Figure out how you can earn residual income for now and later. You will want your residual income as a nest egg or for a much-deserved vacation. Think about the earning in terms of short-term goals and long-term goals. This adventure will take some initiative on your part as well as some real discipline.
You will be dealing with the money that is left over after you have paid on the bills. That is the residual or passive income. The first look will be at your earned income, then pay the bills, then the money left over is residual. If you live in a neighborhood more affluent than you are, there is no money left over. But living within your means and being modest in you living standards may just be the ticket. The little overspending on budget items swallow the hopes of any residual. The high cell phone bills, the lattes everyday could be expenses that you control.
But, there are some other ways to obtain residual income. This is also income from interest-bearing checking accounts and stock dividends and even income from rental properties. Hopefully with the original residual income, you made a few provisions for future earning. Maybe you bought a foreclosed house and fixed it up. You own it, you rent it, and you now collect a monthly fee from the renters. The expenses for repairs are made out of the rental fees, and the left over money is residual income.
Besides income for working, there are other ways to obtain some residual income. If you’re that modest spender, you may have something left over on payday. When all those extra dollars add up, try investing where you feel safe. The dividends will fluctuate as does the market, but it will still increase over the long run. When you have money to invest in order to assure yourself of some residual income, you may fall prey to the wrong money making schemes that cover the pages of some websites. Schemes are hard to pass up. They are appealing and cunning. Be sure you investigate before you invest.
When you do have little lumps of residual income, don’t fall prey to some schemes that are floating around on the Internet and passed around at the workplace. Some affiliate programs for residual income earning are great. Remember to question before you invest. Schemes such as pyramid schemes are very dangerous and need to be avoided. The person telling you about the plan will never tell you the down side.
Continuing to earn residual income after the original work is over is very natural thinking for authors and film makers. Every book that sells sends the author into the money making mode all over again. There are deceased authors whose estate inherits the residual. Actors in TV commercials may also be among those who often receive royalties for life. If the commercial is shown, the money comes in! What may seem difficult is simple!
Internet writers who associate with a specific website, may earn residual income on articles published on the site. When advertisers get exposure on a site, the residual income rolls in for the writer. Writers for small projects are usually paid in advance and do not own the copyright. But the writers that do own the copyright continue to earn. Small lumps! But this is still a simple way to earn!
Internet ads are on almost every web page you visit and residual income is being made hit after hit on those sites. Someone is earning, why not you! Set up on a site and get some advertisers to start sending you some residual income. How easy is that! The world is now your oyster. The prize is easily found after the hunt for the right animal. Whether you have rental property or a talent that you can use to obtain royalties, or the right investments, stay on the path and it’s easy. Don’t lose site of your goal.