How Residual Income can work for you.
Residual Income
There are basically two different types of residual income that require little effort from you. There is a third that is not really type of residual income that is also great strategy for earning more money while having to do less work. It is a great way to keep your cash flow up and not having to lose your mind due to work stresses. You can also take advantage of personal development affiliate programs like SkyQuestCom or Success University. Residual income is money you earn revenue that occurs over time and some of the types of passive residual income include:
• An agent that sells something who gets repeated commission every year when a customer renews his policy • A network marketing or direct sales rep will earn income from customers when they reorder a specific product every month such as telecommunications services • A teacher of some kind who produces a video (ie. Tai Bo) as such and sells it where they teach • A marketing consultant who creates a workbook and sells it as an e-book • An author who makes his books available through an online source clearinghouse and gets paid a royalty whenever someone buys something they’ve done • A restaurant or retail owner who hires a manager
As you can see, there are many different ways that you can generate residual income across a wide variety of businesses. You can get repeat income from the same customers or the sales of a product to new customers. The best part is that you that may never have to repeat the initial work involved in getting started and still earn money. You should know that passive residual income is not just repeat money earned. Recurring income may still require your involvement in order to get the income such as if you are a coach or consultant on a monthly retainer, or a caterer who delivers. While this can take some time out of your time it is necessary. Leveraged income basically takes the work of other people to create income for you.
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About the Author
Chu Ern Teng is the owner of http://www.greatwebucation.com . He aspires to create great awareness on using webucation to help others to achieve financial freedom.
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