Creating passive income streams is the gold rush of the 21st century.

Imagine a business that is open 24 hours a day, 7 days a week, that has an open door in every single corner of every single street in every single nation around the entire world. Sound impossible? This is exactly what any internet business is. Where there is an internet connect, there is a potential to have customers for any business, in any part of the world.

A passive income business takes that idea even further. It’s a business model that does not require any kind of presence or participation from the business owner in order for a transaction to be completed. Customers can find, purchase, and receive their purchased goods automatically. Only now has this kind of business model ever been possible for the average Joe, and Joe definitely understands this.

The dream of earning money while one sleeps has never been more possible, and many people are living this dream today. Tim Ferriss, of the 4-Hour Work Week, is one such example. In his book, which actually comes with a warning for those do do not want to quit their job, Ferriss explains exactly how he has automated his businesses, and his life.

He uses several different services to help his accomplish a 4-hour work week, which include automated electronic product delivery services, to outsourcing actual people for a very insignificant price, especially when you compare exactly how much money he is raking in passively.

Because of Ferriss and his number one selling book, more and more people are striving to achieve the same results. This is evident in many of the blogs that are entering the blogosphere as of late. Most of these blogs, with names such as “The Smart Passive Income Blog”, or “Passive Family Income”, and “The Passive Income Blog”, are written documentation of people living a passive income lifestyle, or logging their journey towards this goal.

One blog in particular, The Smart Passive Income Blog, authored by Pat Flynn of San Diego, CA, examines the life of a guy who was not too long ago working the 9 to 5 lifestyle, only to create his own internet empire in less than a year after being laid off. His passive income streams have since earned him nearly $200k, working less than 10 hours a week.

For many, these kinds of results may seem too good to be true, but as Pat demonstrates, they are indeed achievable, even by an average person like himself.

There are common traits between the top earners of passive income. First, many of them are hard working, and this makes sense. Even though the business is built to be automated so that less work is needed, it does take a lot of hard work to set the business up correctly, as well as make sure the market and niche they are setting up their business for will be profitable.

A second trait is that they are very patient. It’s tough because when you create passive income businesses, you may not see any results or earnings right away. Combined with hard work, patience will help people get through the tough times at the beginning where it may seem like all of their hard work was for nothing. Successful people know that their hard work was for everything, even if it doesn’t happen right away.

Thirdly, they are smart. Not book smart, or even intelligent, but smart with their businesses. They are always looking for ways to improve the business, increase sales, and decrease the amount of time spent on the business as well. It may seem weird that they are hoping to increase sales and spend less time on it at the same time, but that’s exactly what these kind of people do.

Lastly, they all understand that how much money is earned is directly proportional to how well they setup the business in the beginning. Do it wrong, and you can lose money and spend more time on the business than you have to. But, if done correctly, you can truly earn money in your sleep.

Will you join the new gold rush?

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