Residual income opportunities-
Things that can continue to generate income without a significant amount of work being invested in them.
Before we can discuss what some of these are, let's make sure we have a consistent definition of the words.
Define Residual Income - Income that is generated without significant effort to maintain it.
Another way to think about it is streams of income that continue for a longer period of time after an initial effort to set up. Every person should work on developing these types of income streams.
One of the key limiting factors to every person's journey to wealth is their time. While working for an employer, you are trading hours for dollars. While commissions and bonuses can impact that formula somewhat, it is still generally considered to be an hours for dollars relationship.
For us to be able to accelerate our wealth creation we need to find ways to circumvent this limiting factor. I mean none of use have more than 168 hours in a week... and I prefer to spend a good bit of that time pursuing other activities such as sleeping, having fun and enjoying life.
Since time is our single largest limiting factor, we have to find ways to leverage other assets so our time is maximized. So let's look at some real world examples of income versus residual income opportunties.
An example of a normal income stream would be a Real Estate Broker. While this may not be a great example giving today's current real estate environment, it does allow us to explore ways that we can leverage a normal income stream to create residual income streams.
A real estate broker or agent already has systems in place that allow them to leverage their time. They have advertisements, websites, flyers and yard signs in place to capture the attention of people looking to sell their home. They have realized that creating these systems allow them to maximize their time.
Yet they still leave a ton on the table by only focusing on one income stream.
So how could they develop multiple income streams from their current one?
How do you find and develop multiple residual income opportunities?
They could teach a class to people looking to sell their home on how to maximize the amount of money they can sell their house for. While this class itself could be a normal income stream (if you put a small fee on it), it can easily be leveraged into so much more. Every thing we are going to discuss below can be applied to nearly any job or business model. Everything you do in life can lead to the development of residual income opportunities.
We are going to focus on residual income opportunities so some work will be required up front but the systems will allow it to continue with minimal ongoing input. To eliminate any geographic limitations and to create hands off systems, we will focus on the internet as the primary medium. You can use other methods for some of these as well.
- Write up a short report featuring several key ideas that can help people sell their house for the maximize amount of money even in a tough real estate market. It doesn't need to be long, 7 to 12 pages would be fantastic.
- Develop a presentation along with a section for Q&A to discuss these ideas live. It doesn't have to be anything fancy. You can take each idea and put on a slide and discuss it.
- Record the audio and video This is critical to leveraging the time involved in creating this. You can use any recorder for both the audio and video.
- Now the class that was taught one time can be used multiple times. They can now sell the DVDs, audios and presentation many times.
If that quick walk through creating residual income opportunities was not detailed enough, you can find a lot more information in this course on Product Creation. It provides step by step guidelines and instructions for finding markets and products to develop. It only takes 13 days to get one up and runnings.
If you have any suggestions on other residual income opportunities leave them in the comments below.
To Your Wealth
PS Don't forget to consider how residual income opportunities can impact your wealth in the future
- what is wealth
- Can you force something to go viral on Facebook?
- Free Annual Credit Report
- Starting a Business Online
- Scam of the Week -Warning
- Consistent Strategy to Attract Clients
- Creating Wealth Online With Cooking
- Happy Birthday Dad
- Video – Stock Market Prediction 2010 by Tony Robbins
- An Interesting Niche Idea
- Would you Spend $3 to get over $2500?