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Financial Freedom Through Passive Residual Income
There are so many things about being self-employed that are terrific -- setting your own hours, choosing to do what you love without the pressures and limitations of someone else being your boss, being responsible for you own financial independence -- the list goes on. But being self-employed has its challenges, and one of them is planning for retirement. We've been working far too long and too hard to have to scrimp and save once we hit 65. But without a pension, or a company-matched 401(k) program, retirement has become something we're dreading rather than looking forward to. Thankfully, a very wise businessman told us that we needed to look into growing our passive residual income. Not knowing what passive residual income actually entailed, I decided to do some research on the Internet.
There are lots of ways people earn money. They teach, they fix broken bones, they invest other people's money -- you name it. But earning passive residual income is different. There are two aspects to this kind of moneymaking. The first component is your lack of being actively involved. We're all actually familiar with how to earn money this way -- from interest on a bank or money market account to stock dividends to earnings on rental property. The money's coming in, but you're not necessarily actively working to earn it. The second component is the concept of recurring payment. Again, we all know some examples, such as the commission our insurance agents make every time we renew our policies, the royalties an artist or songwriter earns every time their song plays on the radio, and things of that nature. The money continues to come in on a regular basis long after the "real" work is finished.
The beauty of passive residual income is in its potential to grow exponentially, and in its longevity. You do a job --setting up a website full of affiliate ads, for example -– and then spend some time promoting it. After a while, you start getting some decent traffic on your site, those visitors start clicking ads, and you earn a nice commission check every month without having to actively monitor the site anymore. The opportunities are virtually limitless!
There are some immensely helpful websites loaded with information about how to build a nice stream of passive residual income. Some opportunities require a start-up investment, while others allow you to work from home via the Internet to begin generating cash without any initial fees. The beauty of building passive residual income is its ability to be self-perpetuating. There's a ton of work to be done up front, but the possibilities, and the potential financial freedom, make it very worthwhile.
Summary
Passive residual income is just about the best way possible to have an income and not have to work overly hard for it. The key is understanding the concept is this: do something one time, and get paid for it over and over again. Once you have a product that will do this for you, you are set for life.
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