First know what residual income is?
We can define passive income as an “Income generated with minimal work from your investments such as dividends, interest, or real estate rentals”. Passive income business initially requires investment of time and money but once income stream is established then minimal work is required to maintain the regular flow of passive income.
Residual income (also called passive residual income or recurring income) is income that continues to be generated after the initial effort has been expended. On the other hand compare it to what most people focus on earning: linear income, which is “one-shot” payment in the form of a fee, wage, commission or salary.
Residual income business opportunity with us:
There are varieties of residual income business opportunities to follow. Following are some examples.
- Earn the royalty on a book you wrote, a software program that you created, a gadget you have invented, or may be a song you recorded to a company that agrees to pay you a percentage of each copy of your work sold in the future.
- If you are an actor, then you can draw residual income from each of your movies, TV shows, or commercials, each time they run.
- Let an oil company drill a well on your property in exchange for a percentage of the revenue earned.
- Purchase an office building or other real estate property that earns you recurring income through lease or rental payments.
But what if you are not an author, actor or you don