What Is Residual Income & Why It Rocks

Wondering what is residual income? Perhaps you’ve heard the phrase and are curious. Residual income essentially works FOR you and continues over time.

In today’s post I will dive into exactly what is residual income and frankly what it ROCKS! 🙂

I never learned about this concept in school or college. No talk of it in the Army. Definitely no chatter about it in the Corporate world. Then one day, in a mall parking lot, it was presented to me. True story, actually kinda funny! Full scoop on that here.

What Is Residual Income: Definition

So let’s just go right to the “textbook” definition of what is residual income, also called “passive income,” here on Wikipedia

     Income received on a regular basis, with little effort required to maintain it.

Further, here are some examples of residual income cited on Wikipedia

   1. Any type of property income
   2. Earnings from business that do not require direct involvement from the owner 
   3. Rent from property
   4. Interest from a bank account
   5. Royalties from publishing a book or from licensing a patent
   6. Earnings from internet advertisements on website
   7. Pensions
   8. Dividend and interest income from owning securities, such as stocks 

What Is Residual Income: My First Attempt

Just a few years ago I was downsized outta my pharmaceutical sales job. I went from a six-figure income to zero in about thirty seconds flat – yup, handed a pink slip right over the phone!

What is Residual IncomeA job was all I knew, all I had. Now it was gone. And so was the income!

I was frustrated; I had one of my best years ever with that company and just finished my MBA. And did that really matter? Hell no!

I was sending out resumes left and right. The only income I had at the time was rental income. What is residual income #3, mentioned above. Truth be told, I didn’t know this was “residual income,” I was just looking to make a buck!

The rental income was cool. It covered my mortgage and a little profit. Thankfully I had a tenant at the time!

I can tell you rental income is hard. I’ve had tenants not pay, been through two costly and lengthy evictions and had my house trashed not once, but twice! Oh, and one time I discovered the property’s basement was a marijuana farm lol. They were “happy,” I wasn’t!

More on rental income in the video below…

What Is Residual Income: The Best Vehicle

The best vehicle I have found for achieving true passive and residual income is… Network Marketing.

Think about it this way. You downloaded some music off of iTunes. The artist was paid a royalty for their song download. Aka passive or residual income. They were paid on something they did in the past. Something they started.

Now, unless you have a song that will hit the top of the charts or you are appearing in the next box office smash movie, that type of residual income is probably beyond reach.

Well, hey, we’ve had movie starts here on the blog before… But just sayin’ 😉

What Is Residual Income & Why It Rocks

So enter Network Marketing.

what-is-residual-income-2180 BILLION produced from this industry in 2014 alone. Over 6 BILLON in commissions are paid out to network marketing professionals on average each and every month. And the profession is exploding!

Here’s the deal. U wanna know what is residual income? Freedom. Very simply.

It allows the common person to achieve freedom. Unlike a job. Unlike rental income. Unlike inheritance. Unlike investments. Unlike anything I’ve seen.

FULL DISCLAIMER: This is NOT get rich quick. Residual income does not happen overnight. It’s a business. It has ups and downs. It takes WORK. It’s not NOnetwork marketing lol. 😉

You have to do stuff. I love this industry and helping others discover what is residual income and frankly, why you WANT IT!

Check the video below and if you wanna look deeper into residual income click here and let’s connect.

Did this help you, did ya get value? If so, I would greatly appreciate if you commented below with your thoughts and shared on Facebook!

To your success!

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Email: jeff@talljeff.com

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Jeff McGeary is a home business entrepreneur and marketing coach. With a background in Corporate America and pharmaceutical sales, Jeff branched out and began his home-based business journey in 2010, quickly becoming a top earner and leader in his company. He is passionate about teaching and training others and is a Major in the Army Reserve.

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