Residual Income
Have you ever heard of the term “residual income”? Residual income is like the holy grail of the making money for nothing dream. It is money that continues to flow in to your pocket whether you are stuck in the office working like a dog for it or taking a leisurely nap at home without a care in the world. Doesn’t that sound interesting - making money without having to work for it. Now, does it really come without working for it at all? The answer is a big NO! That is the dream part of it. If it were that easy, everyone would have it, but the reality part of it is that it takes a lot of initial work, effort, careful to set it up. Before you get turned off by this notion, let me assure you that this menacing effort is usually one time, initial effort that can pay off a million fold if done properly.
A prime example is the people who create an online poker application (forget about the surrounding legal road blocks of a gambling site for now). There is a great amount of initial effort to implement such a system, but once it is up and running, for every game that people play on your system, you earn a percentage of the pot (the total amount betted amongst the players in a game of poker). Times this by the number of games being played at any given time on an unlimited number of tables and the amount of money being gambled between players, you can easily see how this small percentage accumulates into a monster cash cow. [Hence, you see why online poker is advertised so crazily nowadays.] You no longer are actively working to make money; the money basically flows in as a subsequence of someone else trying to make money… What a concept!
Another example of this is any successful consulting firm or business (doesn’t matter what kind of consulting/business it pertains to). Would you rather be a consultant within this firm (excuse the following term ladies) busting your balls on a contracted job, or would you rather be the owner of this consulting firm that gets a huge portion of the profits each of these contracts bring in whether you are actively working on it or not? The choice seems rather simple when you put it that way. But again, as the owner of this consulting firm or business you would have most likely taken the initial burden to form the company, finance it appropriately, attract business interest, build a solid and score some profitable contracts, but once all the legwork is completed and the firm is big enough to operate as its own entity, you are in a position to sit back and enjoy the profits from all your hard work with minimal intervention.
This article will not teach you how to achieve residual income because there are so many way to do it, but hopefully it will enlighten you towards this elusive goal. No longer should your goal be to land a typical 9 to 5 full-time job, your goal should be to earn enough residual income so that you don’t have to work a typical 9 to 5 full-time job for a living.
If you have never heard or thought of residual income then what you have just read may blow your mind, but don’t run off and quit your current job to seek this. Most people start small and attempt this on the side while still earning their regular 9 to 5 pay. This way you are not bankrupt if your endeavor fails.
The internet makes it much easier do all of this nowadays. With a simple website being accessible to anyone in the world with an internet connection, your sales pitch can be heard worldwide, your service can be advertised to anyone who is willing to listen, you have a virtual salesman available 24 hours a day and 7 days a week – all for a relatively low cost. (please note, attracting interest and online traffic to your website is a different story though)
If you find success in this area, please feel free to share your success story with us…
