The concept of residual income or passive income is probably one of the most important concepts you will ever learn in your lifetime. It is a powerful concept because anyone that can master the concept of residual income can also design their own comfortable lifestyle.
First, you need to understand the difference between linear and residual income. Linear income is based on working per hours and getting paid per hours. If your hours run out, so do your paychecks.
Residual income is based on working one time and getting paid multiple times.
Simply put, residual income occurs by building a system one time that can produce a recurring stream of revenue once the system is set up. What's so great about this is if you are willing to apply some effort and build a residual based system in the initial phase, you can reap the benefits from this one-time labor for years to come.
For example, let’s say you start a home business based on the network marketing model. You order valuable products directly from the manufacturer and recommend them to other people. Word of mouth advertising is still one the most powerful way to share information. If other people, and their referrals, also buy the products based on your recommendations, then you will earn commissions again and again based on recurring sales rather than just a one time sale.
Seriously speaking, it just makes sense. Residual income is what you want…getting paid on a regular basis whether monthly or weekly. Yet so many people just don't get it. Master the concept of residual income and you can master your destiny.
So here is an idea. Draw two goal posts and a straight line joining them.
Label it linear income. Under it, write the rule: 8 hours work = 8 hours pay. No hours worked = no hours pay.
Or consider a home business with residual income potential.
This time draw two goals and join them with a straight line…the shortest distance between two points or goals. This time label it residual income and draw multiple percentage signs ( %’s) around it to represent getting paid multiple times from initial effort.
So here is an idea. Draw two goal posts and a straight line joining them.
Label it linear income. Under it, write the rule: 8 hours work = 8 hours pay. No hours worked = no hours pay.
Or consider a home business with residual income potential.
This time draw two goals and join them with a straight line…the shortest distance between two points or goals. This time label it residual income and draw multiple percentage signs ( %’s) around it to represent getting paid multiple times from initial effort.
GOAL #1: Reasons I don’t want to be here (current reality)
GOAL #2: Reasons I want to be there (future independent lifestyle)
Now what’s the easiest, straightest way to travel from HERE to THERE...3 steps
1. Educate and Empower ..I understand the business concepts about this home business and I CAN DO THIS! Use the resource Mini-Program for Maxi-Profits for a generic overview.
2. Plug into a successful network marketing company for valuable products and residual commissions from an expanding organization.
3. Use a simple 3 Steps Marketing Plan for leverage, duplication and long term residual income. Enjoy a lifestyle with time and money freedom
It doesn’t get simpler than this for focus, motivation, action steps, and home business success. You can make excuses or you can make residual income.
Your comments and questions are appreciated.
Annemarie
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