It’s everyone’s dream at some point or another. To cre­ate some­thing so amaz­ing you just live off the licens­ing fees or roy­al­ties with­out hav­ing to lift a fin­ger. Instead of clock­ing in your hours, you’re cruis­ing on your yacht off the coast of Monaco.

Sound too good to be true? For most peo­ple it is, but not you. Because you’ve already taken the first step by telling your­self you will live off resid­ual income and not waste your time slav­ing away for some­one else.

So if you’re cre­ative,  an inven­tor at heart, or even just good at repack­ag­ing an idea, you may want to look into this resid­ual income strat­egy. This arti­cle below gives you the pros, cons, and hows to cre­at­ing a prod­uct that will gen­er­ate you a prof­itable income stream.

“Cre­ate Prod­ucts For Income That’s Pas­sive And Massive

Ever have an idea to fix a prob­lem or sur­mount a chal­lenge and then see that very same prod­uct in a store a few years later?

And you think, “Hey, they stole my idea!”

Chances are, unless your tele­pathic pow­ers are fairly high-level, the inven­tor didn’t steal your idea. He or she just acted on the same con­cept that was float­ing around in the col­lec­tive con­scious. The dif­fer­ence is action.

If you have seen your ideas repro­duced later by other inven­tors, don’t be dis­cour­aged. In fact, you should be encour­aged. Here’s why:

Cor­rectly iden­ti­fy­ing needs and solu­tions is a good sign that you can be an inven­tor or a prod­uct devel­oper. To take that next step, you need to learn how to intro­duce your prod­uct into mar­ket. There are pri­mar­ily two ways to accom­plish this. You can either invent, pro­duce, and sell the prod­uct your­self; or, you can license the inven­tion to some­one else and col­lect a roy­alty, a per­cent­age of the sale of that product.

Most inven­tors pre­fer that lat­ter, since it’s more hands-off and inven­tors like to keep their “hands on” new ideas. It’s another form of resid­ual income that will help you secure your finan­cial freedom.

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