Residual income is when you continue to get paid after the work is done. This includes royalties from books, movies, or songs and also income that comes from real estate or business investments where you don’t actually have to be present to earn it. For example, Bill Gates is still making a residual income from Microsoft even though he isn’t working there anymore.
A very thoughtful list here. Another relevant book published this year is “Retirement Planning for Young Physicians” by Dr. Ralph Crew. It covers many of the topics discussed here from the perspective of a physician who has successfully saved and retired. The book adds a lot to these discussions with a focus on the importance of lifestyle choices, as well as a realistic (though sobering) view of likely future physician income trends and how to plan accordingly for retirement.
Thank you for sharing your advice on Amazon and affiliate marketing. I just recently joined Amazon and have been updating my blogs using your techniques. Hopefully it works for me like it has worked for you, granted I know now based on your experience that I probably won’t see any big income from it for awhile but it is really nice to know I am on the right track to some success in the future.
The second big takeaway for me, was to pick a niche you know, you find interesting AND where there is demand for your product – ie willingness to buy/pay. A lot of people only remember the first part of this 2-part formula, and end up creating a blog on knitwear for kittens. But it’s the overlap of passion and profit that Ferriss stressed so much.