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Grace and Peace,
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I'm a 54 year old Husband, Father of Four Daughters, Pastor and Vice Principal of a private K-12 school on Long Island.

Wednesday, October 17, 2007

Create Residual Income

Residual wealth is where it's at! Residual income is income that pays you repeatedly for work that you do once. WoW! Get paid over and over for work done once. Now that's a concept I can live with!

Some types of residual income are books, songs, movies and many more. The Internet is producing opportunities for residual income as well. A good blog or newsletter can produce advertising income on a steady basis without much effort once you get your blog or newsletter up and running and build an interested audience.

Network Marketing also uses the principle of residual income while incorporating the principle of duplication or reproduction. By building a network of people marketing a valuable product or service you can exponentially increase your monthly income without increasing your daily work output!

Twenty years ago people would work for an employer for 20-30 years and receive an income for life in the form of a pension. Statistics today show that most people don't stay employed with the same employer for more than seven years! So we either have to rely on a very disciplined savings and investment program or begin doing something that will produce long term residual income.

To be successful in writing or entertaining you must be talented and be in the right place at the right time. Fortunately, in Network Marketing you don't need to be especially talented or go into debt. You just need a good company, producing a good product, at a good price, with a strong market for that product. Then it takes a small investment of money and time to assemble a loyal customer base and a network of like-minded individuals to promote the business.

Sure, we can look at all of the companies that failed to produce a long term residual income for their marketers for whatever reason. But, what about Amway, Tupperware, Mary Kay, Market America and many others that are and have continued to provide their distributors with a solid opportunity for financial freedom and Independence.

In conclusion, don't quit your day job. Look for a strong company with good management and a long term global vision that has a few good products or services whose time has come and invest in your future. America was built on an Entrepreneurial spirit. Let's continue to grow and not settle for a 9-5 job working for someone else. Build for a steady stream of residual income so you can work where and when you want. Get blessed and be a blessing!

Grace and Peace,

1 comment:

Anonymous said...

Great advice! thanks for stopping by my site!

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