Residual Income
If youre given a choice of making $500 as a one-time payment OR getting only $100 but paid this amount every month
, for 20 years if not for life, which would you choose?If you work only once and get paid many times over, youre earning a RESIDUAL INCOME. Of course youd choose the latter.
Elvis Presley today continues to earn residual income even after death because his records continue to work for him due to continued demand from his fans.
Therefore it goes without saying that in order to build wealth, you need to tap into RESIDUAL INCOME.
Very often, this is also referred to as PASSIVE INCOME, because you could afford to be passive or non-active (i.e. not having to work) and still continue to receive income.
If you're like most people, you've been conditioned your whole life to think about income as a process of trading time and effort for money. Like the majority, you have been brought up to have only one major objective in life JOB! Incidentally, if dont already know, to many, JOB stands for Just Over Broke.
You work hard in schools so that you could get good grades to advance to colleges and universities where you work even harder so that you could get a good and secured JOB. Once youve got the jobs you want, you continue to work very hard in order to maintain them and to climb the so-called organizational ladder of success.
As a result, many have fallen into the trap of the RAT RACE and you know very well you cant afford to stop because if you did, so would your income!
Although some of us could be drawing quite a handsome income, were not truly wealthy because were not free to do what we want and when we want with our money.
Ive heard of many sad stories of rich EMPLOYEES not being able to spend badly needed valuable time with members of their families whore sick in hospitals because they could not afford to be away from their place of work for too long as their services are urgently required by their employers. Doctors could not even really relax and enjoy a long vacation for fear of the loss of income or patients while their clinics remain closed.
Can I really have PASSIVE INCOME? You might ask. Indeed you can!
However, like any ventures earmarked to be successful, you need some planning and consistent effort. To help you in this effort, here are a few guides you can follow in order to develop good habits for achieving your goals:
PLAN YOUR WORK AND WORK YOUR PLAN: Like any other forms of work, you must have a plan for your Internet business. Set an achievable short term, medium term and long term objectives, prepare a budget and stick to them as far as possible. Carry out periodical checking to determine any deviations from the plan and take the necessary remedial actions.
BE ORGANIZED: You need to download a lot of software, eBooks or PDF books from specific individuals or organizations for your continued education. Youd have a lot of contacts which could be your potential leads or customers. Chances are that youd belong to many membership sites that require passwords which are first cited in their "Welcome" letters.
You therefore need to have a systematic procedure to keep all these vital information and data in the right and proper folders for quick and ease of retrieving. This would prevent loss of time and undue frustration.
by: alvina khan Vehicle Donation Opportunities In Texas Someone In His Networking Group Tips To Choose Good Store For Selecting Shipping Containers Planning Tips For Meetings And Events Management How Can I Collect A Debt In New York? Here Are 3 Tips Ebay And Dropshipping, A Marriage Made In Heaven?... Choosing The Right Fall Protection Systems Company For Your Business A Simple Web Hosting Guide Effective Internet Marketing Strategy Writing And Submitting Original Articles... Online Business :how to success Your Business Can Benefit Using An Autoresponder The Best Online Entrepreneur Business Opportunities How Can Avaya IP Office Benefit my Business?