You may have read my most recent post when I answered the question WHAT IS PASSIVE INCOME.?

Well, as a postscript to that, someone who saw it has asked whether, or how, that applies to Multiple Income Streams, and I thought I would put some meat on that particular bone so to speak.

As regards the “whether”, the answer is most definitely in the affirmative, and as to the “how”, let me try and explain that.

In the same context that having a job, and absolutely no other source of income, can be very precarious in today’s economic climate, so is it prudent to have more than one alternative income stream if considering a passive income business.

It’s the “all eggs in one basket syndrome” to put it in simple terms. I think most would agree that whereas on the one hand it is not very sensible these days just to rely on your job for financial security, on the other it is most definitely financially sensible to increase your income potential by having more than one source of alternative income.

As already mentioned, these multiple streams can of course all be passive income,  which is ideal. They can even come from the same core business, which again I guess is the ideal for most of us.

The classic business of this type is one which sells multiple products and/or services to multiple markets, and which is “hands-off” as far as you are concerned once your marketing  has been set up. Being “hands-off” means the business will operate in a “passive” mode, whether you are working on it or not, and thus it will produce for you “passive income”.

So, you find yourself not only a business which will give you “passive income”, but also one which ideally will provide you will multiple income streams and which will, as a consequence, increase your earnings potential many times over.

This may prove to be more than another multiple income stream, so you should go check it out -You can access it via this link – all the best!

It was our wedding anniversary yesterday, and the whole family went out for a meal last evening.

I think it’s great when a family can get together like that. I truly believe the real joy to be gained from everyone sitting around the same table, talking, catching-up, eating and laughing, has been lost to society today.

But enough of that – let me get to the point.

My son-in-law asked me a question at the dinner table, which at the time did not really strike a chord with me, but it has on reflection, hence this post.

He asked me, when enquiring what my business was about, the direct question – “And what is Passive Income?”

Before I give you my answer to his question, let me go off at something of a tangent just for a moment.

My son-in-law is a very successful guy; works for a military communications supplier and travels the world visiting customers and attending trade fairs etc.  I asked him how prepared he is if the worst happened, and he were to lose his job. We will keep his reply secret, but suffice to say that like most people who work hard, he believes he has very little, if any, time to invest in his financial future, and the thought of him having to set up another business of any kind, is so daunting to him that it simply is not on his immediate radar.

And yet he is the very guy who NEEDS to have some sort of passive income - and let me explain that by giving you my answer to his question.

I told him that PASSIVE INCOME is income which is earned while you are not working at earning it. For example, you could be earning money whilst away, or whilst sleeping, or doing anything else you can imagine.

Let’s stop for a moment here, as if you think I am the sort of guy who suggests you work for 5 minutes and then you can earn while you are sleeping, then you are literally on the wrong page. If that is your belief, then this post is not for you.

I went on to tell him that by building a business, whether you took an already proof-positive turn-key model, or you built one yourself, it needed working on. Free lunches, particularly of the financial variety, are just not on my menu – if you will forgive the awful pun!!

Now whether you spend an hour a day – and we all have that no matter what anyone says – or more time than that, you can be building your passive income business so that eventually it literally WILL start paying you whilst you are sleeping, But work at it you most certainly have to. Although when I say eventually, that timescale is something YOU control, and it can actually be immediate if you decide on the already set-up turn-key business.

One point to finish on. It occurred to me whilst talking with him, that people in general will invest more time and money in their leisure and their recreation, than they will in their futures – and let’s face it, the one certainty about ANY job is that one day you WILL either leave it, or lose it.

A passive income business can be your parachute, your life-saver, should the worst happen. And in the event it really starts to produce that golden passive income you set out to develop, well you now have a nice decision to make i.e. Do I now work at this full-time and pack my job in?. But it will be at a time of YOUR choosing, not of someone else. Nice situation to be in.

And that is why I say above that my son-in-law is the VERY person who NEEDS that passive income business.

One day he will leave or lose his lucrative job. Much better that he decides “the when”.

This is too good for me not to suggest you go have a look at it – it may just fit what you seek today – you can see it via this link!