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If you are looking for something that will provide income in the future rather than immediate income, there are a number of ways you can earn residual income. Most people who think of residuals immediately think of network or multi-level marketing schemes, and while these are certainly very popular outlets for generating future income, they are not the only sources available for building future income. One of the most important things for anyone to understand before they become involved in a residual income opportunity is the meaning of residual income. For those who are unfamiliar with the terms, residuals are income sources derived from working hard to build a business—bonuses that are paid later are called residuals.
Why would a person want to invest time into a residual income opportunity instead of making immediate income? There are many different reasons that residual income is preferable to immediate income. One of the most important reasons a person may invest time into building a business that offers residuals is because it will provide income for retirement. Even if you are currently working and have a pension or 401K plan, it is always good to have an additional cushion since many retirement plans do not have built in cost of living increases—some people retire and never receive any additional pension payments in spite of increases in the cost of living.
Another reason that someone may prefer a residual income opportunity is because many programs allow the transfer of the residuals when you die. That means you can build a business, and when you did your survivors will be able to cash in on the bonuses you earn from that business. If this is what you are seeking you need to check the program before you become involved in order to ascertain whether this option is available. Do not assume each program that offers residual income is structured the same way.
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