Do You Want Extra Income?

Copyright © Lizzy Ohaka
http://www.AutomatedIncomeSite.com

An extra income in simple terms is income generated to supplement your regular income.

In today's world, an extra income has become inevitable, with the downturn of economic activities, downsizing of the labor force, inflation and other militating factors. A family can no longer afford to depend on a single income with its attendant fear and insecurities but rather must create multiple streams of extra income.

Extra income provides a soft landing in situations where one source of income completely dries up. You quickly re-organize yourself, hardly feeling the difference and voila! you are back on track. The wealthy people seem to understand this principle and are very well practicing it but alas! The average and "have-nots" are still finding the whole concept strange. A loss of income for them would mean a serious set back that will take long months or even years to recover from not to talk of the emotional and mental torture arising from financial distress.

Extra income usually takes two forms: Linear Income and Residual Income

Linear income is income limited to the number of hours you worked. This could be on an hourly, daily, weekly or monthly basis. If you stopped working you stopped earning! For example, a professional at his day job.

The second form of extra income is the Residual Income. This is a powerful source of income meant for the rich and financially intelligent. It is income you continue earning on a regular basis from hard work or investments you have done once. Examples would include, songwriters and authors who receive royalty’s years after they finished working.

Most smart people settle for residual incomes from their linear income background through extra income opportunities so they are certain of a secure retirement and future.

Extra income really does make people happier and fulfilled.


About the Author:
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This article was written by Lizzy Ohaka, an up and coming expert in home business. Did you find this article helpful? you can find a lot more about home business ideas and opportunities and how to take action by clicking the link below. There you will also be given lots of free bonuses.
http://www.AutomatedIncomeSite.com
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