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Wouldn’t it be nice to have income that you receive no matter what? Are you overwhelmed by the thought of retiring and not being able to afford to live? Do you have a Plan B to have a comfortable lifestyle if a tragedy occurs? Are you stuck in your job and feel that you have no other options available to you to create freedom for yourself and your family? Have you been frustrated with your life and feel that you are going to wind up a statistic with either losing your job or not being able to have a real life after your job? Do you lack the knowledge to begin to create an income that will afford you to make different decisions that will give you complete control and freedom over your life? If you are reading this then you may be interested in learning about residual income. If you have heard of the residual income model this post may help answer additional questions to what is residual income. This blog post can give you options to earn residual income as well and help you develop a game plan.
The Residual Income Model
Residual income (also known as passive income or recurring income) is the ability to do something once and then continue to make money on the initial work expended without putting in additional work just like royalties that an entertainer or actor receives. If they record a song or make a movie every time it is played or seen they receive monies from it and they only recorded it once or filmed the movie once. Residual income continues to generate itself even after the work has been completed. This type of income allows one to earn more money while working less hours as it continues to pay on a recurring basis for work that was done only one time. There is a misunderstanding as to what residual income really is and I want to clear up those misunderstandings about the residual income model today.
The Difference between Earning a Salary (Linear Income) and Residual Income (Passive Income)
First, I would like to say that no matter what type of income you are earning there is some action on your part that is required. If you have a job that you are salaried or are considered an hourly worker typically there is a 1 to 1 ratio between the hours of work that you put in and the money that you earn. What I mean by that is if you stopped working then your money stops coming. The only way that you can receive more money is to get a promotion or work longer hours which means that there is a ceiling on the amount of money that you can make due to the fact there are only so many hours that you can actually work in a day.
Residual income on the other hand does require long hours of strategic hard work and I say strategic because you are doing something for a shorter period of time to yield longer more prosperous results. When you compare the time that you have to invest up front and the returns you receive from the work that you put forth there is no comparison. Residual income allows you to earn a recurring income on your initial investment.
Increasing Your Earnings
There is a misconception that you can earn a residual income without working and that is absolutely not true. Of course you need to put forth some effort – you are in business for yourself. Business owners work, however you need to work smart to earn this form of income.
Linear income is definitely honest work and I am not oppose to it. Linear income is directly related to hours you have worked (work 40 hours you get paid for 40 hours no more no less). However, if given the opportunity would you rather work hard and get paid once for your efforts which is linear income or get paid on a continuous basis – perhaps for the rest of your life – for strategic hard work you performed once which is residual income? True long-term wealth is built on residual income.
The interesting thing that residual income provides is that once you are able to develop momentum you can continue earning money from your initial actions of work, while gaining the freedom and time to enjoy other things in life…such as generating additional streams of residual income!
Understanding a Residual Income Opportunity
It is extremely important that you develop Residual income because of the unforeseen. My father and mother both worked for over 25 years at two different fortunate 100 companies and after dedicating service for over 25 years both of them were simultaneously laid off after all of that time. The clincher was that neither one of them had any other sources of income that they were earning monies from. My parents were not college educated (which sometimes gives you other options). Their value to society after over 25 years of service to society was not worth very much. They had to use the savings that they had for retirement until something better came along which it never paralleled what they lost. The new jobs that they obtained started them literally at the very bottom making minimum wage which started a domino effect of tumultuous occurrences.
Here’s the thing, if we don’t develop a Plan B for ourselves life will plan it for us just like it did for my parents because we all have residual bills. What I mean by that is there are certain bills that continue to come no matter what. I hear people saying that they own their home free and clear but really they do not because they have to pay taxes every single year which means there is a residual bill that they have to pay. We have bills from a water bill, to gas and electric to phone, car notes, mortgages, rent, school loans, etc. that are recurring. Wouldn’t it be nice to be able to have residual income that comes no matter what based upon prior activities?
Well, I have been a business owner for a long time and I have owned restaurants, purchased rental properties and owned a marketing firm and what I have found is that the risk with those businesses was extremely high. Throughout owning those businesses I knew that residual income was always the best avenue which is why I went back into network marketing. The reason that I have a network marketing business is because it is low risk, low overhead and you really can be compensated for your efforts not only one time but forever Robert Kiyosaki speaks eloquently about this phenomenon in his book "The Business School For People Who Like Helping People."
Remember that residual income is income that you receive whether you get out of bed or lay in bed. However, in network marketing you have to run your business real hard for a season. That season could be one year, two years, or even ten years. But think about it if you dedicated yourself to ten years of work could you after those ten years still be paid. Can you do that with a job, can you do that with most sales positions. Not typically. We all have residual bills why not start creating residual income.
You can have PURPOSE DIRECTED SUCCESS with your business today!
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May God Continue to Abundantly Bless You!
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Original publish date 11/16/13
