In today’s world, more and more women are becoming financially savvy and looking for new ways to increase residual income. When I was younger, I never heard of the words “residual income”. My dad worked hard, earned little and struggled financially.
Many of us don’t even know what this means! Many of us dream of not having to be chained to a job, or having the freedom to travel, take a day or a week or even a month away from work … but we’ve never taught HOW to do this.
What is residual income, and why would you want to increase it? In a nutshell, residual income is income that comes in even when you are not working. It sounds too good to be true, but it is exactly what many smart women have learned to do.
One of the myths that women are taught is that you should get a good education and get a good job. That method of developing right livelihood and a solid financial future may have worked way back in the 20th century, but nowadays does not longer offers the financial security that women of today are seeking.
There are several ways to increase residual income that are “tried and true”.
Artists, writers, inventors, film makers and other people who create something unique are paid each time someone buys their work. This is known as royalties … they did the work once, and are paid every time someone enjoys the fruit of their labors. Residual income continues to come in even many years after the work was done. An artist will increase residual income by creating more art, writing more books, or by expanding the number of people who buy their existing work.
Another way people for many years have learned to increase residual income is to become a real estate investor. Purchase an apartment building with high net operating income and you can be paid a profit each month. Real estate investing does require a great deal of business know how, and a good chunk of money to get started unless you are able to manage a “no money down” method.
For the very few, some lucky souls are born into or acquire large sums of money. If the money is invested wisely, the money will pay interest and can increase residual income over time.
In recent years two major breakthroughs in the world of business have emerged which allow more people to increase residual income, even those who are not artists, authors or inventors. These have leveled the playing field and are allowing many more people to earn income even when they are not working.
The advent of the internet has opened up a whole new world of business possibilities, allowing anyone with a computer and internet connection to put themselves online and share information, products and services. The internet has allowed many women to increase residual income in the following ways: You can write e-books or develop software products that can be sold online. Once the product is developed and marketed, sales continue to occur long after the work is done. You can build websites, build traffic to the website, and place advertising or affiliate merchant links on the site. Once the site has steady traffic, you are paid any time someone clicks on an ad, or purchases a product recommended on your site. They can increase residual income by building traffic to the side, adding more information to the site, and eventually developing other websites. You can create a membership website that offers valuable information and services to members on a high demand topic. Members pay a monthly, quarterly or yearly fee to access the services, and you can increase residual income by bringing in more members to the site.
The relatively new industry of network marketing and direct sales allows business owners to earn residual income from the repeat product sales of their customers, and from the customers of those customers. Network marketing is a thriving industry, though it developed a questionable reputation when improperly trained distributors abused the relationship marketing aspect of the business. Nowadays there is a more healthy approach taught to network marketing distributors, and the industry is gaining more credibility. This is a difficult business to succeed in, as you need a positive, outgoing attitude and great persistence, however there are many thousands of people earning five and six figure incomes from their network marketing business.
With so many ways available nowadays to increase residual income, the possibilities are endless. Education is the first step! Learn as much as you can about yourself, your gifts, talents and unique strength, and learn about the different kinds of business opportunities available that may match your abilities. Then, go for it!