These may be more difficult and time consuming to develop or acquire up front, but the rewards and income generated are often greater and the income more stable then continually having to generate income constantly. A residual income is one that provides income no matter what, even if you no longer actively promote the income source. The money just keeps coming. For many enterprising individuals, this is an excellent way to make true long term income a reality.
Residual Income
What is residual income: do something once and make money on it for the rest of your life.
What exactly is residual income? What is the difference between active and passive income? These are great questions often asked by many people. Let me explain it this way, Residual income is that which continues to be generated after the initial effort which created the income has been completed.
There are many different ways in earn residual income, and the best ways are those which you have exclusive rights to. These may be more difficult and time consuming to develop or acquire up front, but the rewards and income generated are often greater and the income more stable then continually having to generate income constantly.
A residual income is one that provides income no matter what, even if you no longer actively promote the income source. The money just keeps coming. For many enterprising individuals, this is an excellent way to make true long term income a reality.
Importance of Residual Income
If you have ever stopped working for any reason like I have and did not receive an income during that time, you will fully understand the importance of a residual income, even if you may not know what it means.
Residual income is an income received on a regular basis, with little effort required to maintain it. Residual income is income that you can depend on every month, or every week. But, most importantly residual income means you don’t have to work to receive pay. Crazy, but true!
Many people don’t realize that these liberating opportunities exist and are therefore are stuck to their workplace working 9-5, or sometimes 50-60 hours a week. I will explain to you why residual income can save you, and this doesn’t have to be the rest of your future!
Residual Income Benefits
While this may seem different from traditional work pursuits, by understanding the importance of residual income, most people would agree this is the perfect solution for a healthy and long-term goal and can live the dream now.
Just a few of the benefits include:
- Continual cash-flow with minimal effort
- Security for times when you can’t or don’t want to work
- Moving into a new project while still creating an income
- To increase your total earnings over the year
- Once the programs are set up, very few require maintenance.
Summary
The key to a successful residual income business is keeping the business as automated as possible so once it has been set up; it does not need as much attention and the residual money can begin to be made. If automated correctly, one can literally wake up having made while one was sleeping. With the example of Network Marketing, one can have customers ordering automatically and new ones joining if the business is automated correctly.