Black Enterprise analyzed a 2012 Neilson study that concluded that African American buying power will reach 1 Trillion dollars by 2015. Although Blacks make up 13% of the US population, they own merely 5% of all US firms and only 1.8% of companies that employ more than one person, a Small busness administration Report states. And Black owned firms are not necessarily the most profitable either.
Should we be proud of just making up 13% of the total population yet spending at a rate of growth that outpaces the remaining population by 30 percent?
Wouldn’t it be nice to earn money while not working? That money is called residual, or recurring, income. It's what can happen after you put a lot of time, effort and sometimes money into a job to continue to get paid for the work months or years after it's done. (Salary jobs are part of linear income. This income is directly related to the number of hours you work. If you work 40 hours, you get paid for 40 hours of work.) Once you set up your business to earn residual income, you continue to make money while doing other things – maybe even starting a new business to generate more residual income!
Of course, before the money starts rolling in you will probably have to put a lot of time, effort and money into the business or project. You’ll need a lot of patience and determination to see the residual income in the future. Instant gratification is not possible when it comes to residual income.
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