What Types of Residual Income Will Help You De-Jones Your Life?

How much time have I went on working on creating different types of residual income opportunities?  This is something professionals should ask themselves each day.  

A problem that most professionals face is that we base so much of our financial picture upon our linear income.  That is, the more time we spend at work, the more we earn.  There is a direct correlation between the time we spend at our job and the time we spend working.  This is the same as someone who is paid hourly for their work at a minimum wage job, except a professional does not likely work for minimum wage. For the professional, if we are not working, or we are on holidays our income stops.  Worse for some (like it has been for me) is that if we take holidays we not only do not earn money, but the overhead in our professional practices continue.  This means that even if I am on holidays, the office overhead like rent, staff salaries, professional fees, and the like still have to be covered. It means that if I take holidays I go financially backwards.  A lot of the time, due to the stress and financial pressure of taking such holidays, I have often not bothered, preferring to go to work each day instead rather than going through the stress of leaving the office.

Because of these reasons, as my professional career has developed, it has been harder and harder for me to take vacation time. Until recently I thought that is the way it was and I accepted it.  Now I know there can be another, happier, and less stressful way of living.   This other way is not supported by our economy that asks us to continually over spend against ourselves, against our future income, and against any hope of happiness. 

9 types of residual income that as a professional you can think about developing?

  1. If you write you can sell write, publish and sell your book or e-book.
  2. If you are interested in network marketing you can get residual commissions.
  3. You can consider becoming an entrepreneur and sell a service or product either directly in your community or online (don’t confuse this with linear income though – what you want to do is create a product or service that produces repeatedly without you having to be involved in each transaction.
  4. If you invest your money in a business venture, you may get dividends, interest or appreciation of value depending on the investment.
  5. If you are software savvy you may design a game or phone application that can sell on a repeated basis.  Even if you are not a software designer, you could consider working with someone who is and work with them to utilize your own idea for an application or game.
  6. You could earn rental revenue if you own real estate that you rent out (assuming your rental income is more than your expenses).
  7. You could consider publishing an e-zine that has a subscription cost to subscribers.
  8. You could develop a website about something you know about or something you are passionate about and on that site sell other products from other sources (affiliate marketing).
  9. There are many types of residual income.  In order for us professionals to effectively de-Jones our lives we need to consider moving away from earning our living with linear income and thinking of ways to develop different types of residual income.

Written by Val Hemminger, the nonconforming professional

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