Recently in Vancouver where I live one of the organizers of a MeetUp group, Matt Astifan, advertised a guest speaker who would talk about creating residual income by producing your own digital product. The room was packed and half of the people present were new to this group. Over 100 people showed up on a week night. So what is residual income and why is it so popular these days?
Residual or passive income means income that you are not directly producing. However, it still comes to you - sort of like free money. You put in the work initially and then on automatic pilot it produces continual income. Now you see why everyone wants it. It might require some continual effort or none at all. Here are some examples:
1. The insurance agent who gets a commission every time a customer renews a policy.
2. The person who creates an e-book or series of videos and sells them online, especially for a course that has been set up and also sold. This is a popular type of online marketing today.
3. The photographer who sells through a stock company and gets paid a royalty whenever someone buys one.
4. A network marketer who receives a commission every time one of the customers re-orders products.
5. A business owner who hires a manager who then runs the business or a building owner whose tenants pay rent.
As Scott Allen describes in his article, "Passive Income: How to Earn More and Work Less", passive or residual income is different than recurring income.
Note that this is different from merely recurring income. Recurring income may still require your involvement to earn the income, e.g., a coach or consultant on a monthly retainer, or a caterer who delivers lunch every Monday to the local school board. While this "active recurring income" offers welcome stability, it also tends to tie you down, and you still have limits on your earning capacity based on your own personal production capacity.
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It is often tied closely to leveraged income, such as the person who invents a product and then takes on affiliates to sell it for a commission or the franchised business like McDonald's or Starbucks (big profits here).
So back to you and I. Is it feasible to set up residual income for the common person online or off? Definitely it is, and many people are making a killing online doing just that. While the market is getting rather saturated with "how to" courses and e-books, there is still lots of room to make video series and also to hold seminars that are then recorded and sold as video courses or bonuses for other courses. It's predictable that soon other people will come along with yet more ways to make residual money.
Dubli Network has come up with a novel way to gain residual income. The business associate who brings in an entire new business company is paid commissions not only on the initial entrance fee but all the purchases of the customers signed up by that company. The business associate or BA can do this with very little investment of funds and an easy training. Want to know more? Send an e-mail message to me at: membership@webbasedopportunities.com or go to this page: http://webbasedopportunities.com/business-side-dubli-network/
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