What type of income do you earn? Do you know if you make residual or linear income? For most linear income is the standard. The type of income that is earned as you work, some earn an hourly wage or a salary for a set amount of hours. Residual income is income that continues to generate after the initial work is complete.
Our family is the linear income type. Both my wife and I work. I’m a salaried employee and she is an hourly. Throughout our debt repayment process we have looked at ways to increase our income. As a salaried employee I do not have the opportunity to pick up overtime as she does. We try to take advantage of that. I try to be as flexible as possible to help out with the children if she can pick up a few extra hours. I certainly do my best and work hard at my salaried position, in hopes to be rewarded with a nice merit increase or promotion at the end of the year.
Residual Income Ideas
As we look beyond our nine to five’s we have been trying to come up with some good residual income ideas. This blog could be one. With enough traffic, and some ad clicks it could earn some extra cash and it’s available to the world 24-7. I have recently set up a youtube account and posted some videos with Google ads enable as well, as a possible residual income money-maker.
I did this based on the amount of time my 3 children spend on youtube watching videos and the fact that the Shaytards are making a living base on their videos views. Content is king, and I lack some, but plan on adding more shortly.
E-books are certainly another avenue. I think most writers of e-books attempt to write about things they know best, personal experience type stuff. Our debt repayment story could be a good venture into the residual income world.
So as we continue to work our residual income ideas, I like to hear what you are doing to earn extra income.