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What Is Residual Income
How To Make Residual Income
If anyone who has ever taken part in a network marketing seminar or has read books on gaining financial freedom, then you’d probably be well aware of the concept of ‘Residual Income.’ Yet for those of you who’d never heard of residual income (also referred to as passive income) this form of income can best be described as being paid multiple times over for something which you only did once; or at most work you only do once in a while. The most famous example of this type of income is owning a buy-to-let property with a tenant indoors, paying like clockwork with very little hassle. Yet if you don’t happen to have the money to get into property, than there are other ways of developing residual income (and these ways are by far cheaper).
One of the most common ways in which people are making residual income nowadays is through internet marketing; though in reality internet marketing is an umbrella term for various ways of marketing something online, hopefully for residual income. One such way is to create some sort of digital product (also referred to as info products) and market it online. EBooks seem to be the most popular type of digital product through it isn’t by far the only type. Video clips and audio files (podcasts) are also formats which content creators use to create their digital product.
Beyond digital products, some people are also creating residual income through affiliate marketing. Similar to promoting your own digital product, affiliate marketing is basically the process of marketing someone else’s product and in the process, earning a commission every time someone buys that person’s product through one of your affiliate links. Wikipedia explains this form of internet marketing in greater detail.
Similar to affiliate links, some people are making vast amounts of income residual through the creation and promoting of a ‘Blog.’ A blog is a type of website which is designed in such a way that the owner can regularly add new content to the blog in the form of posts. This allows the owner to keep in regular contact with his (or her) readers, who can respond via directly messaging the blog owner or leaving comments in the comments section which on most blogs can be found below each post. So how does one make an income through blogging? As well as being able to sell their own digital products and promote affiliate programs through their blogs, many such owners also sell advertising space on their blog to advertisers who selling products which be of relevance to the theme of the blog.
You may well be thinking that blogging isn’t really residual as it requires regular content updating in the form of posts. Fortunately some of the most successful blog owners have managed to outsource the writing and publishing of content to virtual assistants. As such whatever income they make from their blog is truly residual.
Beyond internet marketing, one way in which you can make a decent residual income is through Network Marketing, also referred to as multi-level marketing. Initially tarnished with the image of being nothing more than a pyramid scheme, many network marketing companies have gone on to prove that they are more than just a scheme but a legit business opportunity.
Having tried this form of business, I can say that if you think it is a get-rich-quick or easy way to make residual income, than you will be disappointed. This form of income will take time and effort to build up. Yet like most things, those who stick with it will most likely find themselves hitting upon success.
If you’d like to know more about how to make residual income (especially if you aged 50 or older) than I would recommend you read ‘How To Get Rich After 50’ by CLICKING HERE.