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Ways of Creating Multiple Streams of Passive Income Earning

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Many people thought that it takes a lot of hard work, time and commitment, to have create passive income. But having passive income is easy and it does not require your direct involvement. It is not actually too hard to get passive income. I listed different Passive Income Methods that might work for you. Check out this Amazing video by Pat flynn where he talks about passive income:

1. Inheritance

The quickest and easiest ways of getting income is inheritance. Imagine receiving an inheritance from a rich family member who love you so much and decided to name you as the sole beneficiary of his entire estate. That would be awesome!

Though it sounds like a dream, it actually happens to some lucky people and this is by far the quickest and easiest way to benefit from a passive income. However, not many people that is lucky enough to fall into this category and therefore normal people like us would need to create passive incomes through the below method.

2. Interest on Certificates Of Deposit

Certificates of Deposit are savings certificate entitling the bearer to receive interest. It bears a maturity date, a specified fixed interest rate and can be issued in any denomination. It is generally issued by commercial banks and is insured by the FDIC and the term generally ranges from one month to five years.

What’s good about Certificates of Deposit is it does not only provide a nice passive stream of income, but also protects your hard earned capital over time. But in order to benefit from this, you need to build a capital base first on which you can earn the income.

3. Royalties / Franchise Fees

Do you have a eureka moment and built an awesome product? You can patent and license it in exchange for royalty or if you can franchise the concept to collect the franchisor fees.

4. Rental Income

You can receive monthly, quarterly or yearly cash flow from a rental income can be a good passive income. You just need to make sure that you understand the real estate investing, and execute it to where you have investment property that generates passive income.

5. Internet Income

There are so many ways to monetize your website or blog online. With a mere $10 investment in domain name plus $20 for hosting, you can generate profit from private advertisement, public ads such as Google Adsense, sales of digital products such as e-books, lead generation and referrals, affiliate commissions etc.

With this list, what is your favorite passive income avenue? Do you have other stream of passive income you can share? Let us know. If would like to get more tips and advice on how to become a wealthy person, check out this website: http://advancesuccessformula.com