Stating that residual income is a must is a strong statement. However, it's true, if you have any desire for financial freedom. Residual Income earns you money even if you are not working. In fact, you can build your residual income stream to be paying you 24 hours a day/7 days a week.Many people are not sure what the difference is between residual income and other income. Over 90% of the people work for what is known as linear income. Linear income is swapping time for dollars. If you work eight hours a day for five days a week, the company will pay you for those forty hours of work. Miss a day or week, and you lost the ability to earn income.Residual income is different; you do the work once and get paid month after month and year after year, and this becomes a very powerful way to earn income. As you continue to build your residual income stream, you will find the income paying for your car, then your house, finally you will have more income than bills at the end of the month. You will notice an increasing amount of discretionary cash in your bank account allowing you to become debt free.Residual Income can come from many sources; some of them are:
Royalties from books, films and songwriting, etc.
Advertisements, subscriptions and affiliate links from your website
Investing in stocks, bonds and mutual funds
Real Estate holdings
Selling the business you owned
Interest from Your Savings Account
Residual income from these sources are very good vehicles, but they take a special talent or large sum of money up front to build the financial freedom people are looking to achieve. Residual income is the preferred income for the rich and famous.One of the most accessible ways to build Residual Income is starting a Home Based Business. Below is a chart that shows the power of a Home Based Business that rewards you with Residual income.Residual IncomeDesired Monthly Income Required Bank Account Value$20,000 $8,000,000$10,000 $4,000,000$5,000 $2,000,000$2,500 $1,000,000$1,250 $500,000$675 $250,000$388 $125,000$194 $62,000This chart is based on 3% annual interest rate (approximately.)Shortly, after starting your Home Based Business you should be able to not only recoup your return on investment, but also be making over $200.00 per month (That is equivalent to having over $62,250 in a savings account!). With the right guidance, think of the possibilities! A Home Based Business; not only gets you the power of residual income, you will get major tax benefits that will dramatically help build your generational wealth. Yes, Residual Income is very powerful and has built Generational Wealth for many people that have sought it out.
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