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The following article was published in our article directory on December 18, 2012.
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What Residual Income Is and How to Create Streams of It

Article Category: Finances

Author Name: Joseph Norman

Are you asking yourself this question: "What is residual income?" Do you want to know ways to build a residual income business? Here is what you must know as well as real world examples of how to build passive income streams.

Most individuals make what is called linear income. In other words, they trade time for cash. Invest 8 hours into this job, return $ 13 per hour (minus taxes) back. Based upon the work place, there may not even be supplemental earnings associated to how much or even how good a job you did.

So, you can imagine how in time this may be exhausting to the ordinary worker. That said, the equation of taking full advantage of linear earnings is quite limited. You either commit more time or you build up your value per hour. There's really no other way to accomplish it ... unless you trade one hamster wheel for yet another.

So, how does residual income work?

Lots of people are now beginning to comprehend that there is a far better way to earn money. And they've found the answer to that problem through creating residual income streams. This is also referred to as passive income.

We're all seeking to make more cash, right? Why? Because we desire to improve our money story. You see, money is critically important in the area in which it works. And that is in exchange for resources we NEED and want.

To break that down, our needs are simple: food, water, clothing, shelter, & love.

Money can buy the first four while the last we receive through giving of ourselves to others.

Residual income enables you to make use of systems.

Residual income, alternatively, is not based upon the hours worked but rather the effort & energy input into the systems where they worked. Essentially, it allows a person to keep earning money for something they do once.

As an example, if a person makes a 100 candles and then sets up an advertisement offering for sale the candles they've already created ... they can create money from an one time effort. They have put themselves into a position to earn from every sale of that one advertisement.

Now, to take it further, if that individual hires a person to make the candles for them & another to market & sell them, then they are on their way to creating a system to leverage.

In this exercise, assume the operator of the system compensates the worker $ 10 per hour and it takes them 10 hours to make 100 candles. So, it requires the owner $ 100 for 100 candles. Then he pays a certain person $ 100 for marketing plus a $ 50 budget. Then the total expenditures are $ 250 per batch of 100 candles.

In the marketplace, the owner can easily sell those candles for $ 5 a piece and gross $ 500 for each 100 candles produced.

Now, he is completely eliminated from the system and has a $ 250/batch of candles revenue stream for creating & owning the system.

There are a great deal of different ways to create a residual income business just like this basic example above.

Below are a handful of practical outlets you may or may not be aware of that are residual income opportunities:.

Investing: Real estate through passive rental income, parking lots, stock market through dividends (NOT capital gains), storage facility through rental income, oil or gas through conditions decided with the company drilling.

Purchasing a Franchise: Acquiring your neighborhood McDonalds, Wendys, Burger King, or Subway.

Royalties & Licensing: Writing & selling a book, producing & marketing a music cd, creating & selling a piece of software, or building & selling a mobile phone application.

Acting: earning for the movies, TV shows, or commercials you've been in as they air over & over again.

My personal preferred kind of residual income business is by means of internet marketing.

Similarly, internet marketing is a means to make use of technology and systems to provide value efficiently & be paid (often highly) for it.

Here are a few scenarios of how residual income can possibly be created through numerous forms of online marketing. Keep in mind, the key to this is the up-front work to either produce the product or system then afterwards putting it into motion.

E-books. You can write an e-book and sell it with an automated system. The info product industry does billions of dollars of business EACH YEAR. It's utterly enormous.

Do you have an useful message? Bundle it into an ebook & market it online! Once your book, website, & payment system is created, the only thing you must do is make the market place aware of it & let customers purchase it!

To keep the info applicable, many online writers will up-date the version over time & relaunch a version 2.0 or 3.0 to add continual value and develop additional sales over time of the same product.

Affiliate marketing. Don't have your own e-book but have one you like and would be inclined to recommend to others? This is the foundation of on-line affiliate marketing.

Essentially, this is making use of the time of others whereby they created a fantastic product and selling it through your online system. Often products are promoted such as this through blogging or email marketing.

It's a surprisingly efficient method to generate income online since you don't have to even deliver the product or provide any after-sales service.

Quick discretion: Be AUTHENTIC with your readers ... emphasize promoting things you possess, use, or can completely support. Act with integrity! Just because you may not see your buyers personally, it doesn't mean you can be deceitful with them. Do good to others & they will do good to you.

Blogging. This is where a great number of online business people earn money. And, more often then not, it's linked into both of the above mentioned forms of online marketing.

You develop your following of readers on a blog that overtime begin to know, like and trust you. When you have that, you have open ears to learn about and get access to products or info that makes an influence on you, the blog author's, life.

With the right systems - affiliate relationships, email marketing - in place, this is an option to get paid for sharing your message with the world.

NOTE: Key to successful blogging is having a consistent message on a series of topics you're passionate about and an authentic voice. Do that and you'll create - as Seth Godin refers to it as - your tribe.

As a final thought, the best aspect of residual income is that a person can get it even when they are not working. As opposed to linear earnings, it is not based on the hours worked. Instead, it is about creating systems & maintaining them over time.

Opportunities to make residual income are around us everyday. All you have to do is comprehend what makes income residual and seek out how you can produce it for yourself!

Keywords: residual income, what is residual income, passive income streams, residual income streams, passive income, residual income business

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