Also, how can I remove most of the residue once I clean the bearing?
Yes you can. I use a can of compresses ait to blow the bearing dry. Actually I prefer light fluid.
I don’t have compressed air. Where can you buy compressed air? I live in Australia FYI
Is white spirits the same as mineral spirits?
Yes. mineral spirits is supposed to be the same as white spirits.
I use the canned air used for cleaning computers and keyboards, usually available at computer or electronics stores. Otherwise just blow it out with your breath as much as possible. Dry with a paper towel if needed.
How do you dispose of the mineral spirits safely?
It takes so little to clean a bearing that I usually just soak it up with a paper towel and let it evaporate on the towel when done. Throw the towel away after it dries. I will get multiple cleanings out of a small amount. But as noted above I prefer lighter fluid. It too evaporates in small amounts.
Does white spirit get rid of any lube?
Yes, it’s a solvent.
Do you use compressed air after the bearing has dried?
No, use the air to blow the solvent out and dry the bearing that way. I usually dab it with a paper towel after that but it’s probably not necessary.
Do you leave it in for 10 minutes?
Also, do you blow the compressed air towards the exposed balls?
I soak for maybe 10 minutes, shake the bottle. Take the bearing out. Yes blow the air directly on the balls. That’s the whole point of using the air, to dry the balls.
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How much compressed air should you use?
.4 oz
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30-40 seconds is usually sufficient. A can will last a long time.
I have an air compressor at home that I use 
works well for me.
If you’re super picky, you’d want a moisture trap on the compressor. The canned air doesn’t have such a thing built-in, either.
I am not super picky, and I’ve used both a compressor and also canned air with great success. The canned air doesn’t last as long as I’d like, but what I’d like is magically limitless quantities.
I used to work at a place that had driers on the compressors. In some applications it’s needed but my home compressor and the cans work just fine in this case.