Expedition: Residual Income
Having a stable income source is imperative while attending school. This can range anywhere from part-time to full-time depending on your course load and typical weekly schedule. In addition to stable income, residual income will also be useful in providing a little boost.
If you're not familiar with these terms, then allow me to explain. Residual income, in a nutshell, is a type of revenue that trickles rather than flow.
An Example in Terms of Scholarships
Say for instance you receive monthly and quarterly scholarships. Monthly (stable) scholarships come around every month while quarterly (residual) scholarships surface every 3 months. Now let's bring in your course statement.
Let's say a payment is due each month to help keep the overall costs low (just for example purposes). Those monthly scholarships are utilized to keep up with the demand of payments. Once you receive your quarterly scholarship, you're able to add a little extra to the standard payment amount.
What Quantifies as Residual?
When you work you're often paid on a weekly, bi-weekly or monthly basis in a rather nice sum of funds; for most this could be within the living wage arena. Residual income stems from tasks that result in small sums at time. Residual income varies in sources with one of the popular sources being online.
Survey sites are a great example of residual income as payment is inconsistent especially on days where you can't catch a break. Even when you do manage to complete a survey, you can't cash out funds immediately because a certain minimum needs to be met. Some other examples include:
Having a residual income source may not sound special but once expenses get tacked on out of the blue you'll soon discover how essential these secondary sources are.
If you're not familiar with these terms, then allow me to explain. Residual income, in a nutshell, is a type of revenue that trickles rather than flow.
An Example in Terms of Scholarships
Say for instance you receive monthly and quarterly scholarships. Monthly (stable) scholarships come around every month while quarterly (residual) scholarships surface every 3 months. Now let's bring in your course statement.
Let's say a payment is due each month to help keep the overall costs low (just for example purposes). Those monthly scholarships are utilized to keep up with the demand of payments. Once you receive your quarterly scholarship, you're able to add a little extra to the standard payment amount.
What Quantifies as Residual?
When you work you're often paid on a weekly, bi-weekly or monthly basis in a rather nice sum of funds; for most this could be within the living wage arena. Residual income stems from tasks that result in small sums at time. Residual income varies in sources with one of the popular sources being online.
Survey sites are a great example of residual income as payment is inconsistent especially on days where you can't catch a break. Even when you do manage to complete a survey, you can't cash out funds immediately because a certain minimum needs to be met. Some other examples include:
- writing platforms
- micro tasks
- rewards sites
Having a residual income source may not sound special but once expenses get tacked on out of the blue you'll soon discover how essential these secondary sources are.
