Residual Income vs Linear
Residual Income – What is it?
There are many people out there who are not aware of what residual income is outside of what they know traditionally in regards to generating income.
It is truly one of the greatest ways to creating amazing wealth.
Residual income is essentially income that is continued to be received long after the initial work had already been done.
No other work is necessary to continue this passive stream of income.
Unlike any traditional job or business, creating income requires your presence. A doctor who wishes to continue living his particular lifestyle has to be at his office to accommodate his patients.
A real estate agent has to be at a certain house at a certain time to accommodate a showing.
Common Ways To Producing Residual Income:
- Songwriters, inventors, authors
- Interest on a savings account – 3.5% apr/$340,000 = $1,000 per month….question than becomes, where does one come up with $340,000?
- Real Estate – owning real estate and renting
- Stocks, bonds, mutual funds – again, large working capital is needed
- Network Marketing – in my most humblest opinion, this income model is the simplest way to creating wealth. It can be done on a very part-time basis yielding amazing results depending on your personal work ethic. It is not a get-rich-quick-scheme. Like any genuine business, it’ll take time, patience, and dedication before it reaches the momentum stage. When it does, look out, because it’ll start paying you many times over than you had really expected.
“A measure of your wealth is the number of days weeks or months that you can survive financially if the last income that you were to receive from your job or business was last night.”