Ask any adult if their dream as a child was to work 50-60 hours per week, just to be able to make their bills, and they will all adamantly tell you no. The problem with modern day society, is most people were not taught any examples of passive income when they were younger. Therefore, they slave away at a nine to five job, never truly getting anywhere.
The problem that most people in modern day society have, is they tend to overcomplicate the task of making money. Many individuals are taught from an extremely young age, that in order to make money, they have to work for an elongated frame time, until they reach a certain age, then they can retire. These individuals are not taught about the other unconventional ways, that money can be made.
On the other hand, children that are born from affluent families, are well aware that they do not have to work extremely long hours, or work extremely hard in order to make a decent living. These children are taught from a young age, that they can make money work to their advantage. As opposed to, low income and middle class households that are taught the complete opposite.
There are three primary ways that residuals can be generated. They can be generated by doing one tangible task once, and then making money from the sales of that item. They can also be generated from financial markets, and owning a business.
If you were to write a book, or cell a CD, you can continue to earn money from your work, time and time again. Writers earn revenue off of the books that they sell, and the good thing is, they only have to do the work once, in order to receive funds from their labor. The same goes for musicians who sing or write a song, and continue to earn money from that song, over and over again.
In order to be able to earn residuals in this manner, you have to possess some skills first. You will need to be able to write, or sing. You will need to write or sing something that people want to buy as well. Which brings us to the next way to earn residuals, and that is to own a business.
Business owners are able to do this, because they create a product or service that the public wants. Anytime that someone purchases the product or service, the business owner will make money from the sale. They will repeat this scenario again and again. Plus, they typically do not have to do anything to make their business work for them, in most cases, they hire workers to do the strenuous work for them, and vast in the money that they are earning.
However, when it comes to stocks and bonds, you need to realize that you are taking a risk. Stocks and bonds can fluctuate in price. Selling tangible items, owning a business, and investing in stocks and bonds are a few great examples of passive income.
The problem that most people in modern day society have, is they tend to overcomplicate the task of making money. Many individuals are taught from an extremely young age, that in order to make money, they have to work for an elongated frame time, until they reach a certain age, then they can retire. These individuals are not taught about the other unconventional ways, that money can be made.
On the other hand, children that are born from affluent families, are well aware that they do not have to work extremely long hours, or work extremely hard in order to make a decent living. These children are taught from a young age, that they can make money work to their advantage. As opposed to, low income and middle class households that are taught the complete opposite.
There are three primary ways that residuals can be generated. They can be generated by doing one tangible task once, and then making money from the sales of that item. They can also be generated from financial markets, and owning a business.
If you were to write a book, or cell a CD, you can continue to earn money from your work, time and time again. Writers earn revenue off of the books that they sell, and the good thing is, they only have to do the work once, in order to receive funds from their labor. The same goes for musicians who sing or write a song, and continue to earn money from that song, over and over again.
In order to be able to earn residuals in this manner, you have to possess some skills first. You will need to be able to write, or sing. You will need to write or sing something that people want to buy as well. Which brings us to the next way to earn residuals, and that is to own a business.
Business owners are able to do this, because they create a product or service that the public wants. Anytime that someone purchases the product or service, the business owner will make money from the sale. They will repeat this scenario again and again. Plus, they typically do not have to do anything to make their business work for them, in most cases, they hire workers to do the strenuous work for them, and vast in the money that they are earning.
However, when it comes to stocks and bonds, you need to realize that you are taking a risk. Stocks and bonds can fluctuate in price. Selling tangible items, owning a business, and investing in stocks and bonds are a few great examples of passive income.
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