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Thursday, February 16, 2017

Phoenix Home Business Ideas: What is Residual Income?

When considering Phoenix home business ideas, most people think of jobs that turn time into money. Most businesses operate on the premise that you think of some sort of product (whether physical or a service), put time into creating the product, and then someone buys the product. If someone else wants the product, you repeat the cycle. Residual income is finding a way to continue getting paid for a product without putting additional time into it.

Phoenix Home Business Ideas
Phoenix Home Business Ideas
Think about rental properties. At some point, you have to do the work to gain capital and financing to buy a home. After that, you put in some work to get a renter and maybe find a management company to take care of it from there. From that point on, as long as you have a renter and the home, you will get monthly paychecks for potentially doing little to nothing.

A lot of wealthy individuals swear that residual income is the best method to accumulate both money and assets. Because you are not swapping time for money constantly, your income can continue to build up and grow without necessarily increasing workload or stress. Additionally, if you want to take a day, week, or month off, why couldn’t you? Your income is no longer based on the time you put into work.

Phoenix Home Business Ideas
Phoenix Home Business Ideas
While the premise of residual income is very attractive, it is by no means a get rich quick scheme. Strong residual income portfolios can take years to build. You may also need many sources of residual income because most single sources do not pay a full salary. Also, some methods of residual income require more maintenance and attention than others. For example, the rental home mentioned earlier may require some monthly attention to ensure the property is being managed well.

Again, though, many people who have reached a high net income testify that residual income is the key to financial freedom. So, for your Phoenix home business ideas, it may be worth looking into.

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