The definition of residual income is the moneys left over after paying one’s bills. This is usually tallied up monthly, like mortgage payments, utilities, car loans and other monthly bills. This is one of the main things that banks consider when one applies for a loan. Another way to define residual income is the pay one gets for working overtime, especially if it is regular and consistent. Residual income can be earned through the selling of products or offering of services. You can earn residual income if you know how to.
One good example of earning residual income is the money that is made when your local insurance agent sells you a policy. Not only do they make money from the initial sale, but every year when you pay the premiums to keep your policy in place, you’re putting more money in their pocket. They only had to sell you that once to get a lifetime of income. Sales professionals often sell products and services that come with annual contract agreements. Making life long customers, they are able to secure multiple pay outs for the same product. Selling one product multiple times is the simplest way to earn residual income.
Some forms of residual incomes seem to be a little harder and more complex. Let’s look at a musical group playing in the local night club or bar. If they sell the cds of their recorded music, it’s considered to be residual income. Now days, if the band can sell downloads from the internet, it is also considered residual income. That’s how many bands take long vacations or just not record and still earn residual checks. The same thing goes for stage and screen actors. Every time the movie is bought, they receive a residual check, which is residual income.
Another way to earn residual income is to brainstorm and develop a product that will sell for years. You can make thousands of dollars without working after developing that product. It takes smart business sense and a little research to create a product to sell, but in the end, it will be worth it. Many have made millions by doing just that.
A more modern way to earn residual income is to write an eBook. The key is to find a subject that people will be interested in, not just now, but for years to come. When the readers pay to download your eBook, that is considered to be an excellent source of residual income. The trick is to come up with a slogan that will keep the profits coming in.
By offering suggestions on other products and membership driven services, you will receive constant monthly residual. If you are not ready or able to provide a variety of services that will enhance your book, partner up with someone who can. This will ensure residual income for both of you and form a wise business venture at the same time.
If you are ready to sell products that require replacement, vitamin supplements and diet pills are an excellent means to earn residuals. Make sure you hook the customer with the first installment, and then you can earn residual income off of the recurring monthly charges and sales. You’ll have a steady stream of cash entering your bank account.
In conclusion, the product or service you offer can become a wonderful source of residual income. This is a step towards financial freedom and more money in your pocket.
Filed under: affiliate marketing
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