• Facebook
    • Google Plus
    • Twitter
    • Youtube
    • Linkedin
    • Pinterest
    • Skype

Finances

Residual Income – Why Should I Even Consider This?

Residual IncomeResidual income is also known as passive income and in the most simplest terms, it means money coming in on a residual basis, like coming in month after month automatically on autopilot once the initial set-up is done properly. Examples of residual income can be seen all around you but you have to understand the concept to see it.

Example, any time you see a website on Google, more than likely they have a way to monetize it; meaning, they are earning a form of revenue from their website. Once the website is set up and running, it can run on cruise control.

Another tangible example of this is any time you see a rental apartment property. The owner has it set up so a manger operates the day to day activities while the owner or share holders can collect the profits from all its revenues. Again, they bought the property once an then they can collect residual income.

Network marketing is another great business model. Realistically it takes time to build an organization but once it’s built (say after four, five years of hard work) you can sit back, relax and enjoy the money keep coming in.

Multiple Streams Of Residual Income

So why should you even consider working from home and create your own multiple streams of residual income?

Well, job security doesn’t exist like it used to. It’s a thing of the past. Too often we hear stories about employees working for a company for like twenty years only to be laid off before retirement. Can you think of someone in your group of friends, family or acquaintances whose it happened to?

The idea here is to build multiple streams of residual income, so if one goes sour, you’ve got backups and you can still maintain your lifestyle without being affected that much. It offers you leverage to take time off to do whatever you want (time freedom). There are lots of different methods to work from home, some that are a direct source of income and some that are passive income. I recommend that you check out my presentation that goes into full details of what are the types of work from home. It’s a true eye opener.

If you have a full time job, that’s great, that’s perfect, things are going well for you but now’s the time you should consider building your residual income on the side so overtime it grows. When you don’t need the extra income, your judgement will be more clear and you’ll be able to make better decisions. It’s when you’re starving for cash that opportunities won’t line up as they should.

Build your safety net and aim to have at least half of your current income in residual income. Your goal should be to be able to have the equivalent of your monthly salary but in residual income. The more streams of passive income coming in, the better.

What about you, how can residual income impact your life?

Follow Me On

  • Facebook
  • Google Plus
  • Twitter
  • Youtube
  • Linkedin
  • Pinterest
  • Skype

FREE MLM Success Plan Blueprint

Get your FREE copy of my
MLM Success Plan Blueprint!
 

Make Video Bigger
Simply enter your name and
email in the form below.

 
Name:
 
Email:
 

Topics