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Posted April 3, 2017
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Member since: 03 Apr, 2017 |
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Website: https://www.bestmlmmarketing.c... |
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Location: Toronto, ON M9C 3J5 |
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About me: 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.
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