How to Grow Rich by Creating Multiple Streams of Residual Income

By Praveen Kumar and Prashant Kumar

You can find financial freedom and become seriously rich by simply understanding the phenomenal power of creating multiple streams of residual income.

There is a saying that “The key to wealth and happiness in today’s world is to create multiple streams of income using diverse models and combination of passive and active income in areas where your passions and talents can be most thoroughly engaged.”

Most of us start making money through a job where we trade our hours for money. The trick to real wealth is to slowly change our income source from linear or work income to residual income were money works for us.

In this book bestselling author Praveen Kumar explains how to shift from linear income to creating multiple sources of residual income that will sustain your family wealth for generations.

This book will explain the following vital aspects of creating multiple streams of residual income:

*What is the problem with linear income and why residual income is important?
*Categories of Residual Income
*Steps to create residual income
*Real estate as basis of residual income
*Some great passive income ideas
*How to create online residual income
*The problems in creating multiple streams of residual income
*The wrong way to create multiple streams of residual income
*The right way to create multiple streams of residual income
*Practical steps to creating multiple streams of residual income

Once you read this book you will learn how the rich create their wealth and sustain it for generations. The good part is so can you?

Grab this book at the introduction price before it goes up.

Most Helpful Customer Reviews

5.0 out of 5 stars Make this simple idea the bedrock of your financial freedom March 4, 2012
By Richard Stooker
Format:Kindle Edition|Verified Purchase

Most people are financial slaves because they trade their time for freedom. The heart surgeon gets paid a lot more for their time than the McDonald's team member, but the principle is the same.

Freedom lies in creating residual income.

I recommend focusing on one residual income business, build it up, and start investing for income when you can afford to do so.

5.0 out of 5 stars Clear Outline of Multiple Streams of Income March 3, 2012
By Grace Darby
Format:Kindle Edition|Verified Purchase
I have just finished reading this book and it is an absolute eye opener on how to create long term wealth that will last for generations.

It not only explains the importance of creating residual income that many books teach but also gives practical ideas and steps to on how to create residual income.

I specially liked the chapters on the 'Wrong Way' and the' Right Way' to create multiple streams of income. There are so many foolish people out there who are touting "Get Rich Quick" schemes. This is a well thought out book about creating income sensibly for the long term.

This is a must read book for any one serious about seeking financial freedom as it lays down the blue print for creating long term wealth.

5.0 out of 5 stars How to Grow Rich March 5, 2012
By George J Barendse

Multiple streams are likely to bring in more revenue and will increase opportunities for residual income. A successful online business is an online business that works for the online business owner through multiple steady flowing streams of income, and what is more important, substantial residual income.

These tips are helpful but to receive complete and comprehensive information, ONLY this Ebook "How to Grow Rich by Creating Multiple Streams of Residual Income " will give you the needed knowledge to become successful ---buy it!

• Language: English
• Publisher: Praveen Kumar
• Release date: Jun 12, 2014
• ISBN: 9781311751669

Book preview

How to Grow Rich by Creating Multiple Streams of Residual Income

By

Praveen Kumar & Prashant Kumar

©Copyright 2018 By Praveen Kumar

Terms of Use

This Electronic book is Copyright © 2018 By Praveen Kumar. All rights are reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means; electronic, mechanical, photocopying, recording, or otherwise, without written permission from the copyright holder(s).

Disclaimer

The advice contained in this material might not be suitable for everyone. The author obtained the information from sources believed to be reliable and from his own personal experience, but he neither implies nor intends any guarantee of accuracy.

The author, publisher and distributors never give legal, accounting, medical or any other type of professional advice. The reader must always seek those services from competent professionals that can review their own particular circumstances.

The author, publisher and distributors particularly disclaim any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.

All pictures used in this book are for illustrative purposes only. The people in the pictures are not connected with the book, author or publisher and no link or endorsement between any of them and the topic or content is implied, nor should any be assumed. The pictures are only licensed for use in this book and must not be used for any other purpose without prior written permission of the rights holder.

Table of Contents

Introduction

The Myth of Job Security

Why is Residual Income Important?

Why Create Multiple Streams of Residual Income?

Great Passive Income Ideas

Online Residual Income

Real Estate as Basis of Residual Income

Creating Multiple Streams of Income through Investing

How to Generate Massive Cash flow to Fund Investments

The Dreaded Product Life Cycle (PLC)

Problems in Creating Multiple Streams of Income

The Right Way to Create Multiple Streams of Residual Income

Other Books by the Authors

About the Authors

Appendix

Introduction

Wealth is when small efforts produce big results, Poverty is when big efforts produce small results

- George David

One of the fundamentals of wealth creation is to know that not all income streams are created equal. When you work and are paid only once then your income is linear.

In the case of passive income, you work hard once and it unleashes a steady flow of income for years and maybe even a lifetime or beyond. It is often said that the lower and middle-class work for money whereas the rich make their money work for them; the key to wealth creation lies in this simple statement.

Royalties from Elvis Presley’s songs and movies earn an income more than $40.0 million every year even though he has been dead for over three decades. Although everyone cannot be an Elvis Presley, it is definitely possible to focus on work that will create a residual income rather than spend a lifetime in working for linear income.

Doctors, dentists, sales persons and attorneys may appear to have impressive incomes but they are linear in nature. Their incomes are capped depending upon the number of hours they work. If they don’t show up for work due to any reason, their income comes to a grinding halt. They trade hours of work for income.

This kind of an income comes with potential risks. In case of ill health or an accident, their income dries up immediately. This has dire consequences for the financial wellbeing of the individual and their families. Even if one is insured, the money runs out ultimately and there is a need to downgrade—changing lifestyles and making adjustments that can be very painful.

The true definition of wealth is the time period in which you can sustain your lifestyle in case you stop working today. If you can sustain your lifestyle for only a few months then it is a cause for serious concern but if you can do it for a couple of years, you are better off. On the other hand, if you can sustain your lifestyle indefinitely without work then you can be termed as wealthy. Once you reach this stage, you can retire.

It must be remembered that, contrary to what many think, you need more money after retiring because now you have all the time in the world to holiday and spend money, and also to pay off those medical bills. If you are banking on social security or pension as your only residual income source, you are in for serious disappointment.

Almost all of us, with the exception of a few very rich people, start with a linear income. The smart ones are those who start shifting their incomes from linear to residual from a very young age.

Every day when you wake up, you must ask yourself the question: What percentage of my income is residual? Also ask yourself, How many hours am I going to devote today towards creating a residual income. If you don’t ask these questions, you will remain where you