Making Residual Income in Your Online Business

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.
To read more, click here.

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/

Different Ways to Make Money From Home

We all know about the online businesses of affiliate marketing (selling someone else's products) and also network marketing schemes in which the goal is to get as many other people selling your products or the company's. However, there are a lot of other things that you can do from the comfort of your home that will certainly bring in some instant cash and perhaps some longer term funds too. Here are some creative ways to pay those bills.

1. Get paid to use your mobile phone camera - using various free apps you complete easy tasks, like taking a picture of yourself drinking a Starbucks coffee, taking a picture of a restaurant menu, a sign of a road closure - you get the idea. Here are some companies to contact: Juno Wallet, Gigwalk, CheckPoints, WeReward.

2. Find jobs on Zaarly such as walking a dog, giving guitar lessons with buyers who are looking for these services.

3. Teach English online - Italki.com, openenglish.com, jobs.ispeakuspeak.com, and skypeteachingjobs.com are just a few of the thousands of schools. Getting $20/lesson is typical.

4. Post a job on Fiverr - you will only get $5/job but you can suggest almost anything, taking a picture of yourself holding a sign, singing a song in Russian - the sky's the limit and it's fun to just scroll through the various posted jobs to see what zany things people are willing to do.

5. Online surveys - research companies are always looking for people to fill out surveys and test new products. According to Owen Burek, here are some to try:

Toluna, Vivatic, The Opinion Panel, MySurvey, YouGov, Valued Opinions, Pinecone, iPoll,SurveyBods, Global Test Market, Hiving, PanelBase,YourWord, Harris Poll, IPSOS, New Vista

6. Searching the web - companies pay you to go on certain websites to find information such as Swagbucks and CashCrate

7. Review music for money - Here's Owen Burek again.

If you love music, make it your business by reviewing unsigned bands and artists for cash. I know… we couldn’t believe it either.
It can take a while to build up your reputation but some users of the site have said that they have earned £40 a month. This may not sound like much but if it’s something you enjoy then it shouldn't be hard work and is another thing for your CV. Money you earn will be in $US but anyone can sign up and review.
To get started, head over to Slicethepie now

So you can see that just sitting in front of your TV or computer screen can benefit you greatly and your spare time can be filled productively. This is especially handy for students, people who have suddenly lost a job or even for retiring folks with some free hours. They can all make money from home.

Baby Boomers are Retiring Later

A recent survey by the Federal Reserve showed that more people 55+ years are now working. This is a reversal of the trend of a few decades ago. It seems the Baby Boomers are not retiring as early. There are a couple of reasons:

1. They can't afford to retire. Between higher living expenses and salaries not increasing to keep up with inflation, there are fewer people able to save for retirement.
2. In the U.S. size of the national debt may mean a disappearance of social security benefits sometime in the future. The large number of people eligible for payments is increasing as well. Government benefits might not be a reliable source of income.
3. With such a large number of retiring workers and fewer younger workers to fill the jobs, it leaves job vacancies for the older workers to take. What company would not want experienced, already trained workers in every field?

Josh Zumbrun writing for The Wall Street Journal has pointed out that Americans are working longer but eventually they do get around to retirement. We haven't returned to the Dark Ages when people worked till they collapsed and died.

The change in labor force participation that has happened at each age has been biggest for workers in their mid-60s. From age 62 to 65, women are about 10-12 percentage points more likely to work today than in 2000, and men about 6-8 percentage points more likely. These are precisely the years when decisions to continue to work help optimize the size of Social Security payments and the years where some workers may choose to continue working until becoming eligible for Medicare.
Americans’ retirements have been delayed, but not abandoned entirely. Having the financial means to retire is a big part of the story. But the vast majority are still getting to their golden years eventually.

It should be pointed out that the trend to work longer holds true for both men and women. What will the future hold for those reaching their 60's? Will they retire at 65 as their relatives did? It's doubtful as people are also living longer now. Retirement for 30 years is bound to be expensive and for some people, rather boring. I suspect there will be more people changing careers in mid-life, much as the retiring military do now. The community colleges already provide good training and refresher courses. We see an increase in online course packages as well. Leave a comment about what you think is ahead for retiring workers and what you plan to do.

Baby Boomers Want Skills-Based Volunteer Work

In April of 2013 the US Government's Volunteering in the United States report showed that there the number of volunteers had dropped from the 2011 report for the age group of seniors (45 years - 64 years). Why is this in a time when people are living longer and in better health than former generations? Let's look at some possible reasons:

1. Too Busy - with pensions disappearing people in this age group are still working and might have to way into their 70s or until their health slows them down. However, there are many people who have free time and are looking for meaningful activities.

2. Obligations to parents and children - Baby boomers are really caught as the "sandwich generation" with aging parents still alive but often needing help and children who can't find work and are still at home or needing financial assistance. In former generations parents died earlier and children had jobs they were eager to pursue, often away from their childhood home towns.

3. Desire for skills-based volunteer work - Richard Eisenberg writing for Forbes points out that seniors want meaningful work, not just busy work.

But I think a key reason is that many boomers haven’t found ways they can volunteer the way they want to, by putting their talents and skills to use, rather than by stuffing envelopes, answering phones and donating food.
Here’s some evidence backing up my contention that boomers like providing meaningful assistance when they volunteer: According to the Volunteering in the United States survey, “providing professional or management assistance, including serving on a board or committee” is the second most popular form of volunteering for Americans over 55, after “collecting, preparing, distributing or serving food.”

He points out that people who have retired from $500/hour jobs don't want to work for $10/hour type jobs. While the upper echelons of wage earners might stay on a consultants or better yet, continue to work part time, there are still plenty of workers who are required to retire at 65 or at least 70 years of age.

Here are some great resources for people who are looking for meaningful, challenging work that will keep their minds and bodies active, remove isolation and enable them to "give back" to their communities. These are community directories that steer baby boomers to skills-based volunteering. One is Points Of Light that handles 250 service projects in 29 different countries. With age comes life wisdom and a stability that is so useful to others living in less fortunate situations. Two other organizations working with Points of Light are Generation On and Hands On Network.

With Google at the service of everyone these days it's easy to find such organizations in local communities - everything from volunteer teaching to helping unemployed to achieve career success to helping the elderly stay in their homes. Minnesota has started Minnesota Boomer Corp and recruit people who can commit 10 hours per week. The US government has developed a Senior Corps Program, modeled after the Peace Corps, based on skills-based volunteering. Everyone has become aware that here is a great resource of free skilled labor that can be used positively.

The Art of Aging Gracefully

With people living longer these days certainly it is best to be in good physical and mental health during those twilight years. Is it a matter of good genes inherited from past relatives or can you change your life style to aid that process of happiness and health? While no one is seeking the fountain of youth, there are certain things everyone can do to keep active and independent. One of the best ways to find out about successful aging is to ask those who have successfully aged.

One of the first aspects is a positive outlook. The person who is sitting around thinking about what is not working well any more or about minor aches and pains is going to be stopped from aging successfully. Most people in their 80s and older have stayed physically and mentally active by walking to various nearby locations, taken up new skills or are still working at jobs they enjoy. They have a love of life and enjoy the people who are around them.

While no one likes to hear about another's aches or lack of sleep, it is still important to focus on good health including healthy eating, clean air and pure water. Some of the areas of the world where people live well into their 90s are country-side locations with simple food raised and grown nearby. Now that more people are living in cities, it is possible to buy organic food and to purify drinking water.

Another common trait for aging gracefully is flexibility. American psychologist, Mark Frazier, who has worked with thousands of elderly from ages 65 to 105 says, "If you live until you're 95 years old, you're probably not going to be living alone in a beautiful apartment and driving your car to the grocery store and picking up your dry cleaning and walking a mile to the park. But if you know that ahead of time, it's much easier to manage it". It's a matter of preparing for these changes and not holding on rigidly to old patterns. Otherwise the inevitable changes will seem overwhelming or depressing. Click here to read more.

I would like to add my own idea to this mix as well. I come from a family of women who live long into their later years. Even my great grandmother was 98 when she passed on, having outlived 3 husbands. What I noticed with all of them is that they lived much longer than their friends. This meant a lonely time in their last years. Therefore, I've made a point to cultivate some younger friends, even some as young as my children. In this way I will have these companions when I get older; they will still be around, and their activity level will keep me active too.

There are so many meaningful activities to try, both new and ones that you have been doing for years. Can't teach an old dog new tricks? That might be true of dogs but certainly not people. How many senior citizens are now taking up computer studies or yoga? For those how can afford it, cruise ships provide a safe way to travel the world as well as companionship and great meals. There are new social groups and hobbies. For many seniors the joy of learning carries right on. Recently I was introduced to the ease of auditing university courses. Having no need for more degrees than I already have, this has provided endless hours of enjoyment.

Perhaps the last words should come from one of the oldest practicing physicians in the US, Dr. Ephraim Engleman, who still sees patients and drives to work at the Rosalind Russel/Ephraim P. Engleman Rheumatology Research Center at UCSF. He recently renewed his driver's license and said, "So now I'm good till at least 105".

Interestingly enough, recent brain research has found that there is something called "cognitive reserve" that serves as a backup system as the frontal cortex and hippocampus (the headquarters of memory and planning respectively) start to shrink. Keeping your brain active with reading, writing, bridge-playing, puzzles, and especially language learning helps to kick the cognitive reserve into action.

Think hard work is going to shorten your life? Not if you keep in good physical health and avoid long prolonged stress. in fact, Howard S. Friedman in his Longevity Project found that of 1,500 American children followed into their old age the hardest workers had the longest lives. No time to overeat, drink too much or get bored! To read more of Dr. Friedman's report, click here.

The Effects of US Baby Boomers Retiring

There are endless articles these days about the problems the US baby boomer generation will face with pensions questionable and inflation eating away at their savings. These people, born between 1946 and 1964, are just now reaching 65 and retiring - the ones who can afford to, that is. Many are continuing to work at least in part time jobs. They are known as "boomers" because they have grown up in boom times and have not known the poverty their parents experienced during the depression. There is some evidence that as a group they have spent more too and saved less than their parents. As Wikipedia points out, " In Europe and North America boomers are widely associated with privilege, as many grew up in a time of widespread government subsidies in post-war housing and education, and increasing affluence." However, there is some good news for the Boomers. 

First, the percentage of elderly compared to the total population will increase for the next two decades. However, compared to some other countries such as Japan, Poland or China, the increase will not be that much (see chart). One of the reasons for this is the number of immigrants coming into the US, most of them younger and employable who often have more children than the average American family.

China on the other hand, due to its one child policy faces another demographic crisis. Due to the Chinese culture preference , more boy children were born than girls. What will China do to even this out - allow foreign women, encourage some of the only male children to leave China (unlikely) or allow 2 husbands for one woman (also unlikely). 

Another factor is helping the baby boomers. Their children , sometimes called the "echo boomers" are reaching their prime work years. In fact, it would benefit this group if the Baby Boomers would retire to free up the jobs for the Echo Boomers.

Lastly, Ben Casstleman points out that the Baby Boomers are no longer the largest demographic group.

Boomers are no longer even the largest age cohort; more of today’s Americans were born in the 1980s and 1990s than in the postwar years. As today’s teens and 20-somethings enter the workforce, they will partly offset their parents’ exit. Indeed, for many young people, mom and dad can’t retire soon enough; some experts argue that boomers, by staying in the workforce longer than past generations, are essentially clogging the usual professional pathways, leaving few opportunities for people beginning their careers. 

Returning to the financial problems of the Baby Boomers, whether they are a large group or not, they still need money, and their savings are fast disappearing with inflation and decreased prices for stock and bonds as well as their residences. In future articles I will suggest some measures to take to remedy the treat of poverty and poor health care - something more secure than sticking money under your mattress.

The generation known as the Baby Boomers, especially in the United States, was born and grew up during the late 40's, 50's and early 60's. They are called boomers because they know a time of plenty, both financially and materially. It was also a time of protest and desire for change from tradition. They tend to think of themselves as a special generation in which things were going well, even during the Vietnam War. After all, the war was not at home.

Back to the present day, Baby Boomers are now retiring or about to retire. This means they will have less income and must live on savings, investments or pension plans. This huge segment of the population in every country will be depending on the younger people still working if they haven't saved enough. Are they ready for retirement?

The authors in Wikipedia point out some characteristics of the Baby Boomers.

As a group, they were the wealthiest, most active, and most physically fit generation up to that time, and amongst the first to grow up genuinely expecting the world to improve with time. They were also the generation that received peak levels of income; therefore they could reap the benefits of abundant levels of food, apparel, retirement programs, and sometimes even "midlife crisis" products. The increased consumerism for this generation has been regularly criticized as excessive.

This seems to suggest that this generation will not be as prepared as even their parents were. They have not saved much and they assume that things will get better so that the pensions and automatic benefits will always be there. With the US piling up huge debts and the strength of the dollar in doubt, it seems that the future might  not be as rosy as the aging population seems to assume.

What can people in this state of affairs do about it? One alternative is to start a business online. There is a great program that teaches how to do that called My Online Business Education. It was written by people who have found wealth online by using the methods they describe. These are tried and true methods, easy to duplicate and at a very reasonable price. Why not watch this 15 minute video that explains it?

Just click here to start it.