If you are looking for a better way to be financially independent, residual or passive income is the way to get there without a doubt. How many times have you wished that money really can grow on trees? The magical thing is that you can make a money tree of your own and the way to get there is with passive or residual income.

What is residual or passive income? 

This kind of income is any money making system that generates consistent revenues on a regular basis without any work except for the initial set up.

Why is this type of income the right way to become truly wealthy? 

You are not limited by how many hours you can work to earn money like in your job. Everyday your passive revenue streams make cash for you, and the potential upside is unlimited. The only two limits to how much money you can make is with the number of passive income streams you set up, and the amount of time it takes you to create them.

What are some examples of residual income money makers? 

Stock investment dividend income and property rental income are the two most familiar to most of us. We are used to the concept of saving for retirement, letting our money work for us, and living off the interest our investments generate. Investment income from stocks in the form of dividend is a form of passive income. There are others as well, some which need no money to get started at all. Think of the musician, actor or writer who works once and then receives residuals on their intellectual property. They do the work once and get paid regular checks there after. The best part is that they are free to work again and repeat the process as many times as they can creating new branches on their money tree each time.

The Internet has a plethora of opportunities for making residual income in a legitimate way. You can start a blog, own a website, produce video, take digital pictures and create numerous other money making options on a shoestring. In fact, money is not necessary at all and the cash you can make is truly astounding.

The formula for "How To Become Wealthy" can be broken down into plan, effort result. You need a plan or idea, add dedication, effort and determination and this will equal wealth. If you take a plan or idea and add nothing that will always equal nothing.

Someone once told me that there is a name for having a goal but taking no action, it is called pure day dreaming.

Relevant Reading :
All About Dividend Investing: The Easy Way to Get Started : ~ Don Schreiber and Gary Stroik

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