We Need Residual Income

I started my entrepreneurial journey with buying a retail franchise in my early 20s which was a pretty bold move when I look back.  I really loved it, but I was working crazy long hours, hiring staff, firing staff and constantly putting out fires.

At the time, I had no idea of why we need residual income!

What I realized after 3 years in, was that I had no free time and I was slowly getting burnt out.

Fast forward years later, I became an entrepreneur in the home based business arena. To meet my goals and live the lifestyle I wanted, I had to ask myself these questions:

How can I generate more revenue?

Is it possible to create more free time?

How can I become financially free doing what I am doing?”

It doesn’t matter if you have a bricks and mortar business, a home-based business or a consulting business, these critical questions are always lurking.

What I want to bring attention to is, that we need residual income. I have seen it work time after time in my own businesses and watched others master it beautifully.

As T. Harv Eker says “If you are not using leverage, you are working too hard and earning too little”!

Residual income is really a very simple concept and can be easily implemented when you employ the right systems and learn how to make it work for you.  It’s about leverage – doing ‘more’ with ‘less’.

We have all heard the quote, ‘work smarter, not harder’.

Trading time for money, is what the majority of the population is doing, which is limited by the number of hours in a day.

Unless you find ways to leverage, you will always be doing more of the same.  This is often referred to as linear income.

Whereas, non-linear/leveraged income is residual and recurring income you receive from the time and efforts of others.

So, if your goals are to have more free time and build true wealth, then you need residual income.

There is good news, you can create residual income, even while keeping your day job!

There are many residual income opportunities out there, and I’ve listed a few examples below.  Each one will require a different level of investment which can range from $500 to $500,000.

So, it all depends on your goals and your risk tolerance level and most importantly, what actually resonates with you.

In franchising, McDonalds, the Franchisor leverages all the McDonald Franchisees around the world earning multiple franchise royalties.

In personal development, Tony Robbins, Master speaker and author, leverages his seminars, books and infomercials.  He has created a massive residual income from all the people that attend his events and the tools they purchase.

In network marketing, you leverage other people’s efforts, and their network, supporting them with free training, coaching and mentoring.

This industry is booming and has resulted in thousands and thousands of people becoming financially free and living the life they desire. The latest figures show $186 Billion in world wide sales per year.

In real estate, investing with your own money, or joint venturing, using other people’s money (OPM) is another way to leverage to build assets and wealth over time.

Once you have a number of properties under your belt, mortgages are paid down and you live off the cashflow & the residual income.

For those of you who know me, you may have gathered by now, the last two are my favourite residual income streams, as I have experienced extraordinary success in both.

I can’t stress it enough, we need residual income, to have financial security and peace of mind. You never know when you need to take time off work to care for a loved one or any other circumstance.

With residual income you always have money coming in.

Maximizing a network of people in NM (network marketing) and a network of properties in RE (real estate) can happen so much faster than you realize.

The key to financial independence and true wealth is to build assets from the money coming in month after month, year after year.  If you are already using leverage I congratulate you!

If you’re not, and want to know more, contact me here, I would love to hear from you!