Almost 90% of the population live from ACTIVE income. This means that their revenues come from daily work and from the daily time effort. For example an employee that works from 9AM to 6 PM earns a monthly SALARY (this is his income). If he stops working, there will be no more salary going into his account.
Firstly, let’s take a look at what the definition of Residual Income is:
On the other hand, a PASSIVE or RESIDUAL income is money that somebody earns with little effort to not- presence. Usually you should invest some initial time effort to start building a recurring income flow in the long run. For example property rental.
Let’s compare and take dimension of “Regular Income vs. Residual Income”
These are 9 ways in which you can earn a residual income
1. Property rental
This is the most expensive way to generate a residual income because you need a certain level of budget to buy houses and stores. Once you put them for rent, you will receive income month to month. This is the most frequent way of residual income.
2. Investments
This includes stocks, bonds, etc. These are another way to earn residual income as you receive money on a regular basis (it can be quarterly, semi-annually or annually) without needing to sell your initial investment.
3. Royalties
If you are a passionate writer and have your own book published, you earn money on each sale of your book. Also, musicians make money every time their songs are played on TV, radio, etc.
4. eBooks
You can write an ebook on any subject in which you are passionate about, or you have interest and experience. The difference between a physical book is that you don’t have to find an Editorial to publish your eBook. Instead, you will be able to publish it on your own Website.
5. Affiliate Marketing
You can build a website on a particular niche, promote a product/service of another person and earn a commission on each sale you generate.
6. WordPress Themes or Plugins
If you are a programmer, you can develop WP Themes and Plugins, and you will earn money each time somebody buys them.
7. Podcasts
This consists of selling information or training in audio format.
8. Google AdSense
You can build a website and generate income from Google AdSense every time one of your visitors clicks on an Ad. The negative part of the business is that you need tons of people visiting your website each month to generate a considerable amount of money.
9. YouTube
You can also choose to create and upload videos to your YouTube account daily, weekly or monthly on a particular interest you have and then monetize them with Google AdSense.
Advantages of Residual Income
Thanks to Internet, our lifestyles have changed dramatically. We can now buy things from home; manage our home banking account; communicate with anybody over the world, or also work from home and generate RESIDUAL INCOMES, which is what this post is about and what we are looking after.
In my opinion, the most profitable and attainable business is the creation of a Website. The primary objective of online businesses is to generate systems that work for us in autopilot.
To create these automate systems, we will need to spend an initial time and effort to see money coming in our pockets on the long run with little to no effort.
I personally believe that RESIDUAL INCOMES are one of the most important things we should be seeking in our life. All those who look for financial freedom must know how to create an automated system of earning, so this website will help you find out the solution to this problem.
The primary benefits of residual incomes are:
- YOU manage your TIME.
- If you generate a certain level of automation, you can stop working on a 9 to 6 job. NO MORE Bosses.
- Do what you really like to do
- If you get fired, they don’t stop.
- They are not fixed. You can increase or decrease it.
My Final Words
- Would you like to spend time and invest in your own online business?
- Do you think you can create a product/service that can help people to get their needs satisfied?
- Do you want to spend more time with your family and friends?
- And… do you want to do what you really like and stop wasting your valuable effort?
If you can answer YES to at least 2 of these questions, then you are in the right place. You are definitely looking for Residual Income.
To do this you must learn, learn and learn, so I recommend my top 2 pieces of training:
1. Wealthy Affiliate (Read my Review Here)
2. Affilorama (Read my Review Here)
To build a strong residual income, I also suggest you take a look at the tools I use for my websites. These should give you an excellent starting point.
Please leave a comment below to ask your doubts or suggestions!
Thank you
Kevin
