My OperaOnline income Residual Income: Pad Your Bank Account
Monday, May 17, 2010 11:14:37 PM
Do you know what residual income is or how it can work for you? If not, you are in the right place. This article will define residual income and give you some examples of how it can work for you!
Most of us make our money through linear type pay. That is, we get paid for the hours that we are actually working. Once we stop, so does the money. This is how hourly wages and salaries work. On the other hand, residual money continues to come in even when you are not working. Numerous opportunities exist that can bring you a steady flow of cash.
Royalties can often earn you a stream of money. Write a novel, song, ebook, or etc. Then find a publisher, sell your rights to them, and you will then be paid whenever your product is used or purchased. This applies to things you self-invent as well. Performing artists can also earn royalties every time their music or movie is run or commercial copies sold.
When creating an extra flow of money comes up, most people instantly think about real estate. This is definitely a way! Purchase any type of real estate that you can rent or lease out for continual pay. You can rent out office buildings for a good profit. Buying low income housing and renting them for a monthly fee can also be lucrative. If you already have a bit of money to put into it, finding and buying a nice beach house or cabin can be a substantial gain due to tourism.
If you want an even more passive approach, you can always put your money in a savings account. Find a respectable bank with a good interest reward and deposit your money. Your work is now over. Your money will continue to grow while you go about your business as usual. This method truly does involve virtually no work. Besides, it's always good to have an emergency fund just in case anyway.
You can even make passive income online. The best way to do this is through associate programs offered by different businesses. You promote their product or service through word of mouth or just putting a banner on your website or email. You are assigned an ID so your referrals can be tracked and credited to you. When a sale is made, you get a commission. It is harder to find programs that pay recurring, but they are out there.
For all the writers out there, self-publishing can be a lucrative alternative to traditional publishers. Instead of only getting a small royalty that someone else determines you get every bit of the profit yourself. You also do not have to deal with trying to get attention from a huge publishing house that has best-selling authors to keep them busy. Also, you can market your book for as long and in whatever way you see fit.
Residual income is the perfect way to continue to bring in money after your introductory work. Just pick the idea that appeals to you and take it from there. Maybe you will finally get to go on that vacation to France or Spain!
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