Extra Income --- Very Welcome
Gone are the days of mid 50's and 60's when a family could
survive upon a single income. Today the inflation and economic
factors are such that survival on two incomes has become hand to
mouth. Going by this trend we can very well imagine what the
future holds for us. Two incomes certainly will not be enough.
It's best to prepare for the worst and expect the best instead
of vice versa. Its best then to have multiple incomes flows into
your finances than to have an insecure future. The concept and
importance of extra income becomes all the more apparent.
People who have been well-to-do have always known and taken care
of this. If one income dries up, one can always fall back upon
the other streams of income, and if all go well you can only get
richer, no harm in that. Ordinary and average living people have
always been in a dilemma regarding this. Loss of one income
really affects them adversely and it would take years of hard
work before any normalcy returns. Not to mention, the rippling
effects of financial distress that could cause a lot of
heartburn and unwanted emotional disturbances.
Having diverse sources of income or extra income gives you a
backup to fall back upon. If one source vanishes, you should not
feel the difference. One should have enough time to reorganize
and regroup, that's it, and you are back on the happiness
highway, safe and sound. The importance of extra income and
extra sources of incomes is not lost on anyone today, therefore
the want and rush.
Extra Income can be of two kinds - Linear and Residual.
Linear income is the extra income you earn on an hourly, daily,
weekly or monthly basis. There is no more future commitment
attached to it from your end or form the receiver's end.
Residual income is an extra income where you work hard once and
reap the fruits of it all for many years in the future. The
reward for the same effort paid over and over again.
In normal course of a career, any individual earns a linear
income through a job or a profession. You are earning only for
the time you can spare on work on a daily basis. Some earn a
higher linear income. Most smart people try to shift to residual
incomes from their linear incomes through extra income routes to
have a secure retirement and future. Starting with one residual
extra income effort a year would be a good idea.
Internet gives a lot of options in the extra income route. One
has to be careful in selecting the right one from them by
recognizing the hype form the straight talking ones.
Almost all these programmes have residual income components in
them. Select one and give it everything you can, when you can
earn the residual from it, time to start off with the next one.
All the best.