Residual_Income

Residual Income
What Is Residual income

• Residual income can be defined as a type of
income where you continue getting paid after
the work is done. Some of the common
examples are royalties from movies, books, or
songs.

Residual income can also be income that
comes from business investments, real estate,
or any other activity that doesn't require you
to be present to earn it. Residual income will
come when you focus on building an asset
that will pay you even after you are done
doing it.

• One common misconception that people have
is that passive income will keep coming
without having to do anything. The truth of
the matter is that you have to keep an eye on
how things are going and ensuring everything
is running smoothly.

• There is also the idea that you work on
building a passive income and then sitting and
relaxing for the rest of your life. This may
seem like a lot of fun at first, but you will end
up getting bored and you will find yourself
trying to look for something to do. This is why
you find billionaires going to work. This is
because they stopped focusing on making
money because they love what they do.

• The main idea behind building a residual
income is leverage. You must be able to
leverage other people time or money. Many
rich people have a lot of companies and they
don't run them, they have CEO who do it for
them. You also need to create something that
people will continue to buy regularly after you
have created it.

• At first, you may need to invest your own
time, and then scale back the time you work.
Within a certain period of time, you will be
able to earn without having to invest your
own time.