Residual income business is one of the best ways to become truly wealthy ever. Did you know that most of the very rich make their money with residual income? From investing, to Internet marketing, and creative endeavors like writing or music, low maintenance income makes your earning potential unlimited.
What is Residual Income Really?
Residual and passive income are used interchangeably, and both terms relate to the concept that you can work once as you continue to receive payment for many months or years to come in the future. In essence you work once and the checks keep coming after that with little else to do except cash them.
How Will Residual Income Make You Wealthy?
Unlike a job which pays you by the month, hour or project, residual income is unlimited by nature. Think about the possibility of being able to keep adding revenue streams with unlimited earning potential over time. You income will grow month to month and year to year, for many years to come, even if you stop working. Passive or residual income is very different from wages earned at a job.
The money you earn at a job is paid to you once and then you need to work again before you are paid again. No job, no money in the bank. It is as simple as that. You are limited by the number of hours you can work on a paycheck, or over the course of your lifetime. Passive revenue streams continue to pay you for the work you have done previously. As you continue to work and set up new revenue streams, your portfolio of money makers grows and grows. The job will give you quick cash in the short term, while the residual income will give you long term income.
What are the Differences between True Residual Income and Term Residual Income?
True residual income is money made from working once and then having nothing to do with the project again. Many musicians and performers are familiar with residuals on their creative work. They produce the intellectual property once, and as it sells they continue to be paid either a portion of the sale, or for usage of the work from then on. On the other hand, term residual income is more commonly associated with investments and finance. You money works for you and is paid interest on the principal of your investment over a set term. You are paid at regular intervals, but the amount may vary due to changes in the marketplace. Both are passive in nature, and both require little maintenance after the initial 'work' is completed.
What is the Best Residual Income Program?
In my opinion, the Internet is the greatest gold rush of modern times. Where else can you start out literally with nothing, do some work, have your work hosted on a free platform and make money month after month with little except your time and smarts? Some will try to sell you fancy programs to get you started, but the reality is that you can start with literally nothing until you make enough money to start self hosting and owning your own sites.
It simply does not get any cheaper, easier, or more profitable to start a business anywhere than on the Internet. If you are looking for a legitimate way to make solid residual income, with low maintenance, and no money down, you just can not do better than starting out for free online.
In know that not everyone is a natural writer, but you do not need to be in order to cash in and get your share of the gold yourself. If you are good at making movies, video shorts, or taking digital photos, consider starting out for free on any of the video or photo revenue sharing sites to get started.
Four Things You Will Need to Make Money with Residual Income
1. Tenacity. Making money with residual income is a process. The process can be slow at first, and you will work harder than you do at your regular job to get started. You should plan on a time fame of a minimum of a year or more to create full time income online before you quit your day job. Once get a good sized portfolio of work generating income for you the money will start coming more easily.
2. Time. The truth is that most people give up and quit out of frustration just before they were about to make a good living working independently online. If you can avoid the frustration factor, count on a year or two of peaks and valleys in your income, and needing to work daily towards your goals, then you will be able to make residual income generation work for you. Nobody wants to tell you that creating residual income is a lot like investing for passive income. Remember when your bank account was small? The interest generated was next to nothing. But, little by little, as your account rose in value, so did the work your money was doing for you. It takes time to create residual income streams which are solid enough to support you full time, but it does come with both time and tenacity.
3. Diversity. I wish someone would have told me when I started out to use many profit sharing programs, affiliate programs and branch out into owning my own websites just as soon as I could afford to. Instead I made the rookie mistake of using one platform. My account was terminated for what they claimed was a terms of service violation. I went from making a lot with over a year's work and solid growing returns to nothing overnight. I fought the termination, and eventually got my account reinstated, although there was nothing I could do to make up for the money I lost during that month. Luckily, I had kept good back ups on all my work, so none of my content was lost permanently. Long story short, always diversify where your work is posted, and how you are earning your money online, that way if one portion of your income is lost, not everything is. Keep good backups of all your work too. Backups can be a lifesaver if you run into a similar situation to mine.
4. Volume. Living off residual income is a volume business. If you think one website or a portfolio of a hundred digital pictures will make you a solid income, think again unless you get very, very lucky. Try ten times that much just to scratch the surface. Not everything you create will be a winner, and volume is the great equalizer when you have days that the money is slow to come. Bigger is better when it comes to passive or residual income streams.
What is the best residual income business? One that you can start for nothing; which plays to your interests and natural skills, and offers you steady, low maintenance income over the long term. The truth is that the answer really is within you. You will be spending a lot of time building your residual income business from scratch, so choose something your truly enjoy and the motivation will be much easier in the long run.
Residual income is a legitimate way to build true wealth and you can get started for not a penny. What are you waiting for?