Residual incomes are monthly income streams that do not require you to put in a lot of time or physical work to maintain. This is opposed to active income, or income from your job/profession, where you have to physically go to work and spend some time and effort to create the income.
While nearly everybody has an active income, only a small percentage of people know how to build residual incomes. Residual incomes are more of a “fantasy” for most of us because we do not know how to create them, so they do not seem real.
But at the same time, residual incomes should be a priority on everybody’s income list since they have the ability to generate cash without eating up your time and energy; hence you can pay your bills and still have time and energy left to enjoy life.
Here are 8 reasons why you need to start building residual income streams for yourself today:
Earn Income Without Fatigue. No energy left after work for fun? If your sole source of income is from your job/profession, then you’re earning money the HARD way… by continuously trading your time and energy for money. Residual incomes do not burn up your time and energy as much as your income from your job, leaving you with more energy at the end of the day.
Less Danger of Losing Your Income. Your active income (job/profession) will likely cease should you get sick or become disabled, while a residual income will likely be able to continue producing while you are sick. When you’re sick, you may not have the energy to go out and work, but you would still have the energy to log into your accounts and monitor any progress with your income streams.
You Can Earn More Without Working Harder. With your job/profession, the more you want to earn, the harder you will have to work. With most residual income systems, the more you want to earn, the longer you have to persist at doing the same amount of work (you earn more by duplicating and scaling up something that works and automating it).
Building Residual Incomes Has Become Easier. With today’s software and automation technology, it is easier than ever to build income streams and monitor them for growth. In most cases, we can open accounts and go live immediately. Funds are transferred immediately; advertising can be automated, even tracking can be done automatically, statistics calculated and plotted for us. Split testing is quick and automated. Many tools are at our disposal to make it so much easier to build these incomes that did not exist 10 years ago.
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You Can Start Anytime You Are Ready. You can effectively build these income streams if you devote 1-2 hours a day to learn and implement the ideas from people who have successfully achieved them. Did you know you can become an expert in almost any niche field if you devote a few hours a day to studying it for a month? Apply this to your income potential and see how far you can get in a few short months. Can you give up a TV show a day to create multiple residual income streams for yourself?
It Does Not Cost a Lot to Get Started on Many Ideas. A lot of the time, you can buy a course for a few hundred dollars. Digital courses often cost less than USD 100. Depending on the type of income you’re learning, sometimes you can practice on paper, demo accounts, etc., or start with a few hundred dollars.
It’s Easy to Find A Mentor. With the internet, you can more easily find a mentor to teach you how to build a residual income. There are plenty of common everyday people who have made videos or written ebooks to teach you how to do what they have done. Just be sure to pick something you enjoy doing, and learn from somebody who has already achieved success. They most likely will charge you a price to access the information, but for the knowledge on how to generate income, it is definitely worth it.
You Are Not Getting Any Younger. The longer you wait to build these income streams, the longer you will have to work at your job/profession before you can afford to decrease your work hours to support your desired lifestyle. Get started now, and put in 1-2 hours a day to implement the ideas and watch your residual income grow!
Danh Nguyen, M.D. has successfully built several streams of residual incomes for himself. He reviews current ideas for building residual incomes at his website.
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