What Exactly is Residual Income?

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One of the best reasons to earn a residual income is that you’ll gain a freedom you can’t get any other way. Earning this kind of income gives you flexibility of time and work and allows you to pursue hobbies and passions and even spend more time with your family.

What Exactly is Residual Income?

So, let’s take a step back. What exactly is residual income? Residual income, or passive income, refers to income that is earned over a long period of time with very little repeated work or maintenance. This is completely different than a traditional or linear income, where you get paid once for each of your efforts.

Some examples of residual income include network marketing and owning rental properties, which I have a passion for. Any type of work that allows you to earn additional income over a long period of time with little work on your part qualifies as residual income.

Why Residual Income is Valuable Now

There are so many reasons residual income is a valuable source of income, but one of the most attractive benefits is that it allows you to earn more money on the side while giving you unbeatable freedom.

Whether you need to earn some extra money in addition to what you earn at your day job, or you want to start a path to a new career, residual income could be your answer.

Residual income streams allow you to continue to earn an income, even when you aren’t working. This gives you an amazing freedom that you can’t get when you work an office job or are employed by someone else.

What would this kind of freedom mean to you? You could travel, spend time with family, pursue hobbies and even take time off whenever you wanted to. This freedom also allows you to do something you enjoy for a living. You can discover your passion and then do it on your own time and while earning a substantial living. Many people who earn a passive income get to work from home, which offers its own set of perks.

Residual income allows you to get paid more for your skills and what you have to offer, and not just for your time, as most income streams do.

Reclaim Your Freedom

If you’re ready to start reclaiming your freedom, finding ways to earn residual income or even starting your own business is for you. The first step to reclaiming your freedom is deciding you are ready to make a change and do what it takes to make your new source of income work.

So how do you get started earning residual income? First, identify your passion and skills and then find a way to turn those into a career that provides passive income. I am a business coach in Ottawa and help people choose and start their residual income businesses and start earning money right away.

Successfully earning a passive income requires you to identify your “why,” or what excites and motivates you, set goals and then hold yourself accountable to your business plan.

I work with people all over the country to help them successfully run a business that provides additional and passive income. If you are interested in learning more about how to start earning residual income, contact me.

About the author 

Deborah MacDonald

After almost 25 years as an entrepreneur, I continue to grow my business, my passive income streams and my wealth. And now I mentor others on their wealth journeys by teaching them how to fund their own freedom lifestyle.

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