Want to make money while you sleep? Passive residual income is the answer!

Most of us are stuck in a 9 to 5 job, paid a salary or compensated by the hour. Like clockwork, whether it’s weekly or bi-monthly, you get your paycheck and that’s that. This is the poster child of a fixed income. Unless you get overtime, a raise or a yearly bonus, your paycheck remains unchanged. Your expenses continue to rise. This picture can get old, fast. How can you change this scenario for the betterment of your lifestyle? There is one excellent remedy. It’s called passive residual income.

Passive residual income is income which is generated by one effort, returning dollars to you, over and over again, without any further time or effort on your part. Hey, that sounds good! How can you accomplish this?

When you go to work in a factory, for example, you perform certain tasks and are paid according to the number of hours you invested in performing the task. Tomorrow, you return to work and perform the very same tasks. The tasks you performed yesterday have been paid for and are reflected in your paycheck. You won’t be paid again for yesterday’s efforts.

On the other hand, passive residual income puts money in your bank account day after day and month after month, for work you performed only once. Sounds good! How do you get on this train?

Let’s say you’re a dog fancier and have come up with an idea for a dog collar that protects your pooch from every pest in a dog’s life. You patent your idea, manufacture the collar and then sell millions of them. Do you need to re-invent the collar? No. Are you paid for your efforts millions of times? Yes. This is passive residual income.

Maybe you know every folk remedy to cure your dog of ailments the vet calls hopeless. Write a book and let the world know your secrets. You write the booklet once and sell thousands of copies to dog lovers and vets alike. You write the booklet once, but are paid over and over for your knowledge. This is passive residual income. As you sleep, you’ve got orders coming in and money flowing into your bank account. A prospect like this can’t be beat.

The point is that you may have talents and avenues of income which are simply lying fallow. Make a list of things you know which might be of value to the public. You might be surprised at what you have to offer the world and what you might gain in return. Passive residual income is nothing to sneeze at!

Waiting for your Federal tax refund? Stimulus check? It's not straightforward!

Have you ever met anyone who looks forward to filling out their tax returns? Well, maybe. Some idealistic citizens who believe they're going to get a sizable Federal tax refund are chomping at the bit come January 31st. These taxpayers have either made a lot of money this year or very little. Those who have made a good amount of money may have paid in more in estimated taxes, had it socked to them in payroll deductions or have enormous deductibles. People who have made very little have paid in excess amounts and expect that their income level will result in a nice Federal tax refund. Unfortunately, this assumption may fly in the face of reason. Your first clue comes when you peruse the IRS tax booklets.

Common sense is not signature in the IRS tax booklets. The language is unclear and even a practiced reader finds it difficult to navigate to the bottom line. Even the most diligent of taxpayers is soon dismayed, trying to figure out what goes on line so-and-so. You know you made so much money. It seems that you should just be able to plug in that value and refer to a schedule which tells you how much you owe or should be repaid in your Federal tax refund. Hey, not so fast! You soon discover the many worksheets, multipliers and dividers that lead to nowhere. You read the booklet many times to make sure you're putting the correct figure on line whatever. You end up with a migraine on the third day.

You then try the online tax preparation services. You're ecstatic when you find the tax software agrees, more or less, with your own figures.

Eventually, a couple of dozen Advils later, you think your taxes are rock solid. You file them. Oh boy, I'll get that stimulus check and my Federal tax refund soon. Now I can buy $40 of gas at once to hedge the rising fuel costs.

Then you eagerly pick up your mail and there's a check-sized envelope, labeled 'stimulus payment' in bright red letters. Great! It's a fake out. The enclosed letter tells you that because your tax liability wasn't enough, your stimulus check is cut in half! The same day's mail brings a letter from the Feds telling you your taxable income is zero and you owe them $862!

You're out of aspirin. You're out of patience. That pie-in-the-sky Federal tax refund is as far away as it was January 31st. However, the Feds cheerfully tell you it's easy and fast to get help in resolving the issue. One can only hope and pray. They don't make it easy on the working taxpayer.