Residual income is sometimes confused for debt-to-income ratio, which is your monthly income vs. your monthly debt. Your debt-to-income ratio is used by your lender to determine VA loan eligibility. However, the Department of Veterans Affairs wants to make certain that you have enough money left over to take care of your day-to-day expenses.
Another example of residual income is the money that a musician continues to make on a song several years after its official release. This happens when the musician transfers ownership of that song to the record company, who then pays the artist royalties for every copy sold. This type of income is commonly referred as “royalties.”
In this way, a single photo could represent a residual income opportunity, since it can be sold again and again. You simply need to create your photo portfolio, put it on one or more photo platforms, and then the activity becomes completely passive. All the technicalities of the photo sales are handled through the web platform.
My personal experience with Betterment is that their platform is really slick and the investments are very sound. I don’t think you can go wrong with either service, but if I am investing a large sum to create a passive income investment, then I would go with Betterment.
Residual incomes are a good way to build up savings for your future and old age. Taxes may need to be paid on them, but doing so and not concealing it from the authorities will allow you to use the capital in future, without having to worry about any queries from the IRS.
Great ideas! I really like how you mentioned “get out of debt” as passive income. I’ve never thought about it like that before. I’m always trying to think of new ways to persuade people to get out of debt. This is a great way to flip someones perspective. Debt reduction really is passive income!
Internet vendors often set up affiliate relationships with webmasters where the owner of a website directs traffic to the vendor in exchange for a percentage of each sale. Net and street business will also pay owners of websites for advertising space, just as they might the publisher of a magazine. If you have a website that receives a reasonable number of hits each month, you can draw a regular check from advertising and affiliates that attract visitors to your site. In “Guerilla Marketing on the Internet,” business gurus Jay Conrad Levinson, Mitch Meyerson and Mary Scarborough recommend this as a way to add value to existing internet ventures.
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You don’t have to go out and hire 25+ people like I have, these “workhorses” are trained to create sales funnels for myself and now for a limited time for specific “By Application ONLY” clients – you see I’m not exactly the most talented individual myself…but I DARN sure know how to extract as much profit from a sale as possible.
This information does not constitute an offer to sell nor a solicitation of an offer to buy securities, nor does it contain any individualized tax advice. The information contained herein is not investment advice and does not constitute a recommendation to buy or sell any security or that any transaction is suitable for any specific purposes or any specific person and is provided for information purposes only. Each investor should always carefully consider investments in any security and be comfortable with his/her understanding of the investment, including through consultation with investment and tax professionals.
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That being said, you can grow a model like this to a large monthly revenue relatively quickly, it’s a good choice if you want a bigger income and a bigger work schedule, rather than a relatively small income with zero maintenance.
This powerful exciting extra has been proven to INCREASE your sales by as much as 300% or more, and simply because your visitors can easily and instantly bookmark any single page or more they find of particular interests or relevancy to their search!
If you’re leery of investing in something new, you can also consider investing in Real Estate Investment Trusts, or REITs. With this option, you’re investing in real estate in an indirect way. The best part about REITs is that they are completely hands-off, letting you earn residual income built on an underlying real estate investment.