Generating A Residual Income With A Work At Home Business
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After being online since 1998, I've seen quite a lot and have learned a lot over the years. I recently decided to put together this short, straight-to-the-point series to share with others what I've determined as the bottom line for me when it comes to generating an income from a work at home business with the hopes that you will be able to glean insights from what I'm doing (and who I'm being :o) and apply it to create your own success.
Here's an outline of each of the lessons in this mini-series.
Lesson 1: Why Residual Income?
Lesson 2: Understanding The Power of Leverage
Lesson 3: ROI - The Only Number That Matters
Lesson 4: Effortless, Stressless Lead Generation - Attracting People To You
Lesson 5: Law of Attraction - The Importance of Cultivating a Rich,
I've made it my business to study and model wealthy, successful people because one of my earliest mentors used to always say, "If you want to be successful in anything, study the successful man or woman because success always leaves clues".
As I mentioned above, I have learned a lot yet what I've found to be most valuable for me are the simplest and that's why I titled this series The Bottom Line because when you boil it all down, bottom line is this is a simple system of operating that works and works consistently. You can get burnt-out real quick trying to keep up with all the stuff on the internet. That's what I like simple. Simple concepts that make sense individually and when you put them together are powerful but still simple :o)
So let's jump into today's lesson: Why Residual Income?
Well, the simple, to-the-point answer would be because it's better than linear income. Instead of trading time for dollars you're now in a position to receive money over and over again for something you've done one time when you have a work at home business. This is something that the wealthy do through investments and/or businesses. Ok, lesson over. I'll see ya in the next lesson. Just kidding :o)
Let me pose this question to you...
One of the things to consider is that if you're going to be marketing online anyway, which situation would you prefer?
a) To be paid one time
b) To be paid an upfront amount AND also be paid monthly
Which puts you in the better position financially? I'm just saying... It is your choice, but for me, I go for residual income. This is income you can build upon month after month to eventually retire on and sooner than you might think.
For example, let's say you had your own work at home business and in month 1 you create an income of $300/mo. Month 2 you do the same thing and now your monthly income climbs to $800/mo. Month 3 you're at $1400/mo. You could obviously do more or less than this. However, the point is that your monthly, residual cashflow increases and builds upon what you've done previously so you continue to reap the rewards of your efforts.
You see... in traditional schools we are taught how to be employable, how to get a job or create a job for ourselves. We aren't taught how to be wealthy, how to create passive income, how to build assets that cover our expenses, how to put money to work for us in businesses and investments.
The focus coming from "traditional" ways of thinking among the poor and middle class is on how to get a job. The focus of the wealthy is how to create more and more passive income. We get what we focus on. Shift your focus and you shift your reality. That's why I love the work of Robert Kiyosaki, author of Rich Dad, Poor Dad. He had two examples before him and he chose to model the thinking and behaviours of his rich dad. Now he's rich and he's waking people up around the world and getting them to see things in a different way than they've been taught so they can choose to create something different in their lives.
Another author who's getting people "thinking outside the box" is Loral Langemeier (featured in The Secret at www.ChariseLovesTheSecret.com). In her book called "The Millionaire Maker: How To Act, Think, and Make Money the Way the Wealthy Do" one of the things she talks about is turning lazy assets like equity just sitting in a home into a hard-working asset that produces CASHFLOW. She's shifting peoples' thinking, as is Robert, and getting people to think outside of "the system" that basically keeps people trapped in the rat race always trading time for dollars. So remember this...
CASHFLOW is Queen! And when it comes to generating an ever-increasing, passive stream of income, focus on RESIDUAL income.
Well that wraps up lesson 1. In the next lesson, I'll be talking about another critical piece of the puzzle, LEVERAGE.
Until then... make it a great day,
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