The role of residual income is very important in order to establish financial freedom. This type of income is an income in which the earner gets paid over and over for the work they did once for a franchise or company. If done right, residual income can result in income for life which again is essential in order to achieve financial freedom.  Those who recognize the value of a dollar know that big amounts are hard to come by.  Regardless of age, most people want financial freedom but as you get older you realize that linear income, in which you trade hours for dollars, isn’t the best way to accomplish this.  Residual income allows for a more passive stream of income which can come in handy if someone may not be as able to work as they used to be or if they just simply wish to not work as hard.

Advantages of Income for life

Earning a residual income for life gives the ability to any individual to become financially independent and rarely comes along with disadvantages. If you like working less hours and receiving more income then residual income, which results in income for life, may be exactly what you’re looking for.  Passive income is a dream come true for many aspiring entrepreneurs for many reasons:

Residual income can typically be increased at any time.  They say in network marketing one can double or even triple their income in a single year just by leveraging their efforts and the efforts of others. This is accomplished by working with a team and building the organization with team accomplishments.
If you ask any successful entrepreneur how they became so accomplished they will tell you something along the lines of leveraging their efforts.  Whether that includes being an employer, investor, owner, etc. this is the way they most likely accomplished so much in their life.  Most entrepreneurs will tell you that you will never achieve financial freedom trading hours for dollars because the second you stop putting in hours will become the moment you stop receiving income  Residual income is an excellent way to leverage your efforts and ensure a passive income for life.

There is lack of awareness of passive and residual income mainly because it’s not usually taught in schools.  Just knowing and applying very basic principles can put you in a position to set yourself up for life, literally. 

So how do you ensure yourself an income for life? There are many ways in which you can create a steady stream of residual income. Some will require monetary investment on your part and you may want to cut costs elsewhere to make arrangements. With others, you may just need to work a little harder than usual in the beginnings but in the end you should see your money and/or effort pay off if you actively pursue your goals and improve them.

You can do this by investing in real estate and a more common way would be network marketing.  With network marketing you’re able to build a stable income however this requires a significant initial effort.  Although the initial phases are tough it’s worth it because this is a very affordable way.  With it, one can accomplish ownership with minimal (if any) start up cost, liability and time.

 

Find more information relating to residual income, and income for life here.

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