What is Residual Income?
Residual income can be defined as a type of income where you continue getting paid after the work is done. Some of the common examples are royalties from movies, books, or songs. Residual income can also be income that comes from business investments, real estate, or any other activity that doesn't require you to be present to earn it. Residual income will come when you focus on building an asset that will pay you even after you are done doing it.
One common misconception that people have is that passive income will keep coming without having to do anything. The truth of the matter is that you have to keep an eye on how things are going and ensuring everything is running smoothly. There is also the idea that you work on building a passive income and then sitting and relaxing for the rest of your life. This may seem like a lot of fun at first, but you will end up getting bored and you will find yourself trying to look for something to do. This is why you find billionaires going to work. This is because they stopped focusing on making money because they love what they do.
The main idea behind building a residual income is leverage. You must be able to leverage other people time or money. Many rich people have a lot of companies and they don't run them, they have CEO who do it for them. You also need to create something that people will continue to buy regularly after you have created it.
At first, you may need to invest your own time, and then scale back the time you work. Within a certain period of time, you will be able to earn without having to invest your own time.
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