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Category: PERSONAL FINANCE, Personal Wealth

The importance of residual income for entrepreneurs and business owners
Written by Conray Labuschagne
1 February 2013

It would be difficult to imagine a person who did not envy those with financial freedom. Most people work in mundane jobs and have to make every penny they earn count, often having to go without something in order to pay off the credit card account. Most people who have started businesses are anticipating the financial freedom the business will bring them. The sure way to achieve financial freedom (and it is within the reach of most people, is to have a residual income or passive income. That is an income that you don’t have to work for each month.


Most people start a business and ignore the opportunities for residual income. There are a number of ways of doing this:


  • Income from renting out property
  • Income from a business managed by a third party
  • Royalties
  • Internet advertising revenue


The first step towards a residual income and hence financial freedom is to get yourself into a state of positive thinking.

There are several words for it; positive thinking, positive mindset, millionaire mindset, positive frame of mind, positive state of mind - they all mean the same thing, setting a goal or goals and having the attitude and determination to do something about achieving them. Without that mindset you will achieve nothing. The recent world economic crisis left many people with food for thought. It also left many people without a job. Almost any job, but especially those mundane nine to five jobs, can be taken away from you with little warning. The fact is even what are apparently the most stable institutions can fail with little warning. It’s very easy to lose your business, and it would be very reassuring if you had a residual income.


It need not cost a fortune to set up a residual income. There are numerous opportunities on the Internet for setting up websites for free, and through which you can create a residual income.   Companies will pay you a commission for selling their product on your commerce website. Work your wealth can help you to break away from your present frame of mind and realize your true potential. Let us assist you along the pathway to financial freedom.  


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