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There are countless methods of making money. We have tested and tried various ways and given the feedback to you, so that you get started in the right way.
We not only provide ideas on how to make money, but also the business plan developments, strategies and the marketing that is involved in the process of making money.
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Residual Income Explained
Residual Income is another term for recurring income. In a nutshell, there are three (3) types of income streams that you may have coming into your business.
1. If you do a one-time job, sale or perform a contract, you get paid once and the income stops there.
2. If you do a normal 9 to 5 job, you will continue to get paid as long you continue to work for your employer—often called a linear income. This is the type of income that the majority of workers “enjoy.” Even if you are a neurosurgeon, lawyer or engineer, you are only paid as long as you continue working. You stop working and the bank account dwindles.
3. The third type of income is the residual income where you are paid even after you have stopped working. For example, you wrote a book and as long as your book continues to sell, you will continue to receive royalty income for a work done once.
Majority of rich and affluent people created wealth through a form of residual income stream. Take singer Michael Jackson for example; he still continues to receive royalty from the sales of his records made decades ago. He can even repackage the same oldies and sell them to generate new income. He doesn’t have to spend time in the studio to record new songs in order to have the cash keep flowing in! This is the most ideal situation of the three. We would all like to work once and get paid over and over again. That is the power of recurring income!
The majority of professionals that enjoy this type of income belong to the creative fields such as actors, writers, singers, and inventors.
Unfortunately, not many of us are blessed with the talents Michael Jackson has, let alone the opportunities to be in the lucrative industries. However, there is one budding opportunity for any ordinary individual today to enjoy residual income today in the 21st century.
You’ve guessed it: it’s none other than Network Marketing.
Network Marketing Reviewed
The field of Network Marketing or Multi-level Marketing (MLM) has also been instrumental over the past 60 years or so to make the recurring income concept very popular and attractive.
Here, you can build a network of distributors, referred to as your down line, and generate income outside of your own immediate effort. Working for Network Marketing company is one of the most feasible places where you can generate residual wealth, and so we will now take a look at the secrets to being a successful network marketer.
Choosing a Network Marketing Company
CLICK HERE TO READ THIS CHAPTER!
Network Marketer’s Survival Guide
Secrets of the “Heavy Hitters”
You should take a look at your income sources and evaluate them to see how many are recurring and how many are linear. The key here is that you may want to “balance you portfolio” so you can have income coming in even if for some reason you are not able to work. Especially as a small business owner this can be critical to your survival.
Even one of your fat monthly checks tucked away on a fixed deposit account will provide you with recurring income—accrued interest.
How long do you think it will take Bill Gates, the richest man in the world, to make his first billion if all his bank accounts were presently frozen and taken away? That’s the power of residual income!
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