I was in a multi-level marketing group back in the early 90s called Amway. Some years ago it became Quixtar, now you have seen commercials for Amway Global. They taught me a money making philosophy that I will never forget. It is called “residual income.” What is residual income you ask? It is income that you do the work once and receive income long after the work has been done. Insurance agents, real estate investors and multi-level marketing groups are the main way to achieve this type of income. I am sure that there are other ways. Making a website that receives a steady stream of sales traffic could be considered another way if you wanted. I would love to hear some other people’s input on other ways to create residual income.
Why would you want residual income? WHY NOT!?!? If you could do your current job for a week then get paid for it the rest of your life, would that be a good deal? You bet it would! I still to this day meet people that do not grasp this concept, therefore they still amble aimlessly along in an eight hour a day job or worse a sixty hour a week go nowhere job.
What happens if you lose your ability to work now? Your income stops! Well, maybe you are smart and you signed up for AFLAC then you will be receiving at least a little bit of income until you can go back to work or go on permanent disability.
What is my story? A few years ago I dated a great gal that is still a close friend today. She had her ducks in a row. She bought a run down building, borrowed some money to fix it up, and rented out the whole upper floor while she lives in the whole downstairs. She even found a government program for urban renewal to get “free’ money to fix it up. She only has to pay it back if she sells the building. That is for a separate entry. Yes, to answer your question I do own a building of my own and continue to look for another that is as good of a deal as my first one.
I will be posting articles on the main site regarding how to start a business, buy a building, or what to look for in a multi-level marketing group.
Have a great day!
Rich