Time to educate: Residual income (also called passive, or recurring income) is income that continues to be generated after the initial effort has been expended. Compare this to what most people focus on earning: linear income, which is one-shot compensation or payment in the form of a fee, wage, commission or salary. Linear income is directly proportional to the number of hours invested in it (40 hrs. of pay for 40 hrs. of work), but one of the great advantages of residual income is that once things are set in motion, you continue making money from your initial efforts, while gaining time to devote to other things... such as generating more streams of residual income! There are a variety of ways residual income can be earned. Following are some examples. 1) Transfer the rights to a book you wrote, a software program you created, a gadget you invented, or a song you recorded, to a company that agrees to pay you a percentage of each copy of your work sold in the future. 2) Become an actor and draw residual income from each of your movies, TV shows, or commercials, each time they run. 3) Let an oil company drill a well on your property in exchange for a percentage of the revenue. 4) Purchase an office building or other real estate that earns you recurring income through lease or rental payments. The above ways of earning residual income generally arent that easy to implement. Following are some that are more attainable for the average person: 5) Start a savings and investment program that pays you residual income in the form of interest or dividends. 6) Join WakeUpNow!!!!
Posted on: Tue, 25 Mar 2014 14:28:09 +0000
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