Residual, Passive or Recurring Income is that which continues to be paid to you after the initial effort to generate it has ceased. In other words an making a residual income for a one off or short period of work - an income that is passive and permanent! This contrasts with what most people do - which is to swap their time for money. Or put an other way, an hourly wage in exchange for an hour's effort. The problem with this traditional way of making money is that there are only 24 hours in each day! So it is impossible to earn more than 24 times your hourly rate. (And how long could you continue to work 24 hours a day?) One of the huge benefits of learning to create residual income is that once you have set up one line of income you are free to set up many more, safe in the knowledge that each is ongoing. This is known as "Multiple Streams of Income" and the leverage provided allows individuals to earn considerable amounts within relatively short timescales. It would not be hard to imagine your earning potential if you discovered how to make say $1000 a month in long term residual income, and then repeated the process a few times! The most well known ways to earn a passive residual income are writing a book and writing songs. Both will pay you an ongoing income each time a copy is sold or performed/played on the radio etc. "But I Can't Do That!!!" Obviously unless you are blessed with talent in these fields they are not going to bring you the sort of money you desire, but there is a type of home based internet business that generates exactly this recurring residual income stream. This work from home business is called many things, Affiliate Programs, Associate Programs, Reseller Programs, Referrer Programs and many more. Most of these will provide you with one off commission type payments, but a proportion offer just what we are looking for - passive, ongoing, long term residual income that keeps coming in week after week, month after month and year after year. |
