Learn this term and how to apply it well. Residual can be defined as a payment stream, similar to an annuity, that is paid out after a one time sale or from work done at one point in time. The beauty of this income is that the money keeps coming in whether you show up to work or not. Try going to work one day, not showing up for months, and still receive the paychecks! These payments can be in made in different time intervals such as daily, weekly, monthly, quarterly, annually, etc. and can even grow over time.

Today, families are struggling to make ends meet. In many cases, the work of two jobs now supplements what used to take only one job to do. The purchasing power is weaker than in the past and is failing to keep up with inflation. More so than in the past, people are re-evaluating just how secure their job is. Today we see a highly mobile market and there is little attachment between employer and employee.

Now I am sure many of you are thinking, “Ok, that kind of money is great but I have a great job and I do not have the time to start a business or become some sort of salesman.” No need to fear. Before I get into residual income ideas, let me stress that you do not need to leave your job or cut seriously into family time into order to bring extra income into your life. Think of what extra income could do for you. You might be able to apply it towards a cell phone bill, a new car, down payment on a house, or even a donation to a favorite charity. Maybe you would like to make enough money to quit your job and start a business or just spend more time with family and friends. Life is short, so try to make the most of the time you have. Financial independence provides you with the time and comfort we all seek. If you seek this type of lifestyle, then I encourage you to research residual income ideas and try to apply them to your life today.