Whether you will retire wealthy or end up broke will depend on what you continue to do NOW and in the FUTURE. People who can retire comfortably without worrying for their next meal make preparation early even before they need the money.
Residual income is the key for you to get rich and retire comfortably.
What actually is Residual Income?
A residual income is a steady flow of earned income which a person have put in the initial time and effort to build it. It continues to produce money for you while you sleep, on vacation or while you are sick and need to stay at home to recover.
Examples of Residual Income:
- Song and book writers continue to get royalties from the songs and books they have written for many years. This is called residual income.
- The monthly rental income from your various properties investment is another form of residual income.
- Quarterly dividends from your stocks and bonds is residual income.
The more streams of residual income you build, the richer you become. Eventually, those people who build a steady stream of multiple residual income will be able to retire without having any financial worry.
The rich and affluent usually have the financial mindset of building a constant flow of residual income. That is why they don't have to worry when one stream of income dries off as they have other cash cows which will still produce the cash flow that they need to maintain their rich lifestyle.
For the majority of the job worker, they have only have stream of full time income. When they are retrenched or retired, their SINGLE stream of income is gone. Many job worker are often too busy enjoying their life first and spent very little time to THINK how to build multiple streams of residual income so that one day they can FREED themselves from being a job slave.
Rich people are not special species from another universe. Take a look at the great stock investor Warren Buffett, he may wear older clothes or drive an older car, but he is definitely very wealthy. One of the special traits of the modestly rich is that they always believe that frugality is the best way to increase your savings and invest in assets that can produce a residual income for many many years.
A business or a stay at home internet part time business can be another job. However, as you gain more experience, you can automate it and spend less time on it. You can build multiple streams of residual income with a single website by joining multiple opportunities or you can build multiple website that earns you multiple income from different opportunities.
Likewise, when you start a traditional business, you must have the mindset to manage and develop a system that you can employ for someone to run the day to day operation while you focus on starting other businesses. Look at Supermarkets, they are not run by their owners.
Always remember, Work SMART, NOT work HARD. If there are many people who can build a multiple streams of income from their stay at home internet part time job, so can you. Whatever business you intend to pursue, be prepared to constantly learn what it takes to succeed and expand your financial education.
Wishing you success in changing your Financially Destiny.
By © Arthur Wang, The Part Time Job Home
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309
Date Published :
Mar 13 2009