When it comes to building wealth, a lot of attention is paid to creating “passive streams of income.”
One of the more popular articles on WalletHacks.com is one that discusses the 7 income streams of millionaires, which is a look at an often cited state that millionaires have at least 7 streams of income.
The allure is in the idea that you can make money “passively” as if it’s a magic bullet. In fact, J.D. talked about this in his post passive income vs. passion income – passive income can sometimes be used to trick you into an MLM scheme.
The reality is that income streams may be passive but getting them set up is often extremely active and today’s posts all focus on this concept:
My 4 Current and 4 Future Passive Income Streams [Physician on Fire] – “Now that I don’t work a W-2 job, my cash flow situation and taxation look a lot different than they did before, and passive income sources play a more prominent role in my life. I realized I currently have four broad categories of passive income, and I’ll be adding another four significant income sources in the future. Let’s review them, shall we?”
Create Massive Leverage Through Passive Real Estate Investing [Passive Income M.D.] – “My own definition of passive income is “income that is not proportional to the time you put into acquiring it.” I’m certainly not saying it doesn’t take any time. It’s just income that comes from a more effective and efficient method than the traditional formula (time in = money out).”
5 Ways to Use Extra Cash Flow [The Physician Philosopher] – “Now that we are faced with extra cash flow each month that no longer goes towards student loans and car payments, we have to determine where to put the extra money. With a desire to be intentional with our financial life, here are several ideas or places where extra cash flow could be spent.”
And before you go, a look at the world of face masks:
The Secret, Absurd World of Coronavirus Mask Traders and Middlemen Trying To Get Rich Off Government Money [ProPublica] – “The federal government and states have fueled an unregulated, chaotic market for masks ruled by oddballs, ganjapreneurs and a shadowy network of investors.”
See you again tomorrow!