30 Apr Why everyone wants residual income!
By definition, residual income is income that one continues to receive after the completion of the income-producing work. Residual income is ultimately all about working smarter not harder! Growing up we are taught to go to school get a job and work hard until you retire. Yes, this is true in the fact everyone should find a form education that suits them, find something they love to do and always apply themselves and try their best, but this vision of daily life and success can look very different than your standard 9 to 5 grind.
One of the best ways to build up your personal finances and break that standard 9-5 mentality is to create a schedule you love by developing residual income streams because then you are earning money without having to be physically present. Did you know the average millionaire has over 3 streams of income (1). When you open the door to residual income you are opening the door to financial freedom and success!
At this point, you may be saying okay residual income is great, but how do I start earning? Earning residual income will take work you have to put in the initial time/investment and then continue to monitor, maintain and transition these revenue streams when needed. Residual income is not a “set it and forget” solution to your total income by any means but once you get started the rewards will blow you away.
A popular avenue to build residual income is through network marketing. Network marketing has fast become one of the most desired ways to make residual income. This is because you can begin part-time and as your revenues build and take over your current main income, begin the transition to working as an entrepreneur full-time. And, typically, this type of recurring monthly income won’t lock you down to a specific location and you can work from anywhere you have a laptop and Internet connection (1). The best part is usually when you become involved with network marketing, you find products you love and build a great support system through this network.
Another popular way to create residual income streams is through investing in real estate. Even if you don’t have the money to buy an income property you can start small with something like crowdfunded real estate which allows people to make different investment levels and then pays out dividends on that investment. Or do you have a spare room or a garage you’re not using? Rent them out!
These are just a few of the hundred of ways to start producing residual income today! For example, even here at FITTEAM you have the ability to earn residual income. If you are looking for information on how you can earn with FITTEAM, click here!
Sources:
https://www.business2community.com/affiliate-marketing/need-residual-income-01522849
https://www.investopedia.com/terms/r/residualincome.asp
https://www.oberlo.com/blog/residual-income
https://www.lifehack.org/articles/money/what-residual-income-and-why-you-want.html