So let's look at Digital residual income models. So let's define digital content. It's very simple. It's content that can be shared digitally on the worldwide web. So if you're selling product online, it may be a resource. It may be a residual income because you're selling it online, but the physical product, but we're not talking about that we're talking about digital content that can be duplicated.

So type of types of digital content is websites, although they can't be duplicated. You'll understand why later on. blogs, videos, audio, ebooks, games, apps, resources, all of these are types of digital content that we can residual income from. The advantages of a digital residual income model is you can be local location independent, you're not tied to stock, you're not tied to physical goods, you're not even tied to all you need is computer access and the tools to create your digital product or to manage your digital platform. There's exponential earning potential. with digital products, you make the product, once you sell it multiple times, you're your own boss, you decide when you're going to work, how you're going to work, what type of work you're going to do and how much time you're going to spend, you're going to work less hours for more money with a successful residual income model.

You still that one of the ideas of residual income, obviously, is that, you know, this is not people say passive income. There's no such thing as true passive income. Actually, there's only actually really residual income. That's what we're talking about here. There's always something you have to do even you have stocks and shares, you still gotta watch it and choose and property you got to maintain the property, you got to hire someone to do that. There's always work to do.

But with this model of digital residual income models, we're exchanging time for money. So let's think about this for a second. Let's think about the typical Modern couple have a child income costs, expenditure is high, because the cost of housing especially in, you know, Europe and the United States and other first world countries. So what we typically do is we'll exchange our time for money with an employer, but they're always going to pay us less than what we're actually worth. So let's exchange our time for money. We don't take extra hours.

So if you're a couple, one person's covering the bills, the other person can start building residual income business, and eventually the person who's working can leave. One of the things we have to do is cut back on non productive activities. Why? Because we're exchanging time for money and time is our most precious resource of a digital residual income model. Because it's our most precious resource. We have to invest that In our business, so we take time, we self develop, we create product, we create websites, we promote it, we market it all, based on the currency of time.

Now, there's always going to be some costs, especially with software costs and things like that. But nowadays, you'll be surprised how much free software's out there. And what how little you need to actually start a residual income based business. I've got a couple of friends who I've helped set up and start a residual based income business and they're doing training videos like this on a different type of subject. And for eight, think about eight 900 pounds sounds a lot of money to set themselves up in business. The rest of their transaction now will be time for money.

And there's some businesses, you only need a WordPress site. So you can literally set yourself up, learn how to code a website, how to write a website, design and market a website. And your cost might literally be your hosting. Cost of like 1015 pounds per year. That is always hidden costs, there's always little costs. What I'm saying is it you don't need massive investment for digital residual income models.

And that's exciting. But the one thing you do have to do is cut back on non productive activities that you are spending your time currency on at the moment. So invest your spare time in residual income, invest in your own self development. It's important as we spoke about earlier, one of the key things is self development. The key things is acquiring the skills you need to run a digital residual online business. And as we've said, residual income always needs some maintenance.

So we mustn't confuse this with the concept of passive income.