The definition of traditional residual income is "Income generated with minimal work from your investments such as interest, dividends, or real estate rentals."

Investment of time and money is initially required to build this type of income online, then possibly minimal work thereafter.

The benefits of building passive income:

1. Make a strong initial effort to get your income started, then do minimal work (or virtually none) thereafter, resulting in earning more and doing less.

2. Freedom to choose when and where you wish to work.

3. Your income is not dependent on a 9-5 work week and can be generated 24 hours, 7 days a week.

4. Able to give yourself a pay raise whenever you want by creating multiple income streams.

5. Create an unlimited amount of income - you are only limited by your imagination.

6. Have more free time to spend time with your family, friends or go on vacation.

7. Ability to give to charitable causes.

8. Create residual income for your future retirement.

There are however ways that everyone can create streams of income which flow whether we are there or not.

Whether you are a songwriter looking for a way to get your music published, a network marketer looking for a way to turbocharge your organization, a frustrated author who has a book inside you, perhaps you want to obtain a few investment properties and are looking for a place to start or you just want a way to one day fire you boss, you will find the resources here to get you on the road to financial freedom.

The simplest way to build annuity income is to have an interest bearing savings account. Einstein called it the 8th wonder of the world - compound interest.

Here you will find out about exploring the advantages of investing in the stock market to attain portfolio income. Perhaps you may want to check out the truth about the network marketing industry. If you have a yearn to write a book or record a CD, you will be mine a huge amount of information to get you on the right track.

It is imperative to change your mindset. There is no get rich quick scheme. If it was so easy, everyone would do it. At the beginning, it is easier to get a job. You get paid for the time you spend at work. That is easy. Creating passive income requires education, time, trial and error, work, long hours and time to think (lots of it).Anything worthwhile in life takes effort.

My suggestion is choose one direction to move in and apply yourself to study one particular area until you feel comfortable. There is certainly no reason why you cant embark on MORE than one vehicle once you are fairly comfortable with one particular area - start creating multiple streams of passive income.

I am continually researching viable ideas and projects for creating passive income, if you want to be updated about all the changes on the page, be sure to click on the RSS feed (button on the left) or add it to your favorite reader.

Good luck!

Luke Gordon