Not doing what, you may well ask?
If you’re not building an income along side of your day job, you will struggle to get ahead in life. We hear it from people all the time, that they don’t have enough money, their earnings are frozen, their career is capped or going nowhere, etc.
If you’re like most people, your current (linear) income will only pay the bills and barely keep you afloat from month to month. There are two big questions then, that you need to ask yourself:
1. Do I have a contingency fund? – Where will the money come from in case of unexpected emergencies such as large unforeseen expenses (medical, dental, home renovations, car repairs, etc) or the loss of job?
2. Am I satisfied with where I am today? Do I want an improved quality of life, more control of my schedule, a dream home, a new car, college education for the kids, more travel and leisure time, more family time and visits, less debt, pay down mortgage, more community involvement and support, ways to give back, etc?
Let’s face it, cost of living is going up, incomes are going down and job security is disappearing. As Albert Einstein stated, “If you keep doing what you did, you will keep getting what you got.” So, something has to change in your life.
And one way is by creating a recurring residual income stream (leveraged income, royalty income or automated income). This means that once you set up the income stream, you continue to earn on a recurring basis. In other words, you could be on vacation and still be earning income.
However, it all starts with you and taking the initial actions. So, where do you find business models to create this type of income stream? We all know the stock market certainly has its ups and downs, and its risks, so you want to stick with something that YOU have control of.
One of the best ways I found to build a recurring residual income on the side of my day job, was by joining a network marketing company. Now, that being said, you have to make sure you join the right company with the right leadership, and do all of your due diligence before you choose ABC company.
If you’re not familiar with it, this profession is growing in leaps and bounds, is very ethical, extremely lucrative and best of all, rewarding. I will be talking about how to conduct your due diligence on this business model in my next blog post, so stay tuned.
Let’s get back to the recurring residual income. You can build this within 6 months to 3 years, part-time or full-time, depending on your goals and how fast you want to get going. The key thing, is that once you do the initial work, your recurring profits produce a residual income, which means you get paid on sales month after month.
This can be a lifetime income, as well as a business that is considered an asset that you can sell or transfer to your children!
A few years back, my husband and I wanted a Plan B, so we knew we had to do something or else it would be the same old, same old. So, we discovered the network marketing distribution model and embarked on this journey. We have experienced first hand the incredible benefits of building this type of income stream, never mind the great tax benefits from a home based business.
Here’s the thing, you can use that income for what ever you choose, but use it wisely and keep it separate from your family income. We chose to use it for down payments for real estate income properties, which now brings in another residual income and also creates more assets.
Here’s what I recommend. Check out what I do to build monthly recurring residual income – it’s absolutely incredible for time freedom and financial well-being. Click here to contact me. Don’t miss out, take action!