Elvis's estate earns over 40 million dollars a year although he passed away in 1977. He created music works that people have enjoyed for many years. Elvis created a vast amount of residual income. Residual income is getting an ongoing stream of income for past work.
We all have a hobby or job that we could offer as a creative piece to generate residual income. A mechanic could offer a manual for DIY types. A car salesman could offer car-buying videos on You Tube. A day care provider could establish parenting clinics. A seamstress could offer online tutorials. A school teacher could offer a short e-book on getting good grades. A retail sales clerk could start a small boutique.
Ironically passive income requires action, non-passive action that is. Today is a good day to create something to help others for a long time to come. What can you create to improve others while building residual income?
(Photo courtesy Wikipedia)