Perhaps you should ask yourself this question, “How long can I survive if I lost my job?” Alright, I am assuming that you are holding a day job, and your sole source of income is from your day job. If you have already created multiple streams of income, then you do not need to read the rest of this article; since the purpose of this article is to address why it is important to have multiple streams of income, with particular emphasis on residual income online.
Let me address this issue by answering several questions:
1) Why is it important to have multiple streams of income?
Well, jobs are no longer secure. You never know when the company is going to downsize or restructure. You can spend years climbing the corporate ladder. However, climbing to a higher position doesn’t mean more security. It is always a good idea to have multiple streams of income so that you will not be too dependent on your job.
2) Why is there a specific emphasis on residual income online?
Residual income is great. Residual income means money on autopilot, even while you are sleeping. Doesn’t the idea of earning money while you sleep appeals to you? The truth is all of us only have 24 hours a day. Certainly, we do not want to trade time for money. You only have so much time every day. There is a cap on how much you can earn by trading time for money.
The reason why I emphasize on online income is because there are tons of opportunities online. You can easily start a business online with several hundred dollars, working from home. An online business also offers more flexibility such that you can work on it on a part time basis, while still holding on to your day job. Therefore, you do not need to worry about your finances while working on your online business.
In a traditional offline business, you do not have such flexibility. It may also cost you thousands of dollars just to kick start the business.
3) What are the different kinds of residual income online?
Generally, as long as you get paid monthly for a one time effort, it can be considered as a form of residual income. For example, when you sell a webhosting account which pays you $10 per month, it is considered residual income.
Do not underestimate this $10. Imagine selling 200 webhosting accounts. That will generate $2000 of residual income per month, enough to change the lives of many people.
Other ways to generate residual online income includes online MLM, AdSense, building a large army of affiliates to sell your own products and starting your own membership sites.
Lubano Lim is fun loving entrepreneur with a passion for helping others succeed in their business.
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