There's a good deal of how-to information when it comes to building a passive residual income online and in the real world, but not much about the benefits, about the why of residual income efforts. Until you've achieved your passive income goals, the efforts to get there can seem enormous compared to the returns: you might write 50 website articles in a month and only see a few dollars in revenue during those few weeks.
That's when a reminder as to what you're aiming for, and why, is important.
Having built up to a full-time residual writing income in the past, and earning one this year as well, I've experienced firsthand the peace and freedom that comes from passive income. A residual income allows you to:
Diversify your income sources: In an unstable employment market, adding to and diversifying the places from which you receive income is especially important. The more income sources you have, the better better you can weather most financial storms in any economy.
Increase earnings potential: By building a residual income stream that doesn't need constant attention, you can can earn more money over time. The more residuals you build through websites and digital media, the higher your overall earnings will be, even if your boss never gives you a raise at your 9-to-5 (assuming you have and keep a regular job). As a work at home mom, I am able to earn far more through residual sources than if I only wrote as a freelancer for hire.
Retire early or on time: Build income source for retirement through your own niche sites, blogs, revenue-share articles, ebooks, apps and the like. While many Americans are facing the threat of less less money in retirement, delaying retirement or even no retirement at all due to lack of savings and investments, savvy online writers can build an income stream to last throughout their retirement years with basic upkeep and maintenance.
Work less hours: If you want to quit your day job and work only as much as you like, building a full-time passive income is the way to go to achieve this without living on peanuts or handouts. Since passive income allows you to reap the benefit of years' worth of efforts, you can work much fewer hours -- even take off for weeks at a time -- if you aren't trying to build up to a higher level.
Enjoy life more: Whether it's a long commute, stressful deadlines, or plain old burnout in your current job, many people find their work stressful and their family and personal time too limited. With a strong passive residual income from writing, you can plan your days, have more time with children, a spouse, friends and the adventures and activities you enjoy.
What your motivation for working for a long-term passive income?