Residual income is a foreign term to most people since it is not a common way to make money. Today, everyone trades time for dollars. They go to work their 9 to 5 job and relax from their stressful day.
However, there are a select few who strive for more. People who do not want to depend on their 9 to 5 job and say, “That’s it!” iquit9to5! In this article you will learn about residual income, why it is such a great stream of income and how to get it.
What Is It?
Residual income is money that is made without having to work for it. A lot of time people call say it is when your money works for you. According to Investopedia.com they say residual income is income that you still receive after you have worked for it. This type of money is made regardless if you show up, if you’re sick or traveling. The money with a residual income stream will always show in your bank account.
Why this is such a great income stream!
That is the beauty of this type of income, it will be made no matter what and without you having to continuously having to work for it. This is a great alternative for people close to retirement age or someone who wants to travel without having to worry about working. The typical job encourages monthly contributions into a retirement account so when you retire after 60+ years you can access the money you saved but then you will be too old to fully enjoy the money. I say you should start living life now!
How to get it
There are many forms of residual income. Some of the most popular are stock dividends, rental/real estate income or business investments.
In order to create a residual income in the stock market it would either take a lot of time or a lot of money. To earn a dividend from stocks you would have to have a lot of money invest in a certain stock that pays out dividends. Here are some examples of stocks:
· Home Depot (HD) with a 5-year growth rate of 19%
· Lennar (LEN) with a 5-year growth rate of 38%
· Qualcomm (QCOM) with a 5-year growth rate of 5%
· Target (TGT) with a 5-year growth rate of 6%
· FedEx (FDX) with a 5-year growth rate of 14%
These stocks would be a good start to look into if you are interested in earning a dividend. Keep in mind a good amount of money is needed to earn dividends but this is one way to create a residual income.
Real Estate income is another great way to earn residual income. Again, you will need some money to put down up front but it can create residual income. The catch with this type of residual income is that you would own or be liable for a property and make your residual with the monthly payment the tenant pays to you. However, since you are responsible for the home you rent out to them you are responsible to fix or replace anything they break or anything that break from general wear and tear.
This option could become a headache since there is overhead associated with it and you may not pocket all the residual income.
Lastly is a business investment. This type of residual income could be very lucrative depending on the type of business you find.
In order to find a lucrative residual income business investment, you will want to make sure the business is sustainable, meets and exceeds a customer’s need and is truly a source of residual income.
A sustainable business can weather any storm. It can still be profitable if there was a global pandemic, it would grow when the national debt is higher than it has been for the last 30 years (which you can learn how to fight here) and you will want to make sure the products the business sells is something that everyone needs!
Once you find a business like this you will want to make sure the products are not only something that the customer needs but they are good enough products to keep the customer coming back for more, hence the residual income.
Finally, you will want to make sure that no matter what happens, you will still get your residual income check no matter what!
This type of business model may sound too good to be true but you are in luck! Through my years of searching I have been able to find the perfect business investment that is able to create me true residual income. Don’t believe me? Want to learn more?
Leave your information here and I will reach out to you and share with you what I have found.
Talk soon!
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