Residual Income Source
Posted 16th February 2010 at 01:33 PM by AnneE
Updated 16th February 2010 at 01:37 PM by AnneE (wanted to add keywords about residual income sources)
Updated 16th February 2010 at 01:37 PM by AnneE (wanted to add keywords about residual income sources)
I first thought about sources of residual income when listening to the audiobook version of Rich Dad, Poor Dad. Kyoski talks about how there are 4 kinds of income – having a job, self-employed (where you own your own job), investment income and owning a business. I always thought that owning a business WAS the same as being self-employed. But I learned that the difference is when you own a business, you can walk away from it for a substantial period of time and still earn income from it. This same concept is written about in the 4-Hour Workweek.
While I found this concept eye-opening, the real meaning of it didn’t sink in until I actually had some residual income of my own. A bit of my online business that continued to earn income without any daily involvement on my part. I had purchased resale rights to a product, set up the sales page, payment and download capability and written a couple reviews of it. And it sold… not a pile of sales, but fairly regular sales – one or two a week. I’d log on in the morning and discover $27 one night, $54 another afternoon. I finally had triple digit monthly income in product sales. But the real beauty was it required no maintenance.
And since my small residual income requires little or no work to maintain that income stream, I am free to use my time to try and create another source of residual income. While my steady residual income only averages out to about $150 a month, if I could create 5 or 6 such sources, I’d be able to pay my mortgage with that income. So that’s exactly what I’m trying to do. I’ve purchased resale rights for other products that I believe in and I’m setting up sales and informational websites on the topics. Then I try to drum up a bit of traffic for the sites and see if I can hit another winner.
I've realized that there are different kinds of Online Residual Income Business Opportunities. Some, like mine, are simple product sales. Set up a web page or a website to sell a downloadable product that doesn't require support services and you have residual income. Others are affiliate sales, but selling products that produce residual monthly income because they provide monthly services. Growing in popularity is the idea of using membership websites as a residual income source.
I had always assumed membership websites required a lot of maintenance, but I've realized that isn't always the case and when a membership website does require ongoing work, if you can outsource that work for less than the income the website produces, than you once again have a residual income source that requires no work by you to continue. Tis a beautiful thing, no?
While I found this concept eye-opening, the real meaning of it didn’t sink in until I actually had some residual income of my own. A bit of my online business that continued to earn income without any daily involvement on my part. I had purchased resale rights to a product, set up the sales page, payment and download capability and written a couple reviews of it. And it sold… not a pile of sales, but fairly regular sales – one or two a week. I’d log on in the morning and discover $27 one night, $54 another afternoon. I finally had triple digit monthly income in product sales. But the real beauty was it required no maintenance.
And since my small residual income requires little or no work to maintain that income stream, I am free to use my time to try and create another source of residual income. While my steady residual income only averages out to about $150 a month, if I could create 5 or 6 such sources, I’d be able to pay my mortgage with that income. So that’s exactly what I’m trying to do. I’ve purchased resale rights for other products that I believe in and I’m setting up sales and informational websites on the topics. Then I try to drum up a bit of traffic for the sites and see if I can hit another winner.
I've realized that there are different kinds of Online Residual Income Business Opportunities. Some, like mine, are simple product sales. Set up a web page or a website to sell a downloadable product that doesn't require support services and you have residual income. Others are affiliate sales, but selling products that produce residual monthly income because they provide monthly services. Growing in popularity is the idea of using membership websites as a residual income source.
I had always assumed membership websites required a lot of maintenance, but I've realized that isn't always the case and when a membership website does require ongoing work, if you can outsource that work for less than the income the website produces, than you once again have a residual income source that requires no work by you to continue. Tis a beautiful thing, no?
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