If you are an autism mom, or really any mom, then you need residual income. Keep reading and I will share with you practical steps and ideas on how to earn residual income.
Residual income is defined as income that you keep earning over and over for the work that you do one time.
For many people residual income seems like a pipe dream and something that you just can’t achieve.
However, there are more opportunities and ways on how to earn residual income than you might think.
Here are some of the common ways many people earn residual income:
- Write a book and earn royalties.
- Write a song, or act in a movie and earn royalties.
- Start a network marketing or direct sales business.
- Create a membership site and collect monthly income from the membership fees.
- Invent a product and sell it to a larger company and earn royalties.
- Affiliate marketing- sometimes- if you have a product or service that pays monthly or that pays out commissions to more than one level.
There may be other ways for how to earn residual income, but these six ways are the main ones.
If you take a good look at this list, it doesn’t take much thought to realize that only number 3 and number 6, are really reachable for autism moms and others who have limited time and resources and who need to take care of one or more children. This is especially true, unless you have a great idea for an invention or are lucky enough to be able to write and publish a book that really takes off and sells a lot of copies.
So how do you earn residual income?
First, you must find an idea or a company to partner with. This should be either a product or a service you are passionate about and can feel confident about sharing with others and encouraging others to either also sell it, or to help you sell it.
Second, you must be able and willing to invest some money into growing your idea or business. You can’t do this for free. If you don’t have the money, then you will have to find a way to get it. You don’t usually need a lot, but you should plan on investing at least $200 if you are serious.
Third, You must understand that it takes time to create residual income. It won’t happen over night. If you need money right now, that isn’t residual and you should get a job.
Fourth, realize that it will be hard work but it will be worth it. Residual income can make it so that you will never have to work a job again, if you do it right or it can also make it so you still get paid even when you cannot work.
Fifth, have a big why. Why do you want to earn residual income? It needs to be a big why that will push you to keep going even when it’s hard.
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