Are you wishing you could do more for others, but just can’t find a way to make that happen?
Imagine what it would feel like to write a $500+ check to your local crisis pregnancy center because it's near to your heart 💛 - and because you were able to leverage the power of residual income?
What would that feel like? 😁
Today, I'm going to teach you exactly what a residual income is, why it may be something you want to create, and the various ways you can create it for your own family. 💥
You realize this isn't something they teach you in school 📚- AT ALL - so unless your parent knew about it... you probably knew nothing about it either. You may have eventually learned about it because your friends sell leggings or candles, but they don't seem like they are any better off than you are. So you realize there is something missing, BUT... I'm not gonna leave you there, because I know you want more for yourself and for your family.
Are you ready to understand more fully what this is and how you can utilize it in your own family's lives - and you want to do MORE for others than you are financially able to right now??
Here is the way Robert Kiyosaki describes residual income:
My rich dad taught me to focus on passive income streams and spend my time acquiring the assets that provide passive and long-term residual income…income from capital gains, dividends, residual income from business, rental income from real estate, and royalties.
Growing up I always thought that residual income meant you had to have a lot of money built up in stocks and savings, and then hope that the stock market didn't crash before you tried to get your money out. Today I realize that there is much more to residual income than stocks and savings accounts.
Residual income can be a lot of different things. So we are going to cover a few you may have thought of, but also a few you may not have considered.
As we begin our dive into residual income, I want to remind you that, if creating a residual income was easy, everyone would do it. In the beginning, there will be a lot of work. Think about the musician that sells an album. They may earn $0.30 for selling an album. But the trick is that they didn't start with the album, they started by writing a song, then they had to put together a band, then perform the song, then hire out a recording studio, then record the song, then hire someone to master the song, then do that ten more times to make an album, then hire someone to create the album cover... well, you get the idea.
Know that earning a residual income will come with quite a bit of work upfront, but it will create time and financial freedom for you in the long term. And that is the goal.
Our first area to create residual income is going to be investments. This can look a lot of different ways, but here are a few.
1 - Real Estate - This is the old standard. Buy a house, then pay it off with OPM - Other People's Money, as you rent it out.
2 - Crowdfunding - Some real estate companies will use your money to help purchase the property then you will receive part of their income on that property.
3 - Flips - Purchase a property, then put in some sweat equity, and sell it for a profit. The quick you can turn the property around will usually have a big impact on your profits, so work that into your equation.
4 - Peer to Peer lending - There are a number of ways to lend your money to businesses or individuals and then collect interest on that loan.
5 - ATMs - Seriously. Every time you want money it costs you a fee, and that fee goes to someone. Maybe you should be the one collecting the fee?
6 - Storage - People have too much stuff and they need somewhere to keep it. Right now you could help and make money while you do it. There are no leaky pipes and no broken air conditioners.
What do you think? Does one of these ideas get your wheels spinning? Which one?
If investing isn't your schtick, maybe you're more the creative type. Here are a few ideas you could try:
1 - Sell your photos - Be honest, how many pictures are on your phone right now? If some of them are good you could sell them online. There are already any number of platforms where you could sell your pictures and you earn a percentage of every sale, whether you're asleep or not.
2 - Blog - Find something you're passionate about and write about it. Travel? Watches? Hairstyles? Raising kids? Ways to earn residual income? All of these are things people want to hear about, and as you build your audience you can begin to earn money through affiliate links, advertising, and other means.
3 - Write a book - People are willing to pay for good content, whether it's fiction or informational. If you are able to write a book you could sell it for years to come. But on that note, be sure the topic you pick is evergreen, meaning it will be just as relevant ten years down the road as it is today.
4 - Write a song - People love music. If you can write a song people want to hear they are willing to pay for it. Not only that, many people are using music in their own content, whether it's a YouTube video or a commercial for their company. Those people are looking for quality music they can use, and you're the answer they've been looking for.
How do you feel about these creative ideas? Which one do you see yourself trying?
The final area we'll call multiplication.
A look around will show you that 3 out of 4 millionaires own their own business. There are many reasons for that, but one of the biggest is the fact that they are using the power of other people to help achieve their own financial goals. Think of it this way - would you rather earn 100% of what one person makes? Or 1% of what 100 people make? In the second example, you see the power of leverage.
Part of the problem with starting a business, though, is that they are extremely expensive to start, and the return on the investment is often years down the road if the company succeeds. This is where a good network marketing plan steps in to save the day.
With Network Marketing the initial investment is very low, and then you are leveraging the goods and services of an established company (or, you should be), your own hard work, and the hard work of hundreds of other people in order to create an income that doesn't stop growing when you stop working. As Eric Worre, from Network Marketing Pro, says,
Network marketing may not be a perfect solution, but it's a better way.
In 2020 there was a flood of women leaving the workforce. If this showed us anything it's that we need multiple streams of income. In fact, next week, I'll share with you why we chose doTERRA as our main source of income, and why 7 years later, we would STILL choose this option.
Bonus if you are able to tie a network marketing idea with what you are currently doing.
For the past year, I have worked to show business owners how their own business model is a beautiful match with doTERRA. As a speech-language pathologist, I would have DREAMED about having tools in my belt like the ones that dōTERRA offers to their customers. I've also seen how those tools can help veterinarians, dentists, orthopedic doctors, OB/Gyns, and speech paths serve their customers and solve problems. Maybe you have a business and you're trying to see how dōTERRA could help. Reach out to me and let's chat.
Want to learn from someone with an MBA, a Financial Planner, or just want a little more nitty-gritty about how this works? David Ellis, former financial advisor shares a powerful and jaw-dropping video on the power of residual income here:
Watch the full video here: