Wouldn't you like to take a vacation whenever you want, or have your wife stop working so she can look after the kids and still keep up the payment of your bills? Well, if you wish to achieve this, you need to build a passive residual income.
Definition of passive residual income:
The definition of traditional passive income is "Income generated with minimal work from your investments such as interest, dividends, or real estate rentals." However in this article we are discussing creating a passive income online. Investment of time and money is initially required to build a passive income online, then possibly minimal work thereafter.
The benefits of generating a passive income:
1. Make a strong initial effort to get your income started, then do minimal work (or virtually none) thereafter, resulting in earning more and doing less.
2. Freedom to choose when and where you wish to work.
3. Your passive residual income is not dependent on a 9-5 work week and can be generated 24 hours, 7 days a week.
4. Able to give yourself a pay raise whenever you want by creating multiple income streams.
5. Create an unlimited amount of income - you are only limited by your imagination.
6. Have more free time to spend time with your family, friends or go on vacation.
7. Ability to give to charitable causes
8. Create residual income for your future retirement.