I have written about Residual Income before. It is something I am very passionate about as I share in this message.
Residual Income is income that continues to generate after the initial work has been done. Some examples of this are:
- An author of a book receives ongoing income for sales (royalties)
- A singer receives ongoing income for CDs sold
- Positively geared rental properties give you a residual income
- Investing in shares or other various investments can result in ongoing income
Let me know if you think it is important.
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{ 19 comments… read them below or add one }
Hi Sue, well done, great to see your smiling face on the screen. I want residual income for sure, takes a bit longer sometimes to get it going but my assets are building for the future. It is the only way to go.
Belinda
Belinda Cunningham recently posted..How to insert an image into a sidebar widget of a wordpress blog
Hi Belinda
thanks for the kind words on the video
I agree residual can and usually is slower to build and I think that is why many people do not do it. They go for immediate income. I know that one too.
I am sure we will all look back and be grateful for the decisions we are making now.
Sue
Sue~
I agree with you! Residual income is the way to go! It will be fun to watch as our residual income increases!
~Linda
Linda G. Cox recently posted..Goals- Personal Goal Setting- Step Three – DISSECT
Hi Linda
I agree it will be fun to watch our residual incomes increase.
Sue
Sue,
Your passion for residual income shines throughout your video. You gave a very thorough explanation of passive income and your CPA credential offers high credibility. Very good job!
Darlene Davis recently posted..Building Your Twitter List 101
Thanks Darlene
I think I am passionate because it took me a while to really get it. And I am a CPA! Although CPA’s are often trapped in hourly charge rate thinking.
Sue
Hi Sue…great video! When I first read Robert Kiyosaki’s books, a big light bulb went up for me. I had finally found the answer to a question I had been asking myself for so long. Thank you for reminding me….it’s good to refocus…and I might even re-read the book again.
Thanks Louise.
I suggest you do read the book again. I have read a few of his books many times and my learning deepens. My favorite is The Cashflow Quadrant.
Sue
Hi Sue,
amazing video and congratulations for having met Robert Kiyosaki already 20 years ago. I also embrace the idea of residual income since I’ve come across his books only one year ago – the Cashflow Quadrant was the first one I read and after that, nothing stayed as it was before. We had 12 tough months after that because I started hating my S-quadrant business as, guess what, financial consultant. Thanks for encouraging folks to consider working for residual income, at least in addition to earned income.
Take care
Oliver
Oliver Tausend recently posted..What Are Your Beliefs About Money A Challenge
Thanks for your comment Oliver and I am glad to hear you have also read Robert’s books. The Cashflow Quadrant is my personal favorite. It has so much depth to it really. I used to think as an S I was a business owner.
I was the CEO of the company that worked with Robert in Australia and New Zealand for 5 almost 5 years. He has touched many lives. I used to read testimony after testimony.
Building a residual income does not happen over night, that is why I think it is often good people start to do it alongside what they are currently doing.
I wish you every success.
Sue
Hi Sue,
I agree with you 100%! As an example, my wife is a musician. For 10 years she was hired as a singer and a story teller for an overnight sleep over program for kids at The Wild Animal Park here in San Diego. One year they decided not to renew her contract and just like that…her income was gone. Fortunately, she had what some refer to as a Plan B in place. Something that was giving her income now as well as in the future with residual income. She saw that the only way she got paid was to perform. No performance…no income. So she planned for the inevitable by creating something with residual income for her.
Great post Sue. As you mentioned there are many ways to get this done. The key is to do it. Life is too unpredictable these days to not be prepared for the sudden loss of income and not have a back up plan in place.
Don Enck recently posted..Is Customer Service A Lost Art
Hi Don
Great to hear your wife did have a plan B. I agree with you about the unpredictable way things have become. Certainly the “go to school and get a good job days for security” days are gone.
Sue
Thanks for good stuff
Thank you for commenting.
Great post, I have been looking for that
Jodi
Thanks Jodi
Sue
Now this is a nice one. Thanks Sue, for always sharing great information and tips with us.
Andrew Walker recently posted..The Six Best U.S. Airports
Having a residual income is one of the best ways to keep one financially secured. This also allows one to do other income generating activities, while not worrying about going out of cash.
Adam I agree with you 100%. My residual income is not where I want it to be as yet but I am working on it. I think everyone should be.
Thanks for commenting.
Sue
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