Book summaries on residual income
This section details book summaries on residual income opportunities. For the purposes of this web page, passive or residual income can be defined as income you generate today for something you did in the past. Common examples of how to make residual income are dividends, rental income, royalty payments, interest and commissions from selling a reoccurring item like vitamins or subscriptions.
Residual or passive income is all about making your money work
hard for you
Why do people trade stocks? I suspect the main reason the average person trades is to make money although many people may trade for fun, thrills, challenge or social status.
There are additional ways to make money other than trading stocks and these book summaries on residual income, may give you some ideas on how to diversify your income streams other than stock trading. Also, after you take money out of the stock market it may be a good idea to reinvest it somewhere else.
You can earn reoccurring residual income streams from anywhere in the world while you are doing what you enjoy such as relaxing at your cottage, travelling or playing golf. Reading these book summaries on residual income will give you a good start at changing the way you think about investing.
Book Summaries on Residual Income
Robert G. Allen, Multiple Streams of Income
From the author of Nothing Down one of the best selling real estate books ever written, Robert Allen in his book Multiple Streams of Income identifies ten ways you can create residual income streams and ways in which you can invest to increase your financial health. He talks about how to identify opportunity to make money in real estate, business, investments, and marketing. This is a excellent book to get you up to speed on alternate investments.
The Rich Dad Poor Dad Series.
The Rich Dad Poor Dad series of books are written by Robert T. Kiyosaki. In his first book Rich Dad Poor Dad he outlines his investment philosophies. Kiyosaki is a great believer in cash flow and passive or residual income. His later books, some of which are listed here, concentrate on specific areas. They make for great reading, are inspirational, and open your mind as to what is available to you and your potential. If you are interested, in reading Kiyosaki's books concentrating on improving your inner game then read other book summaries by following this link.
Robert T. Kiyosaki, The Cashflow Quadrant
In Cashflow Quadrant, Robert Kiyosaki discusses the four different sectors from which people generate income: employee, self-employed, business owner and investor. For different reasons certain people seem to be drawn to each quadrant. This is likely based on their values, strengths, weaknesses, interests and upbringing. You can become wealthy in any quadrant. He identifies the problems with being an employee and self employed and shows that when you want to be wealthy, you need to be either an investor or business owner and create or generate passive income. This is a interesting book and true eye opener. Of all of the books Kiyosaki wrote, I think I like this one the best, and I have fourteen of his books.
Robert T. Kiyosaki, Guide to Investing
In Guide to Investing Kiyosaki talks about the types of investors from beginner to business
owners who sell their company to the public. The information in this book gives you a different insight
into trading. This is not a book about stock trading. Rather it talks
about the different ways people invest and the different levels of
investing. It also discusses the types of vehicles which the rich invest
in. Within his defenitions, a stock trader who routinely pulls money from the markets in bull and bearish markets would be a Qualified Investor.
Wallace D. Wattles, The Science of Getting Rich
This book was originally written in 1910. Many of the ideas talked about in the books above can be found, to some degree, in The Science of Getting Rich. It states that everyone has the power to become wealthy provided they think and act in the correct way. You always hear, "The rich get richer while the poor get poorer". Well, there are basic reasons for this and some of them are covered in this book. In simple terms, the rich keep doing what needs to be done such that money flows to them while the poor keep doing things that push money away from them.
For most people, the only place they know where to put their money is in the stock market and real estate . Another way to obtain residual income is to set up an e-commerce shopping cart to sell something you have created. In this case, once the shopping cart is set up people can download your products at any time of the day or night and you will receive income from every sale. To get more ideas on how to start getting residual income check the Shopify website.
Hopefully, by reading book summaries on residual income you have identified some books which may be worth reading. This new information should identify other areas where you can invest your trading profits.
I am so proud that my first book is out.
Dating the Stock Market
10 Key Mindsets
You Need to Excel as a Trader
Monte Carlo Simulator
for Traders
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