In this video, Pat will teach you how you can create multiple streams of passive income. Pat have generated an income from over 100 different products across different niches and business models.
One of those lessons is how important it is to diversify your income stream. By creating multiple streams of passive income, you can reduce your risk since you are not relying on just one product or business model or platform for your income.
It is important for you to add new streams of income strategically. You could dilute the strength of your current offering. You want new products and offering that complement what you currently promoting.
Here are two things you need to know:
- New income streams and passive income opportunities DO NOT start out passive, they are highly active and need to work and take a lot of effort.
- There is no such thing as 100% passive income.
You can create systems that allow you to walk away from time to time and take time off while still having the business that continue to run for you. No passive income (other than loyalties from previous work) is 100% passive income.