gold but waiting for the price of gold to rise before staking your claim.
Let me explain:
If you do your real estate homework and follow my strategies, you’ll have found and negotiated a stellar real estate deal that gives you positive cash flow, instant equity, and possibly a big check made out to you at closing. Plus, the property will be in an emerging real estate market that has it’s own micro economy acting independently of the national trend. There’s no reason to put on the breaks, no matter what economists, politicians and pundits are predicting on the web.
When you have a great deal, you have a great deal. And that alone is all the reason you need to take action.
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There is a common belief that only few people that have the desired attributes can be entrepreneurs, but this is not true. Entrepreneurship is for everyone and there are numerous reasons for supporting this statement. The first and the foremost reason in this regard is that everyone has a dream which they want to fulfill or at least have a desire to improve their quality of living. This perception of human beings leads to encouragement for working hard and getting what they want, this perception is commonly known as intuition. It is a kind of potential in human beings that leads to creative imagination
Human beings are the best creation of God that is given the power of creative thinking and through this thinking they are able to do a lot of creative tasks. This creative thinking can be from the past, present and future and can relate to anything which the person dreams about. For instance this thinking can be about what is the purpose of coming to this world? What can I give to this world and what best I can do for people? And questions like these can help you drive your vision or dream which you want to fulfill.
One could learn about its strength and weaknesses by searching his personal history in the past in which he has a number of experiences that caused him difficulties and obstacles in his way of success. From this past experiences the person could learn not to repeat his mistakes in future and to use his weaknesses as his strength. This is common thinking of every person that he looks into his past and gets out his mistakes but one thing that differentiates entrepreneur is that he accepts his past mistakes positively and continues with his present and future in the right direction so that his past shadows do not affect his dreams of future
Moreover accepting the reality of the present situation of what you are, what you have, what you do not have, what you enjoy and what you cannot enjoy. Thinking about your duties and responsibilities and for the purpose you came to this world all leads to the attributes of becoming an entrepreneur and these attributes are not the one which are only present in people who are highly intelligent or intellectual. These qualities are inborn in every human being all you need is to polish them in an appropriate manner
It should be kept in mind that only those people succeed who have belief in their dreams and this belief is so strong that no one can shake it from his words or it cannot be affected by the past experiences of the person. Having a positive approach for the future and thinking optimistically is the right way for achieving your dreams and it opens up more opportunities for you. Thus it is now very clear that our past, present and future are all very interlinked and it can be controlled in the manner we want. If we take our past experiences in a positive way then it will definitely lead to positive future whereas on the other hand if we make our past experiences have an impact on our present and future life then you cannot achieve your dreams and entrepreneurship is the same thing as how you deal with different issues positively.
Here is an interesting article from cnn.com about a great game to play with your family and teach your kids about entrepreneurship, Monopoly!
East Longmeadow, Massachusetts (CNN) — Even as remnants of a recession leave the nation’s real-estate market in a lurch, machines crank out millions of tiny hotels and houses at a factory in western Massachusetts.
Motors whir and plastic packs of brightly colored bills slide down conveyor belts.
This is where Monopoly is made. The popular board game, which began during the Great Depression, turns 75 this year.
Alma Ocampo has helped make the game for 25 of those years at the Hasbro games factory in East Longmeadow, Massachusetts.
“I work on the Monopoly line…It’s being part of history,” she says, as she flips through a pack of the game’s famous fake money.
Show us your Mr. Moneybags costumes
More than 6 billion game pieces in the shape of green houses and 2.25 billion red hotels have been made since 1935, Hasbro says. Saturday marks 75 years since the patent was acquired for the board game.
And as people passed go, collected $200 and got out of jail for free for three quarters of a century, more than 275 million games were sold worldwide, according to the company.
“Life is just too hectic now. It moves at a pace that we’re not used to,” says Gary Brennan, Hasbro’s vice president of manufacturing. “This slows it down a little bit, the perfect family game.”
But even Monopoly has changed with the times. The original tokens of a lantern, purse and rocking horse were removed from the game in the early 1950s and replaced by the dog, horse and rider and wheelbarrow.
In the 1970s, a Braille edition of the game was created for the visually impaired. And in 1978, the Neiman Marcus Christmas catalog offered a chocolate version of the game for $600.
In the 1980s, before the world Monopoly tournament in London, England, artist and jeweler Sidney Mobell decided to make a new version of the game — using solid gold, diamonds, emeralds, rubies and sapphires.
“It took a lot of work. It took me a year from start to finish to go ahead and do this set,” said Mobell, 84, who was 9 years old when he played the game for the first time.
Show us your Monopoly games
“I played with family. I played with my mother, my father, my sister, my brother, my cousins. We all played Monopoly, and everyone was trying to win…. the most important thing, let’s face it, in our lives, was to win Monopoly.”
Now his version of the game, valued at $2 million, is on display at the Museum of American Finance in New York.
“This gives an opportunity to showcase a beautiful item like this, a game that’s symbolic to America, popularized during the Great Depression, during the 1930s, during those tough economic times. Again, we’re facing tough economic times in this country,” museum president David Cowen noted when the exhibit opened in October.
Twenty-first century players may be pinching their pennies, but they’re finding new ways to hone their Monopoly skills.
A partnership between Hasbro and Google for an online version of the game last year had 1.4 million registered players, and the company released an Apple iPhone application in February.
When was the last time you played a game of monopoly? How would you compare it to your investment choices today? Celebrating 75 years now, Monopoly was creating during the great depression, a time where the most millionaires were made in America. Will you be able to say that you are one of the “new rich” after this recession?
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