“By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day.” —Robert Frost
“Family, religion, friends … these are the three demons you must slay if you wish to succeed in business.” —Monty Burns
Not me. That is not how I envisioned my life.
Last week I posted about the difference between linear and residual income. Keep in mind, residual income pays you long after for work you’ve already completed. I also listed a few ideas on how to generate residual income.
This week, I want to talk about how this can benefit you.
The prospect of starting a home business was a little daunting and scary to me three years ago. I had never done anything like it before; I had always been a pay-per-hour worker. I needed to replace my former teaching salary as soon as possible.
Within my first few months working I was able to bring in a good monthly income, which was great because shortly after starting my business, my eighteen-month-old son was diagnosed with autism. Obviously, my business took a back seat. I did not work regular hours for months as we were going through evaluations, lining up therapists, and emotionally dealing with what we just learned. I spent more hours doing therapy and research than working my business. Yet I still got paid. That is the benefit of residual income. I still got a check each month for work I had done my first few months in the business even though I was not working.
Time went on, we got our life back in order, and I reorganized and prioritized my schedule. My monthly income from my home business continued to grow as I worked.
Once again, that extra income was amazing because we were then hit with another blow. At six months pregnant, we were told that our second son would come out with health problems. I took the time to research and prepare and after he was born, our life completely changed for about two months. He was very sick, in the NICU, and almost lost his life twice. A blood transfusion was what finally saved him. During those months I did nothing in the way of working my business. Yet I still got paid. I was able to take the time to be with my son in the NICU, care for my then toddler with special needs, and still make a monthly income that could help with groceries and bills.
Residual income, getting paid for work I had already done, allowed the pressure to be taken off my husband, the only member of our house with a salaried job.
It allowed me to take time to care for and provide the best help possible for my son with autism.
It allowed me to be at my newborn’s side as he fought for his life.
What can the power of residual income do for you?