by Carmel Brulez

Created on: November 04, 2009

RESIDUAL INCOME: THE WAY TO WEALTH

Having a residual income is advantageous in many ways. Firstly it suits everyone because whether we have just one hour a week to spare or wish to do it seriously as a full-time venture we can invest time in it each and every week, building it up as we go along. Of course, if we only invest one hour a week we will take a long time to achieve a good residual income, but it is still possible, and you need to ask yourself how you would have spent that time otherwise. Some people sit at their computer for hours every day chatting in chat rooms, which is completely pointless, at least if you are writing articles you are earning whilst you are having fun, and it takes no more commitment or time.

A residual income is ideal for anyone who is willing and able to work hard now but hoping to be able to relax in years to come. Surely that applies to everyone but it especially applies to those who are middle aged and would like the opportunity to relax when senior citizens. It is possible that we will be wishing to totally retire from work by the time we are 60+ and having a residual income build up while we are younger gives us the opportunity to do this. We may be busy visiting our familes, we may have health problems, whatever our circumstances having a residual income then will help. We need it more than ever when we are older. Even if we have a good income from other avenues we can never earn too much and it is possible that by the time we get to that age we might want to relax more and not work even if we are totally fit and healthy. At least having the residual income grants us the choice, the opportunity, even if we prefer to continue working.

We need to look upon building up a residual income in the same way we would investing money in a savings account or building a house. We would not expect to have a house instantly appear in front of our eyes, we would know we need to put one brick on top of the other and build a wall, then another wall, then eventually tile the floor so that we can put a sofa there to sit on. This is no different to saying that we cannot expect just a handful of articles to make any difference to our life, we need to work on building up a portfolio because we only get out of something what we put into it. Residual incomes are not for those with no patience or who are lazy but they work very well for those who are realistic and farsighted.

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