How Do You Manage Your Passive Income Streams?

[Good-Guy]

Generating Passive income usually involves making money through various income streams. It might be possible that a person might be making a huge amount of money through a single source of income, but usually many people have many sources of income. When such a scenario occurs, they usually have a much harder time managing those income streams. Let's take my example! I am an online writer who works on many paid to post forums and I also trade in cryptocurrency trading platforms as well. Honestly speaking, I find it so hard to monitor the cryptocurrency markets and at the same time manage my writing schedule because both of these things cannot be done at the same time.

By the way, I am really bad at multi-tasking and I actually dislike multi-tasking anyway. On the other hand, there are so many people out there, who tend to manage more than one business. I just wonder how do they do it. Sometimes I feel that even the 24 hour period in a day is so short for many things. So, how do you tend to manage your passive income streams? What steps do you follow in order to avoid complexities when it comes to managing your income sources?

 

[Shaf]

In your case, both income sources you mentioned are not passive income sources as they require a lot of hands on work and monitoring especially trading of cryptocurrencies. Passive income streams are things like book creation, real estate or hodling of cryptocurrency for long term but not trading it.

When you have passive income streams, it's easier to manage time as they usually require a lot of work in the beginning but less work later. This means you can focus on completing one of them at a time, like doing your research on a coin or token you want to hold for long term, buying it and leaving if before moving onto another task.

I do trade cryptocurrency and me also work on paid to post sites, but I simply do what I can in the time I have available. On days I can put in extra work, I do so. Other days I just relax.

 

[Setho]

Everybody wants to have passive income streams because that is a very good thing to do as you are not going to be working for it directly. It is also going to increase your chances of becoming financially stable at a very young age and that is a huge advantage.
A lot of people are so much bothered about creating various means of passive income and at the same time they end up neglecting all of them and I will like to point out ways in which you can better manage your passive income status .

1. Create a schedule calendar . In this way you are going to highlight all the passive income streams that you are having and then allocate appropriate time to them that you are going to see how far they are going and see if there are changes that are going to be appropriate for them .

2. Automation . It is not everything that you must do at once and by yourself and there are a lot of tools that can help you in order to automate some processes . For example if you want to be posting one article per week in your blog there is an application that can be able to post it on your behalf without needing to do it manually .

 

[Mika]

I do not have a lot of passive income streams. In fact, the only passive income source I have is my blog, which earns me around $100 per month. Even though these days, I do not work for many hours on my blog, I have worked really hard to make my blog earn passive income. Having said that I am using a lot of platforms to generate passive income, for example, I have published an ebook on KDP, I earn 70 percent royalty from my ebook. So far I have sold three books and earned just about $6. However, I cannot put this income stream into my passive income stream because $6 sales were generated over the period of almost one year. I am also using a print and demand store called Red Bubble. In three months, I have sold just one product. I am also using Etsy, but have not earned any money from this site. I invested in cryptocurrencies believing I will be generating a lot of passive income but currently, I am at a total loss. I generate active income only. I make most of my money from freelancing sites, mainly upwork, and working on freelancing site is not a passive income.

 

[Sotherefore]

Personally I do not yet have a passive income now, the only way I have been using to generate money for myself is by posting of contents here and this has really helped me in so many cases .

If I was to save the money I make here that would have helped me to secure a passive income to do but because of so many responsibilities, I have to withdraw my money immediately into my bank account and use it offline without having to saved a single penny.

Probably in the future I will just think of learning a particular online business that can able to generate me money passively because that is what I need now.

I have so many skills in my mind to learn and I have to decide based on the advice of so many people that are working online and are earning passively.

I don't really know much about blogging just like you have said , but what I understand is that it might really take so much of my time because even if I have to engage in this business , it will definitely takes a lot of my time since I have to create time and be posting content.

 

[Chibson]

Passive income by definition means making money doing little things or absolutely nothing. it is always important for you to understand that there is no way you can be able to create a very good passive income stream for yourself if you don't work very hard and smart to achieve it.

personally, I do not have any passive income stream apart from cryptocurrencies which I am actively trading on daily basis but I would not really call it a passive income because I am making a lot of research before I trade.

To manage passive income streams is not really very hard because you have created something that will continue to fetch you money even when you are sleeping. this is what it means when people say they are making money when they are sleeping.

You don't really need to multitask yourself before you can be able to manage your passive income streams because even when you are not active you will continue to make money. there are a lot of passive income methods I am currently looking at such as Amazon Kindle publishing, affiliate marketing and the whole lot of them. If I can be able to succeed in all these passive income streams then I have really achieved financial freedom on the internet