Residual Income is another term for recurring income. In a nutshell, there are three (3) types of income streams that you may have coming into your business.
- If you do a one-time job, sale or perform a contract, you get paid once and the income stops there.
- If you do a normal 9 to 5 job, you will continue to get paid as long you continue to work for your employer—often called a linear income. This is the type of income that the majority of workers “enjoy.” Even if you are a neurosurgeon, lawyer or engineer, you are only paid as long as you continue working. You stop working and the bank account dwindles.
- The third type of income is the residual income where you are paid even after you have stopped working. For example, you wrote a book and as long as your book continues to sell, you will continue to receive royalty income for a work done once.
The majority of professionals that enjoy this type of income belong to the creative fields such as actors, writers, singers, and inventors.
Unfortunately, not many of us are blessed with the talents Michael Jackson has, let alone the opportunities to be in the lucrative industries. However, there is one budding opportunity for any ordinary individual today to enjoy residual income today in the 21st century.
You’ve guessed it: it’s none other than Network Marketing!
So, what do you all think?