A residual income definition is ‘the money left over after all bills are paid’ and is used by finance companies to determine whether someone is eligible for a loan. However another definition is an income which is continually trickling in whether you continue working or not. A residual income definitionÂ as I am using it here is ‘the money you earn from your previous efforts which continues to bring money in regardless whether you continue to put effort in or not’. It is the residual income which keeps coming in when you stop working – much like royalty payments which are received by artists, actors and writers, or money which is made through interest on savings.
Why is residual income important to the internet entrepreneur? Because short of making royalties from being and actor, writer or performer of some kind, you can make a residual income from having your own internet based business. The internet and specifically affiliate marketing is one of the few ways in which the ordinary person can make an ongoing residual income. Of course like any other of these professions you don’t get the royalties or residuals over night. You need to put the work in first. So how can we earn residual income from the internet?
Let’s start with affiliate marketing. What is affiliate marketing?Â Affiliate marketing is simply selling other people’s products online. To earn residual income from affiliate marketing you need to promote products which have a monthly members fee. That way you only sell it once and it continues to earn an income for you – provided your member/s keeps their membership going. What works about affiliate marketing is that you can promote to many people and over time build up a huge portfolio of memberships to various membership sites. You don’t stop there of course and you can continue doing this to find more potential customers. However the members who continue their membership which you have collected over the years will continue to bring in a residual income for you for potentially years to come.
Finding a membership product which has value and is sustainable over the long term is the key to long term residual income from the internet. Here is a membership site which offers long term residual income and will also show you how this is done.Â Â Anyone can learn the techniques and skills which can make this a success. It takes time like any career path and success doesn’t happen over night. The beauty about the internet business is that it not only offers the potential of a long term residual income but it also has so many other benefits. One of these is the total flexibility of the internet which allows you to work from literally anywhere in the world providing you have a laptop and an internet connection.
You can become financially independent and can become free of a a boss. Of course getting to this stage does require hard work and you will at first need to work your internet business around you current job or line of work. However given time and commitment you can turn your internet business into your main source of income.
Working for yourself around your other commitments is a very satisfying way to work. No more commutes or long hours and you can build your lifestyle around your business. For me, the flexibility alone makes an internet business more desirable than most other opportunities available today.
Learn how you can utilize the internet, leverage your time and earn residual income – all around the lifestyle of your choice. You will need commitment and to work hard in order to succeed but the rewards are definitely worth the effort. Learn more here.