What Exactly is Residual?

I was thinking about what my idea of residual is. In normal terms, it means receiving money over and over from work you performed once, like royalties from a product or something. My theory on the whole idea is that the money will eventually dwindle off from each venture, so you really have to keep busy coming up with new things. At first, you have to be really busy until you hit your income goal and can sort of go into a maintenance mode.

Is my vending considered residual? I mean, sort of and then again not. I have to fill them up and collect money, which is work I have to perform, but I no longer have to place a machine once it is placed. Finding locations is about 90% of the business anyway. I think I would place that under residual. Rental income is a type of residual income. Too bad I don't have anything to rent out. Royalties from writing, photography, and programming are feasible. I first need to learn to write and take pictures. Programming I can do, but what? Perhaps make an app for iphones and sell it on the istore. That is a possibility.

So far I have:
Vending
Royalties
Rental

But what about internet specific ventures? Id really like to focus on those. The main reason for this is the flexibility of location. I would hate to have to completely sell all ventures and restart them if I decided to move somewhere else. The idea of residual is continued income I know, but to make more you have to do more work, or replace the streams that dry up. I'd like to be able to do that while I am anywhere in the world. Wouldn't that be nice?

Time for a change

As I mentioned in a previous post, I will be focusing on building monthly income and not just trying to get to a million dollars. That does not mean that I will not continue working on the million dollar goal, quite the opposite. It means that I will focus on finding ways to build recurring income, vs working on one-shot deals. Of course, profit is profit, and I will still do one-shot deals when they come around.

I have yet to decide if the format of the blog will continue or if I will do a complete redesign of it, structurally speaking. I don't think anyone cares what color scheme I use or something unimportant like that. Although, I would like to make it look a little less like everyone else's blog on blogger. I'll add that to my 'things-I'd-like-to-do-but-probably-never-will' list.

SO! Time for the change, I am giving myself a week to come up with at least one residual money-making venture. What I would like to do is find one a week for the next few weeks, then spend some time working them into the plan. I will also report the 'What not to do' things I find, that way I can revisit the list whenever I forget I already saw something or want to remind myself why I should not be doing it.

So I suppose the first thing is to decide how much money per month you want to build up to. I think a cool million per year, AFTER TAXES, would be sufficient, don't you think? That's approximately, $2MM per year. HAHA, I know, think real. But hey, it could happen eventually, right?

Given that I need to start a LITTLE closer to the ground level and in the real world, lets go for an initial goal of $30 a month. Thats $1 a day. That shouldn't be too hard, right? Let's hope not.

My feeling on this is that it will be a bit harder at first because I have no idea what I am doing, but that it will get easier as I get more proficient at this.

Step 20 - Finally Some Progress! - And a Confession...

Wow, what a fruitless summer this has been. With some heavy hits from real life taking away my time to get more involved in making money, things just did not go as well as I had hoped or planned in my venture.

First my confession. Against the rules, I took money from my stake to help with all the various things that were going on. How much, I am really not able to say, but much more than I wanted to take, I'm certain. So I will have to re-evaluate my fundage and how much I owe myself. In all of this, I can say that I was not as on top of things as I should have been in my financial situation. To my defense, the total losses on my personal accounts from January to August was over $7000. It's hard to plan for that and still not lose momentum, wouldn't you agree?

Another thing that took up a lot of time, but in a good way over the long term, is school. Some of the classes are pretty time consuming and need more attention than others. Given that I'm no spring chicken any more, there are times I really need to focus so I can get finished and resume a decent salary again. The idea is that the more I make, the more I can turn into the projects of making money, or at least the less I will have to borrow if something disasterous happens.

So now, we move on to the progress!
Since my last post I have collected another $250 in monies from various machines. Not too shabby. I really need to purchase some spare pieces to replace some of the worn ones. To expand, I need to purchase another few machines as I have a chance to expand a little within the locations I have.