Residual income is the answer if you are sick and tired of working your tail end off and never getting ahead. Most of us are like hamsters in the exercise wheel, going round and round as fast as we can at our jobs and trying to earn money in order to get those bills paid before debt becomes a problem. A constant stream of passive residual income is the answer.
Is this you? We spend nearly one third of our lives at work. Pounding and grinding out our days for our wages for over forty years of our lives. We hope we can save enough for houses which put us into debt, kids, college educationsall of which put us further into debt. Then, we hope by some small miracle that we can retire while we are still young enough and healthy enough to get to do the things we wish we could have done while we were too busy working. I tell you it is depressing to realize that I was here too, and not so long ago. By a small miracle, I will never be here again. Like so many others, I had life slap me up side the head and make me pay attention. Just about a year ago I got laid off.
What happened next was nothing short of a turning point for me and an option I never would have taken on my own. In those long first six months, as I did a very involved job search I finally came to realize there just were not jobs to be had in my industry and likely would not be anytime in the near future. I should not have been surprised. My old career was in a prone to lay-off, less than recession proof industry. It was just that I had been lulled into a false sense of security because our economy had been good for so long. I had even survived the last mild recession without incident, so why would I not survive this one? Well, these are not typical times for our economy are they? Decidedly not, and they may not be again for quite some time.
With this depressing thought I knew that I would need to retrain and choose another career if I wanted a paycheck anytime soon. I was not pleased with this idea and my first thought was "I'm getting to old for this changing career stuff." Hot on the heels of that realization, I realized I had better choose careers wisely, since I did not want to have to go through this again any time soon. What was my first priority? To find something safe financially that would give me the opportunity to have a better lifestyle at the same time. I wanted to feel less rushed, stressed and more fulfilled in my new career. But above all, I did not want to have to retrain to change careers yet again. So, a good less stressful lifestyle and security were musts.
Well, it's a tall order when the economy is bad isn't it? I figured that whatever was doing well not would more than likely do well in any economic downturn in the future, so I started there. I read and researched a lot, determined to find the best answer for me.
Who is doing the best both financially and with security right now? The folks with the passive residual incomes are still getting paid just fine and always will be. Safety and good lifestyle here and a good opportunity for me, I reasoned. I knew I was onto something. Residual incomes are great for two reasons. First, they offer a hedge against inflation and economic instability. Second, once your income is high enough you will be able to go and have more time to yourself, so you can not argue with the lifestyle. More time off was an intriguing idea for someone as burnt out and disillusioned as I was. I decided whatever I did next would include the element of giving me passive income. At some point at least, I want to work less in the future, even if that sometime would not be now.
How to Make Residual Income and Passive Income Work for You
You need three things to make money with passive residual income from homework, work and more work. Well OK, maybe more than three things, I'll get to the rest in a minute. But if you remember nothing else, remember that work is the one thing you will need to do a lot of to be successful. I will say that hard work is the most important ingredient to successfully make residual income regardless of how you decide to structure the rest of your business.
It is a lot more work and a lot scarier to try to break the mold and go out on your own than most people will tell you upfront, especially for those of us who like to get paid on the dot every two weeks. The ones who persevere through the uncertainty and believe they will get there eventually do. Most quit just as they will start to begin to realize their dream of building a home based residual income business. You see, I was lucky, there were no jobs to be had in my industry anyway, so I was more than willing to take a risk, open my mind and let go of the fear. I won't tell you that it has been easy, in fact I work more now than ever, but I do it for my own benefit and no body else's.
The second thing you will need is to be consistent in your residual income wealth building program. Believe me this is difficult too, when you just do not want to work. There is a fair amount of grinding it out, even when you work for yourself. It is not enough to work hard in the beginning, you will need to do it everyday and without fail to see those first results. There is a tremendous amount of difficulty that some of us have learning to be the boss rather than the employee. I am not lazy, and I am pretty self directed and motivated, so I did not think this would be a problem for me. Wrong! I had trouble adjusting too and never thought I would. Remember, you are now the boss. If you cheat on your efforts or time, you cheat yourself and no body else. You get the credit and the failures for what you accomplish or don't.
What about choosing a way to make residual income? There are lots of ways to build a residual income business. You need to decide before you begin which is the best fit for both your skills and temperament and then make the decision based on that information. Just like any other career, you will be spending thousands of hours creating a business which focuses on producing passive residual income, so don't try to force yourself to do what you hate day in and day out. Do yourself a favor and do what you love instead.
Creating a mindset that I would always have enough if I chose residual income over a paycheck was a big leap for me. In fact I would never have even considered it had I not found myself in unusual circumstances. Well, small miracles apparently do happen every day for all of us if we choose to see them. I did, and am now happily on my way to making a lifestyle out of finding ways to generate passive income so that I can work once and get paid many, many times. Getting out of the rat race is the best reason to choose a passive residual business model for your home business. Work smarter, not harder!