Internet Income – What Is It?
Well it is our way of addressing all the different kinds of incomes that are referred to out there.
The internet is full different types of income you can earn. The terms ‘Passive Income’ and ‘Residual income’ are both frequently used within the internet marketing communities, and are described as something to produce in order to help you achieve your goals of financial freedom. But what do they and the other types of income actually mean?
Types Of Income
The different types of income are generally, but not always, broken down into 3 categories;
o Earned or Linear income
o Residual or Passive income
o Portfolio or Investor income
Earned income is created from having a job. You spend your time going to work for someone else, and they pay you for your services to them. If you stop going to work, you stop getting paid. In this scenario, it is often the case that workers will work hard enough to keep their job and their employees will pay just enough to prevent them leaving.
For the workers, the earning potential in this situation often has limitations. Most people find themselves in the ‘Earned Income’ situation. Some people are perfectly happy with this. However, others will not be happy to settle for the constraints and will strive for something more. I did not want to be restricted in life by the limitations of Earned Income, and I imagine that you don’t either which is probably why you ended up here, reading this blog post.
So, what is the alternative? Well this is where Portfolio and Residual Income come in.
Portfolio Income is really quite a specialist area, which involves things like stocks, shares, bonds mutual funds and real estate. You need to have a good knowledge and understanding of the financial markets, so it is not something I am going to discuss here, as I currently have no experience of it, but there is plenty of information on the internet if it is something that interests you.
The Way Forward
Residual Income is my answer to the problems created by Earned Income. Residual Income is where you set something up or you do a piece of work initially, and then you continue to get paid, regardless of whether you are currently working on it or not.
An example of how I achieved this was to write an eBook. I spent 2 weeks, back in October of 2013 writing, editing and creating a cover for my eBook. I then published it on Amazon.com and have received an income from it every month. I have tweaked the content a couple of times since publishing it, but generally I have stopped working on it, but I am still bringing in an income.
Sounds good right? An eBook is just one of many ways that you can start to begin creating a residual income for yourself. There are a lot of other things you can do and create to get going. The amount of work you have to do is often a lot to start with, but if you put that effort in at the beginning, you can get paid for it for months and years to come!
Now although residual and passive incomes have been grouped together in this post, they are actually slightly different. Check this blog post to find out why.
The idea of this website is to provide everything you need to get going with creating a residual income and also to update information so it is current. Posts will regularly be added on this topic and other relevant topics, so make sure you check in regularly.
One of things I found really helpful when I was getting started in making money online was having access to a community of like-minded people, with whom you could share and discuss ideas, follow this link to check out the place which really helped me on my journey.
I hope you have enjoyed this post and you now have a better understanding the different kinds of income. Keep your eyes peeled as new posts on this subject are being posted all the time! Also take a second to give some feedback or let me know about your experiences of creating Passive Income, I’d love to hear from you!
Bye for now 🙂