I took the entire summer off and still received a check every month for doing nothing. That is the power of residual income. If you want the freedom to take time off from your work or business to be with your family (or travel or whatever you want to do), then you have to look at the type of income you're earning.
The key is to earn both passive income AND have multiple streams of income. Passive or residual income gives you an ongoing source of revenue, so you can take time off. And creating multiple streams of income allows you to leverage your efforts and turn on several income taps at the same time. By creating both residual income and multiple income streams, you will be able enjoy what too few people have -- both time and money.Passive income is money received on a regular basis, with little effort required to maintain it. Multiple streams of income means that you have money coming in from various sources. And if you’re really smart you’ll create both. Let’s look at some examples of how you can do that.
There are lots of ways to earn passive income including property rentals, financial investments and pensions. But to be honest, those carry too much risk and investment for me.
Working with an MLM or network marketing company can be a great source of residual income. That means you get paid over and over again by having a customer buy your service or product from you on a repeated basis. Top financial gurus have identified network marketing as an excellent business opportunity. Watch this video by Robert Kiyosaki to understand exactly why that is.
There are a number of key things to look for when selecting a network marketing company, such as the products, compensation plan, company track record, training, retention rate, and systems of marketing and duplication. More and more people are using the Internet to build their network marketing business, using the principles of attraction marketing. Look for a mentor who understands what this is all about and will help teach you these methods.
The Internet has created a whole new realm of possibilities for how to earn passive income, including web hosting, software products, internet marketing services, and custom web design services.
One of the more popular ways is through advertising commissions. If you have a website, you can put a banner or link on your site and collect a monthly fee for doing so. You can also offer advertising space in your ezine or ebook. You can also put Google Ads on your website. When someone clicks on the ad, you get a commission. Of course, all these advertising methods depend on you getting people to your website in the first place.