Residual Income

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Residual Income

• What Is Residual income

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• Residual income can be defined as a type of
  income where you continue getting paid after the
  work is done. Some of the common examples are
  royalties from movies, books, or songs.

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• Residual income can also be income that comes
  from business investments, real estate, or any
  other activity that doesn't require you to be
  present to earn it. Residual income will come
  when you focus on building an asset that will pay
  you even after you are done doing it.

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• One common misconception that people have is that
  passive income will keep coming without having to
  do anything. The truth of the matter is that you
  have to keep an eye on how things are going and
  ensuring everything is running smoothly.

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• There is also the idea that you work on building
  a passive income and then sitting and relaxing
  for the rest of your life. This may seem like a
  lot of fun at first, but you will end up getting
  bored and you will find yourself trying to look
  for something to do. This is why you find
  billionaires going to work. This is because they
  stopped focusing on making money because they
  love what they do.

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• The main idea behind building a residual income
  is leverage. You must be able to leverage other
  people time or money. Many rich people have a lot
  of companies and they don't run them, they have
  CEO who do it for them. You also need to create
  something that people will continue to buy
  regularly after you have created it.

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• At first, you may need to invest your own time,
  and then scale back the time you work. Within a
  certain period of time, you will be able to earn
  without having to invest your own time.

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