If you’re looking for ways to make money without having to punch a time clock or be a slave to your business, residual earnings are the way to go. With residual earnings you put in some work setting up a business system which can run without your day to day guidance and sit back and watch the checks roll in.
Most people in this world depend on a salary and boss to make a living. In order to stop being a wage slave, you’ll have to set up your own business. The problem is that many entrepreneurs trade one kind of slavery for another, as they end up spending every waking minute working on their business. That’s not freedom!
Think of residual earnings like an actor’s, writer’s or musician’s royalties. They create a piece of work, get paid for it and whenever it gets sold in the future they get a taste of the profits. Many a one-hit-wonder is living just fine off of their royalties.
For those of us who are not ridiculously good looking or talented in the arts the trick is to set up a business that can run by itself, with the help of outsourced employees or minimal guidance from you.
The drop shipping industry is based on the power of residual earnings. People find a wholesaler of a product, advertise that product and then sell it for a profit. They send their orders to the supplier who then ships directly to the customer. Properly set up with the right outsourced staff, all the business owner has to do is get the business set up and check in periodically.
The Internet also allows for you to make this kind of living. By simply building a website and monetizing it through sales or advertising you will continue to make money as long as you own the site.
The most powerful way to insure residual earnings for life is through real estate investment. For a nominal investment in the property and performing any rehabilitation that needs to be done, you can rent out residential or commercial real estate as long as you live. Barring a natural disaster or nuclear war your building will be standing long after you are gone. Not only will you receive income for the rest of your life, but so will your heirs.
For those who don’t feel like dealing with renters there is a whole host of professional management companies that will oversee the property and make sure you get your money. Of course you will have to be willing to accept slightly less income in this situation, but it frees you from having to deal with your renters.
It’s everyone’s dream to live the good life. We want to be able to spend time with our family and friends and pursue our hobbies and interests all while being financially secure. The power of real estate investing and other hands off businesses offers you the ability to have it all through residual earnings.
