You are a few steps away from starting a Network Marketing business as your source of Residual Income
Now that you have already learned what network marketing is, how it works, how to become successful in it, and the benefits of having a mentor in network marketing, you are a few steps away from starting your network marketing business as your source of residual income.
But before you start, let’s first define what is residual income.
More than 90% of people around the world are accustomed to the source of income known as Linear Income: trading time for money. For that reason, most people are not financially free. Linear Income, also known as work income, means you receive paycheck to paycheck based on how much work you do. You need to put in an ample number of hours every week. When you stop working, your income stops. Linear Income requires continued work.
Residual Income is different. It is the most powerful and profitable income stream. Residual Income is the income of the riches. It is a source of income that keeps coming in on a constant basis, from work you do once - meaning even when you are not working anymore. Residual Income is not about “get-rich-quick” - the principle is very much misunderstood by a lot of people. It requires effort, determination, and discipline, especially in the beginning... and some time for the magic to start happening.
Residual Income is another term for “recurring” income. Basically, there are three types of income streams that you may want coming into your business. If you do a one-time job, sell or perform a contract, you get paid once and the income stops there. If you do a normal 9 to 5 job, you will continue to get paid, as long as you continue to work for your employer—often called linear income.
This is the type of income that most workers “love.” Even if you are a neurosurgeon, lawyer, or engineer, you are only paid, as long as you continue giving your service. You stop working and the bank account is affected and dwindles.
The third type of income is the residual income where you are paid even after you have stopped doing any work. For example, let’s say that you wrote your own book. You had to go through the tedious task of researching, writing, and getting a publisher. However, after that initial investment, and as long as your book continues selling, you will continue to receive royalty checks.
A majority of rich people created wealth through a residual income stream. A singer for example continues to receive a royalty from the sales of their records that could be made decades ago. We would all like to work once and get paid recurrently. That is the power of residual income!
Most professionals that enjoy this type of income belong to the creative fields such as actors, writers, singers, and inventors. The field of Network Marketing or Multi-level Marketing (MLM) has also been instrumental over the past 75 years or so to make the residual income concept very popular and attractive.
Here, you can build a network marketing team, referred to as your ‘downline’, and generate income outside of your own immediate efforts. Representing a Network Marketing company is one of the most feasible and cost-effective ways you can generate residual income, and so we invite you to join Rick as he helps you become a successful network marketer.
Now that you know what residual income is, you can either proceed to the next steps of starting a network marketing business as a source of your residual income or read more about why you should start earning residual income.
Why start building Residual Income today?
To quote legendary investor Warren Buffet: "If you don't find a way to make money while you sleep (which he is referring to residual income), you will work until you die."
Here are the reasons why you should start building your residual income today.
Residual income gives you the opportunity to live according to your wants. About 98% of the world's population is forced to live the kind of life they don’t want because they have no other choice.
These are the people that you find in the proverbial rat race of life who are merely existing but not living up to their full potential. It’s worse when you’re subjected to ruthless employers who will pay you just a sufficient amount for you to not quit your job.
Going back, those people that have residual income can choose the lifestyle they want to live. As a follower, it gives you the freedom to live out God’s purpose for your life to its fullness.
Another benefit of having a residual income is that your children will have the freedom to plan their future accordingly because they will have a foundation upon which to build. Since they saw that you have made a strong foundation in building your residual income, they’ll look upon you and try to be as great as you are. Passive income lets your family have a foundation to keep growing your empire and start other initiatives too that require money.
You’ll get to enjoy all your time with your family. Play with your keeps while in the comfort of your home. Attend their activities at school. See them grow but still give them everything they need and want.
Travel from different places around the world with your family. Have a vacation from the world’s renowned places and let your family experience the beauty of these wonderful creations.
And buy everything that you’ve been wanting to buy. From a beautiful house near the beach. To a luxury car that represents your hard work and what you deserve. Experience all of these without worrying about price.
These are some of the reasons why you should start building residual income today. Just imagine unlimited possibilities after 3-5 years of massive hard work if you decide to start now. Knowing your full potential and enjoying everything from having time with your family, traveling around the world, and buying everything you’ve been dreaming of.
Why a Network Marketing business as your source of Residual Income
Residual income in Network Marketing is income you continue to earn based on efforts you put in the beginning. This income is from the sale of products and services. And these products must continue to generate recurring sales.
This is one reason why “consumable” products are the most effective in the Network Marketing industry. Consumable products are those items that are purchased, used up, and then replaced, repeatedly.
If you are marketing a product that is a one-time purchase product, you will have a harder time building Residual Income.
Residual income is desirable in Network Marketing because all the efforts, in the beginning, are harvested and rewarded for months and years to come!
By building a group of people working toward a common goal, you can ensure a strong residual payout that will last for years or even a lifetime. This is why it is significant that you understand this pay advantage, and invest your effort, energy, and time in other people.
Earning residual income needs a few things – first that you take action to get momentum going in your organization.
Second, you continue building on that momentum and teach your team to do the same.
Finally, you learn and develop leadership skills that will build the foundation that supports your entire organization.
People follow people, and leadership skills grow. Leaders are made, not necessarily born.
At first, you have the “privilege” of working lots of hours for little pay. In the end, you have the “joy” of working little hours for lots of money.
People ask me all the time how much I made during my first month in the industry. The quick answer is – “I don’t know for I still get paid each and every month for the efforts, I put into that very first month.” That is the power of residual income!
Be a leader to others and watch the residual income roll in.
Get started and then build on your efforts each month forward.
Now that you have learned what residual income is, why you should start building your residual income, and why network marketing is the best choice for building residual income, you can start earning residual income through Network Marketing.
Building residual income streams is a great way to diversify your revenue and build a net income. While some ideas can take some time and upfront work to start, once they are in place, you can continue making money with little to no effort at all.
You just have to get started and eventually, residual income can be generating money outside of your day job and diversify your income streams.