Instead, they’re the opportunities that fit your individual situation, Figuring out your personal financial needs is one of the key questions that will help you find the online opportunity that’s right for you.
Only then will you start your quest towards the best residual income opportunity.
The truth is that there are enough online opportunities out there to meet any financial need.
In this post I’ll go into more detail about how to determine how much money you need to earn and how to find a job that meets those aims.
How Much Money Do You Need?
One point I really want to make clear is that need is very different from want.
I want $100,000,000. Who doesn’t?!
I need far less than that.
Think about your current monthly expenses. If you strip away extra spending and disposable income, your need is really just a few key things.
- Rent or Mortgage
- Monthly Services (phone, internet, etc)
- Debt Repayment (car loans, student loans, credit card debt, etc)
Those are the basic items for most people. You probably have a few extra miscellaneous things in there as well, like gas, and money for occasional replacement clothes, appliances, etc.
The point is, need doesn’t include any fancy vacations, nor designer shopping, or any of the other extras we fall into the trap of thinking are essential.
Need is your bare minimum. It isn’t your dream income.
You can read more about finding your dream income here.
Finding The Best Online Jobs That Meet Those Needs
Your first goal, then, should be to find an online job that meets those needs.
To do this, remember that there are two basic types of income: passive and non-passive.
With non-passive income, your earnings are tied to the amount you work. This includes things like consulting, salaried positions, or freelance work.
Passive income isn’t tied to your work. This is the more powerful and (in my opinion) better option. Passive income is about building an online business that will work for you. If you’re unfamiliar with how this works, click here to read about the basics of residual income.
While I think that building a real business is the best time-investment you can make online, it isn’t right for everyone.
It’s important to decide when you need your income first, since many of the best passive streams, like affiliate marketing, take a few months before you’ll see any earnings. If you need money more quickly, you should just get a normal job.