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The following article was published in our article directory on June 11, 2013.
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Residual Income Sources Explained

Article Category: Finances

Author Name: Andrew Hines

Residual Income is income that continues to come in even after you stop working.

Simply put, between residual income and "passive income" you have everything you need.

The two concepts are very similar. In both, you essentially do the work just once and then continue to get paid. Passive income generally is considered to be income earned from investments vs. residual income is income that is paid on a pre-agreed upon schedule.

For all intensive purposes, let's just look at passive income and residual income being the same thing.

Either way, it's income that you want because you don't have to continue working for it.

Residual Income in a Business

One key difference between the rich and the poor is that the rich work less and get paid more and the poor work more and get paid less.

The rich are able to create and own systems that are self sustaining and profitable.. the poor go to work inside of systems with a fixed pay.

In order to get rich a person must learn to create passive/residual income. If you're working inside a business for 80K per year you should be able to do okay... but you'll never be rich.

However, if you start implementing strategies to build/create assets that produce passive/residual income you'll essentially remove all limits to your income.

This isn't always easy to do but it is a well worthwhile endevour.

I personally started out my career with massive student debt and a steady salary of about $50K per year. I got by just fine but certainly didn't feel like I was getting ahead.

I eventually made the decision to start as a mortgage broker and become self employed.

This was a step in the right direction but I was still not making the residual income I wanted. I found myself working inside a business and getting directly paid for the work I put in.

I then sunk my teeth into real estate investing and got my first taste of what truly passive/residual income felt like.. man was it sweet!

As of today I earn a constant net positive cash flow of over $2000/month from my real estate investments and a growing amount from residual affiliate commissions from my internet marketing business.

Residual Income – Andrew's Top Methods Below

Let me preempt this section by stating that to be effective at anything you must put in some time to become knowledgeable about it. Blindly investing in or entering into any venture will often lead to poor results.

If you're going to be investing large sums of money, I recommend I working with a professional and doing significant research on the subject.

Remember, multiple streams of income is key... so diversify and don't put all your eggs in one basket.

Own Real Estate

I love this one and it is where I got my start. I'll do it forever.

Mark Twain said "buy real estate, they stopped making it" and he's absolutely right... real estate goes up in value over the long run and with the power of using the banks money the actual rate of return can be astronomical

Private Mortgage Investment

Another excellent way to invest in real estate and skip some of the headaches associated is to invest in mortgages.

If you know a good mortgage broker you can place funds for 5% to 15% returns, annually and secured against real property. Build a relationship with that broker and they will do their best to take care of you and guide you to good investments.

Digital Content Creation

This is a new favorite of mine. By creating content on the internet which draws traffic, there is an opportunity to sell advertising space, affiliate products or your own products.

And if you make digital products, such as an educational product on a niche topic, there's a true opportunity to work once and profit long term. This type of marketing can be life changing.

This is why I blog. I love the idea of creating little online assets. I do it daily and think of it like saving money... consistent effort leads to consistent results.

On that note I will conclude. To learn how you can build your own residual income streams starting today, visit http://www.empowernetwork.com/almostasecret.php?id=andrewhines, enter your email address and on blogging for income. No pre-existing technical knowledge required.

Thanks for reading.

Keywords: residual income, passive income, grow profit, work from home, multiple streams of income, multi level marketing, empower network

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