What do you think of when you hear the term residual income? More than likely you think of music artists, and how their album can sell time and time again for the work they did to create that album years ago. Just look at how much residual income Michael Jackson made from the album Thriller. Maybe you think of an author that has sold a book, or a series of books that continue to sell. In my case, I think of Lord of the Rings or Harry Potter. They put in work years ago, and they still get paid residual for that work! Another example that people use are actors in movies.
So what is my point, and why am I even writing an article on this. I want you to know that there are ways out there, that you can create similar results. But before I get to that, let’s discuss what linear income is, as this is the way in which most of us make money. Linear income is when you go to a job, whatever your job may be, and you get paid either per job like a person in construction, per hour, like a lot of people in a shop or restaurant, or you get paid a salary. In the last case, a salary can be the worst, because you get paid a fixed amount, and tend to work a lot more, which brings down the amount of money you actually make per hour.
Now you are asking, OK, get to how I can make residual income!
Alright, everyone has heard of network marketing, home based businesses, and MLM. A lot of people think that these businesses are scams. But the reality of this industry is that you can create an amazing income with them, especially if you find one that you are passionate about.
Let’s talk about globalization. In this industry, you can make money while you sleep when you build your business around the world, talk about an awesome perk!
Usually with the MLM industry you have some form of product to sell, and this is a great opportunity to get people trying out and talking about your product to get a nice customer base. The residual income comes into play because people will see a benefit from your product, whatever it may be, and when they run out, they need more! This is even better than the music industry because it is more frequent. How many times did you run out to grab the Thriller album again?
The real residual income in this industry comes when you get business partners, people with your same goal and vision, people going out and getting customers and business partners that benefit you and them! The sky is the limit here, if you can imagine getting a few solid business partners, and that cycle repeating itself, this is where huge amounts of residual income are created. And it is this type of income that creates amazing lifestyles that allow you to do more of what you like, whether that be boating, traveling, family time, car collecting, building your dream home, etc.
If you have any questions, be sure to contact me through my website below!