The reason most people work is to make a living. Many even go the extra mile of working two or three jobs while others move from one job to another in order to make ends meet. Several complain that their ‘take home’ pay does not take them home and many are only a pay check away from getting broke. Income has become a popular word and many are ready to do anything to increase what they earn.

In the quest for more income and greater benefits, a particular form of income is often forgotten. Some call it passive income, but I prefer to call it residual income because of its residual nature. Some require little consistent effort from you while for others you may do the big work once. The beauty is its potential to generate an endless stream of income. Unlike your job where your pay is often pre-determined, with a residual income, the possibilities are numerous. Let us take a look at a few of them.

1. Intellectual Property: What do you know or can do? What do people know you for or consistently consult you about? The truth is you can do it so well that people will begin to pay you for it. This may be related to what you studied, while often times it is just a skill or experience you have. You can hone your skills and become an authority in that field. Turn it into a product and be sure to protect it legally. The reward comes in the form of royalty and fees.

2. Automated Business: People often ask what kind of business they can do or how they can monitor their business while still working at their job? The secret is automation. You simply need to build a system and structure around your business of choice. A system is anything that saves you stress, time, energy and money. With this your business will run by itself with minimal supervision. Coupled with a proper structure, the business will grow overtime and will continue to earn you profit.

3. Affiliate Marketing: We recommend products, refer clients or even convert customers from one business to another on a daily basis. Yet we are never paid for this service. There are many credible companies and businesses that are willing to pay you for a referral. If you are in business, you can also take advantage of this and give some commission to people who help to promote your business. You should never underestimate the power of word of mouth (or word of mouse) advertisement. The word of caution is to only recommend credible businesses.

These are just a few things you can do along with your major source of income. They do not only require minimal effort, but also possess the ability to give you a recurring income. Just like the Garden of Eden, your life ought to be watered from more than one stream. Take advantage of the untapped sources of income around you.


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