The dream of many people is to get more time back in their lives, however we are often slaves to our financial burdens and therefore we work day after day dedicating our lives to our jobs. We work so hard that we dream of taking vacations and having time away from work, so we work and work and work, saving as much money as we can to take these holidays away from our jobs. Then the holiday is over and we end up back at the job inevitably paying off some of the money we spent away and desperately saving for our next escape. It’s a never ending vicious circle.

Aside from the holidays, many people of just having more time in their lives. Perhaps working shorter hours. Imagine if you could spend more time:

-Playing with your children

-Spending more time with family or friends

-Pursuing your own hobbies

-Or just enjoying life, relaxing and doing what you want to do

A smart man once said, you can always get more money, but time is the most precious commodity we have and once its spent its gone forever.

A close friend of mine has never understood that concept. In his belief system, you need to work as much as you can and dedicate all of your time to earn money so that you can support your family and relax debt free when you’re older. He works away from his family in high paying job and only comes back home every couple of months.

Can you imagine living like that?

Missing birthdays. Missing Christmas and New Years. Missing anniversaries. Missing out on spending time with friends and family. Missing life.

Of course I respect his goals and the choice he made – to be debt free by the time he’s 40. But at what cost? How do you maintain the balance of wealth and time?

The answer is in “residual income”. Residual income is where you leverage off of the work of a system or another person to generate a continuous flow of income. Another way to think of it is – you do work once and you get paid for that work again and again and again.

Some examples of residual income include:

-Bank interest and investment dividends

-Royalties

-Rental Income

The easiest way for everyday people to generate their own residual income is by starting their own business and partnering with a company that pays you commissions on your customer’s bills. Eg: a monthly membership fee or a service that they sign up for like a mortgage contract or phone plan.

Building an ongoing income stream takes time. In beginning its just a trickle but as you keep working and adding more and more to your business, the bigger the flow of money becomes. The day that the flow of money grows and keeps on coming whether or not you “go to work” that day, or week, or month – that is the day that you discover true time freedom.

How does it work?

Lets use the example of the customers with the phone plans. Lets assume that you get 1% payment on all your customers and each month you add 10 customers with bills of $50.

Month 1 – 10 customers with $50 bills equals $500. 1% of this is $5 commission

Month 2 – 20 customers with $50 bills equals $1000. 1% of this is $10 commission

Month 3 – 30 customers with $50 bills equals $1500. 1% of this is $15 commission.

So you get the idea of how residual income builds up over time and how powerful it can be. You are not putting in any more effort than you did in Month 1 than you did in Month 3 to essentially give yourself a raise. Furthermore if in Month 4 you did nothing at all, your 30 customers would still have paid you $15 in Month 4.

This example is a very small one using very simplistic numbers and compensation amounts. But the income earning potential of residual income is limitless, and the types of compensation and business strategies that are out there are extremely profitable.

The key to unlocking it is, giving a consistent and focused effort to your business AND investing at least a year of your life to get it right (remember residual is slow to build). Now you just need to find the right opportunity for you.

Next read the free report on how to find the right business to generate you a significant income from home, the link is below in the author’s bio information below.

Kira-marie Laverty is an entrepreneur helping people create wealth. Click Here to get more information on how to find the right opportunity to create your own residual income.

Kira-marie Laverty is an entrepreneur helping people create wealth. Click Here: http://klaverty.tkr.me/residual3 to get more information on how to find the right opportunity to create your own residual income.

Author Bio: Kira-marie Laverty is an entrepreneur helping people create wealth. Click Here to get more information on how to find the right opportunity to create your own residual income.

Category: Business
Keywords: residual income, earn full time income, work from home, get more time