When you read Russell's new book. You will be amazed at how simple and effective his strategies are. It's like mining for gold nuggets and your striking it rich in any direction you swing! Every chapter gets you one step closer to burning bridge to your old marketing and sales ways. Expert Secrets sent me down a path in story telling and branding I didn't expect to pursue.
Another drawback of residual income is that future income payments are often not guaranteed. If you spend a month building a website to generate residual advertisement income, the actual amount of income you make can fluctuate over time and it may fall if the traffic to your site declines over time. Similarly, companies can slash their dividends and tenants can move out of rental units, which can decrease passive income. With earned income, you get a certain amount for your services up front so you don't have to worry about future earnings.
Managing your own blog isn't as difficult as some people initially think. There's this misconception that you can't earn much money with your own blog, so you'd be better off going with content mills instead. Wrong! It's not difficult at all if you're willing to work for it. The only real excuse for choosing content mills over writing for yourself is that you don't want to be bothered with the work -- you just want to write. And frankly, that's lazy (and you know how I feel about lazy freelancers). If you're a hobby writer and you just want to write to get paid a few bucks, fine. Good for you. But don't call yourself a true freelance writer if you're not willing to work on the business end of your freelance career.
“Let me remind you again that when you put a book out there, you are a published author in a space where you are an expert. Your book becomes the ultimate business card, not to mention a source of ongoing revenue. Did someone say “ongoing revenue?”. Who does not need to make some extra money on a regular basis? Realize that this book will take some work to complete once, but thereafter it exists forever – working to bring you royalty checks five, ten, twenty years from now. Money will be consistently flowing into your bank account. If you write a good book that provides real value, then you realistically have a revenue stream which will bring income for decades to come.”