Nowadays, it is easy to get trapped in the corporate world. We barely notice how getting a day job eats up most of our time only to be rewarded by so little income, or at least income that equates the amount of work that you do. What many of us do not understand is that there is a way for us to earn money in such a way that it will be the one that works for us, not the other way around. We can actually become our own bosses, and when we become such, we earn residual income.
What is residual income?
There are generally several types of income, first being the earned income. With earned income, the amount of work that you do equates to the amount of money that you earn-basically, it is a linear process. Then we have the portfolio income, where you sell an investment for a price higher than what you paid it for. Lastly, we have the residual or the passive income, where your assets earn the income for you. For example, buying a property and renting it out to tenants. Residual income is not just limited to physical properties. This could also be applied in intellectual property. Getting paid for the photos that you posted on the internet so that a commercial brand can use it is another example of a residual income.
What are ways on how you can earn residual income?
Needless to say, the best type of income is the residual income because it is basically letting the money roll in while you sit back and rest. In essence, it is like you are investing in something that people are willing to pay for over and over again. Can you think of investments that can do that for you? Investing in travel and leisure is the way that is closest to us, but it is not limited to only that. There are numerous investments that you can have. Aside from investing in a travel property, you can also invest on a blog. When you are already reaching a decent number of readers, brands and businesses will actually pay you so you can promote them.
In a nutshell, the possibility of building residual is endless, and the more creative you are, the better. It can be about mixing and matching-investing in travel property AND writing a travel blog sounds like a dynamic duo. What matters the most is how willing you are to invest.