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Residual Income or Traditional Income

[ 0 ] December 21, 2010 |

Residual Income

 

How much money will you make if you quit your job?

Unless you work for Goldman Sachs or you’re a Congressman or Congresswoman, you will most likely stop getting paid the minute you stop working. Rich people are different – rich people (and Congressmen and Congresswomen) get paid whether they work or not. They have learned the how to make money even when they’re sleeping, on vacation or whatever they may want to be doing.

This type of income is called residual income.

Residual income is money you make for work you did previously. You do the work one time, and get paid over and over and over, hopefully forever. Like Jerry Seinfeld did those sit-coms years ago, and still gets paid every time a TV station plays one of the reruns. In the TV or broadcast industry that’s called syndication. It’s the same thing as residual income

“Profits are better than wages. Wages will make you a living, profits make you a fortune. It’s difficult to get rich on wages, but anybody can get rich on profits” – Jim Rohn

Rich people have learned how to make money 27/7/365, and you can too.

Most people will only earn residual income on the measly interest the bank pays you on your savings account (if you’re lucky enough to even have one now). You’ll never be able to quit your job on that measly amount of residual income the bank calls interest.

Wouldn’t it be great if you could earn enough residual income so that you did not have to go to a job every day any more unless you wanted to?

What is Traditional Income?

When you have a regular job, you get paid from the time you arrive at work until the time you leave, like from 8 to 5. You don’t make any money from the time you leave work at 5 PM, until you get back on the clock at 8 AM the next morning…

So, you make money for 8 hours of the day, and do not make any money for 16 hours of the day. Unfortunately, the cost of living goes on 24 hours a day.

It’s nearly impossible to get wealthy this way, or even to get ahead in most cases, mainly because your income is limited by the number of hours in a day, and you can’t even work all 24 hours of the day anyway. Most people earn their money (I hesitate to say livelihood because in most cases it is just enough to keep you afloat) this way, and therefore can never get ahead so that they can create some wealth. There is an alternative, for people that want to break out of this rut… It’s called:

RESIDUAL INCOME

When you wake up in the morning, you’re already making money… In fact, you made money all night long while you were sleeping. You can do some more work during the day if you choose to create even more residual income. Whether or not decide to work to build more residual income is up to you, because YOU are the boss of your residual income business.

When you’ve built your residual income streams large enough, you can take off and go on vacation whenever you want to, because you will keep on getting paid your residual income for the work you already did. A’int it great!

When you’re earning residual income, you’re in complete control, and no one else can tell you how much you can earn, or when you have to work to earn it. You’re the boss.

For instance, several years back, I saw a residual income opportunity in a vitamin and mineral product called SeaAloe. I put up a WordPress blog, and invested about a year developing a customer base online by publishing articles and for a while using pay per click advertising.

I worked hard for about a year, and developed about 800 customers for the SeaAloe vitamin product. Now, for several years now, I’ve earned a passive residual income from all of those customers whenever they re-order. I don’t have to work anymore, all I have to do is go to the Post Office every Thursday morning to collect my check from my post office box. This is REAL residual income.

You can so the same thing. Don’t wait until it’s too late, and you have no other source of income. The best time to start your residual income home business is BEFORE you need it.

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