Know The Value Of Residual Income

You're stuck at your desk, in front of your PC

, and the only free moment you have will be your tea / coffee break and your lunchtime. If you're in a home-based business and you're working on your own, you may be spending almost the same number of hours as those who are in the office, even if you say that you have flexible hours. The bottom line is this: do you dream of working 70 to 100 hours a week for the rest of your life? I would definitely say 'No to that!' And I absolutely believe that neither will you. But what option do you have? You better concentrate on earning some passive income.

What do you mean by passive income?

The best way to define passive income is to differentiate it from active income. According to Gary Keller, Dave Jenks, and Jay Papasan, authors of The Millionaire Real Estate Agent, active income is something that you can earn when you work for it. That means you do a particular job, and you get paid for your time, effort, and services. On the other hand, passive income is something that you gain without exerting maximum effort at your end. The money actually comes from your investments and other businesses, which could be run by other people. Does that mean that you don't have to work hard for your passive income? Actually, no. However, you should know that the time you spend to obtain your residual income is far less than when you work to get your active income.

It requires the least effort from you. As mentioned earlier, passive income wouldn't come to you unless you make some effort beforehand. As a matter of fact, you normally work the hardest in the earlier part of your business or investment. Nevertheless, the pain and hardship will only be at the early stages. Later on, all you have to do is to welcome income into your bank accounts and pockets. A good example is the real estate business. If you plan to rent your apartments, you need to purchase land, design the apartments and perhaps furnish them with furniture and fixtures, and then promote your property on the market. However, once you find people who will rent your properties, your job basically goes down to almost zero. You simply have to wait for your tenants to pay their rental fees.

by: Lawrence Perry

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