What Is Residual Income? - Finally, A Simple Answer To What Is Residual Income
What is residual income? Residual is different from earnings you make working a 9 to 5 job. At your job you get paid for the amount of work you do or a salary based on the amount of hours you work. Say you work 20 hours. You would get paid for 20 hours of work. With residual income, you do not need to put in a specific amount of time to get paid.
Residual income can come from a number of sources, like writing. Once a book is written you get income long after the initial work is done. You might develop software that you sell and can continue to get royalties from. Buying property can also be a good way to get residual, once the property is paid for, the rent from that property will keep on paying you.
When you think, "What is residual income?" you might think it sounds like there will be no work involved. This would not be true. Sometimes, you must work hard in the beginning to get either a book or song written, property bought, or a software program developed, but once that work is done the income can keep rolling in. This is why it is called residual, because it keeps coming in long after the work is finished.
The best way to build residual is to create something that people need long term. This way once you have created the product or item, it will continue to make you money long after the work is done. Consider a house you buy as a rental property, in the beginning you might have to take part or even all the rent to pay off the mortgage you obtained to buy the property leaving no residual income at first. Once you have paid off the mortgage for the property, the income made, from rent, will then become residual income. If you want to make a fortune or quit working a regular 9 to 5 job, making residual income will be one of the best ways for you to achieve this goal. Starting a new business or creating a product will take time and effort. You need to have patience and put in hard work. The saying "all good things come to those who wait" can be true when it comes to making residual cash. Do not get discouraged--hard work and effort will pay off in the long run.
What is residual income? It is the income that will help you meet your goals of making a fortune or quitting your 9 to 5 job by making money long after the work that creates it is done. To find out how, you can go... here [http://www.mystarwealth.com/what-is-residual-income.html]
Residual income can come from a number of sources, like writing. Once a book is written you get income long after the initial work is done. You might develop software that you sell and can continue to get royalties from. Buying property can also be a good way to get residual, once the property is paid for, the rent from that property will keep on paying you.
When you think, "What is residual income?" you might think it sounds like there will be no work involved. This would not be true. Sometimes, you must work hard in the beginning to get either a book or song written, property bought, or a software program developed, but once that work is done the income can keep rolling in. This is why it is called residual, because it keeps coming in long after the work is finished.
The best way to build residual is to create something that people need long term. This way once you have created the product or item, it will continue to make you money long after the work is done. Consider a house you buy as a rental property, in the beginning you might have to take part or even all the rent to pay off the mortgage you obtained to buy the property leaving no residual income at first. Once you have paid off the mortgage for the property, the income made, from rent, will then become residual income. If you want to make a fortune or quit working a regular 9 to 5 job, making residual income will be one of the best ways for you to achieve this goal. Starting a new business or creating a product will take time and effort. You need to have patience and put in hard work. The saying "all good things come to those who wait" can be true when it comes to making residual cash. Do not get discouraged--hard work and effort will pay off in the long run.
What is residual income? It is the income that will help you meet your goals of making a fortune or quitting your 9 to 5 job by making money long after the work that creates it is done. To find out how, you can go... here [http://www.mystarwealth.com/what-is-residual-income.html]
Source...