Wednesday, March 15, 2017

Extra Income --- Very Welcome

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

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.

How to go about earning an Extra Income

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