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For the purposes of this piece, residual earnings means money that can be earned indirectly. The earner does not have to be actively on the job to receive residual income.

For instance, the insurance industry generates residual income on a regular basis. The customer buys a policy which amounts to direct income. But when that same customer annually renews that same policy, the income earned is indirect. Thus it is residual.

Multi-level marketing organizations also generate residual income. When one seller recruits, trains and manages additional sellers, the original seller will make an indirect (residual) income from everything sold by the other sellers already recruited and trained.

There are other forms of residual income but you get the picture.

So what is the downside of earning income indirectly? After all, it sounds like a pretty good way to go. What follows are a few of the major pitfalls.

1. Nothing is for sure. There may be income one day and nothing the next. The earner is not working for a salary and cannot accurately project income from day to day. It may be that a lot of money is made on a given day and that is followed by two weeks of nothing to take to the bank. Almost any scenario can occur, literally.

2. There is work involved. Although a sale may not be a direct transaction, there is always work to be done to position products and services so that they will sell and income will result. After all, there is no free lunch and that includes the world of residual earnings.

3. Flexibility is required. When riding a successful sales wave, spend time preparing for what is to come next. Every wave eventually breaks on the shore leaving you high and dry if you are not prepared. Further, if something is not working it is important to be able to turn on a dime and head in a different direction. Being stuck in a groove can become wholly counterproductive.

4. Patience is a virtue. One must understand that more often than not, things start small and grow. It takes time to create the infrastructure required to drive residual income. Good things rarely happen overnight.

In other words, when you cut to the chase earning residual cash is pretty much like any other line of work except that in this matter, you are working for yourself and not someone or something else. It is your show. You are in control and in the end, you succeed or fail on your own merits.

Fortunately, there is good news on the residual earnings front which is embedded in the fact that money is made, by definition, indirectly. Remember, you do not have to be on the job to make money this way.

So you can earn cash while you sleep, or when you are on vacation, or when you take a day off. Unlike the daily 8 to 5 grind of conventional employment, you work on a schedule that best fits your talents and preferences. You determine how much you make, not some employer.

You work how you like, when you like, where you like. In the long term, your total income is limited only by your own imagination and your own work ethic. After all, it is your business.

Finally, a few words to the wise. Most MLM operations leave you way too dependent on others to generate residual earnings. Avoid those like the plague.

Also, do something that provides you with all of the training and all of the resources necessary to be successful. Short of that, be very wary of making any investments of time and money.

Critically important, work at something that puts you in front of the largest business marketplace possible. The more customers your operation can address, the better the chances that you will do increased business and make more residual cash.

Yes, there are downsides involved as previously noted. But those are so far outweighed by the upsides that you would be foolish to ignore such a rich source of income. See you in the marketplace.

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