In this follow-up to our last discourse, we’ll talk about the different forms of income.
Today and all through the month, I will be sharing with our readers the concept of recurring income.
I will definitely write on other things but my core focus this month will be to help you understand what recurring income is and how you can create this kind of income.
So lets begin…
You can access all the Residual Income Guide Here
What is a recurring income?
Recurring Income is another term for residual income.
In a nutshell, there are three (3) types of income streams that you may have coming into your business.
- If you do a one-time job, sale or perform a contract, you get paid once and the income stops there.
- If you do a normal 9 to 5 job, you will continue to get paid as long you continue to work for your employer—often called a linear income. This is the type of income that the majority of workers “enjoy.” Even if you are a neurosurgeon, lawyer or engineer, you are only paid as long as you continue working. You stop working and the bank account dwindles.
- The third type of income is the recurring income where you are paid even after you have stopped working. For example, you wrote a book and as long as your book continues to sell, you will continue to receive royalty income for a work done once.
Wealthy People All Create Recurring Income.
Majority of rich and affluent people created wealth through a form of recurring income stream.
Take singer Michael Jackson for example; he still continues to receive royalty from the sales of his records made decades ago. His managers doesn’t have to spend time in the studio to record new songs in order to have the cash keep flowing in!
We would all like to work once and get paid over and over again. That is the power of recurring income!
Can Anyone Create Recurring Income?
The majority of professionals that enjoy this type of income belong to the creative fields such as actors, writers, singers, and inventors.
Unfortunately, not many of us are blessed with the those talents, let alone the opportunities to be in the lucrative industries.
However, there are several ways anyone can create recurring incomes. That’s what we will discover at the end of this class.
And please leave us a comment below.