3 tips for making money when you sleep

Linda Business, Efficiency 2 Comments

Make money while you sleep how cool would that be? Film stars do it, Sir Paul McCartney, Sir Elton John, Gary Barlow & other brilliant song writers manage it, even Hugh Grant’s character in About a boy managed it – why can’t I? Well you can, its just about having the idea and following through.

Found this brilliant article about the best British songwriters – you’ll recognise all of them! http://www.telegraph.co.uk/culture/music/3673508/50-best-British-songwriters.html

John Lennon when interviewed commented: 

‘When Paul felt like it, he would come in with about 20 songs and say, “We’re recording.” And I suddenly had to write a f—ing stack of songs. “Sgt Pepper” was like that.’ It can’t have been easy being in a band with a songwriter as gifted as Paul McCartney, but during their time together Lennon would write many of the Beatles’ greatest songs, including Day Tripper, All You Need is Love and Strawberry Fields Forever. While McCartney was writing material for solo albums and for his new band Wings, Lennon pushed on to create Working Class Hero, Imagine and Give Peace a Chance. He was a revolutionary artist who travelled far beyond the dream of rock’n’roll stardom.

So what is it?

Residual income is also known as passive or recurring income and is different from a regular wage that’s based on the number of hours invested in a particular job. Residual income continues to generate itself even after the work has been completed. Such income helps you earn more while working less as it continues to pay recurrently for work done once.

Sources of Residual Income

Types of jobs that can provide you a residual income are freelance writing jobs and multilevel marketing roles. Royalties can be earned indefinitely if you write and publish a book. Alternatively, you can earn Internet revenue by advertising on the net. Marketing on the Internet requires very little investment of both money and time and once established, can generate plenty of residual income. Owning a property and renting it out can also provide you with residual income as can dividends earned from investing in stocks and securities. Get it?

How to Make Residual Money Work for You

Most people think that there is no work involved in the earning of a residual income. This is not true. At the outset, it’s necessary to work very hard in order to be successful. You will have to continue working hard even after the program has been established in order to ensure that you get results. Since you are the boss, you can only blame yourself if anything goes wrong and you would be cheating yourself and nobody else if you try to shirk off work.

Increasing Your Earnings

It’s essential that the team you chose to work with can provide both talent and hard work. Also, make sure that the mode of generating income is best suited to your temperament and the amount of money you can afford to invest. Once your residual income mode of money making is in place, you will reap the benefits geometrically and this reaping of benefits can continue indefinitely.

The misconception that you can earn a residual income without working is a myth.  You need to work smart not hard to earn this form of income.

So what are my 3 tips?

  1. Write a book
  2. Write a hit song
  3. Build & develop a network marketing (MLM) business

This blog has been written as part of the I AM WOMAN 30day blog and Linkedin challenge


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