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(By Kevin)
What is the Best Kind of Income?
Most people spend their lives trading their time, "hours", for compensation. This compensation includes immediate payments, insurance benefits, and retirement benefits. The benefit to this type of income is that it happens on a regular basis. The drawback is you must go to work and trade an hour of your time for an hour of compensation. Nothing wrong with that, however, there is a smarter way to create income, residual income.
Residual income is essentially doing something once that earns compensation many times. For instance think of your insurance agent. He/she sells you a policy once, and each time you renew that policy he/she gets another check. This is also the case for many actors. Think of the people who acted in Happy Days, Friends, Cheers, Star Trek, etc. Those shows haven't been produced for many years but continue to be broadcast and sold on DVDs. Each time this happens many of those actors continue to receive residual income.
Heck the estates of Michael Jackson and Elvis both continue to receive residual income and they're dead. Now that is working smart!
Most of us won't be actors or famous singers or even insurance agents so what are we to do?
For real estate investors we buy and hold multi-family properties like apartment buildings, mobile home communities, rental properties, office and retail complexes, and of course self-storage facilities.
With all of these properties you buy it once, hire a good management company, and receive checks over and over again! You still have to oversee the management company but the hard work is done.
Can a person who doesn't own rental properties also create residual income? Absolutely! Enter network marketing.
Network marketing is directly selling a product or service and then building a team of people who also sell that product or service. While there are a lot of people involved who haven't been successful at this, there are also many who are successful. If they can be successful then why not me or you?
Here's how it works. You bring in a person or persons and teach them what to do, they bring in a person or persons and teach them what to do, and so on. Network marketing companies provide you compensation for everything you sell and a little compensation for every one you bring onto your team and everyone they bring onto the team and so on. Can you see how big this can get? Not only are you getting compensated for your efforts you're getting compensated for the efforts of others. How great is that?
Here's the great news, there comes a time when your team gets so big, it takes on growth of its own and you will benefit from that growth. Huge team = huge residual income!
John D. Rockefeller put it this way. "I would rather earn 1% off a 100 people's efforts than 100% of my own efforts." He recognized the power of earning a little bit off the efforts of hundreds of people would be greater than all the efforts he could personally do.
The best news, is it can be started part time and done from home. Consistent effective effort and just sticking with it is all it takes. Anyone can learn the process.
I've heard it said that 82% of women who make more than $100,000 per year do it with network marketing. I personally know several of these women.
In addition to real estate investing, we love network marketing, especially when it involves a product or service we believe in. There is nothing so sweet as checks coming in every month that I only had to work for one time. Residual income is the best kind of income!
We have experience with 4 different network marketing companies. If you'd like to know more about creating residual income for yourself and helping other people to do the same contact us at:
NetworkMarketing@SilverLeafServices.com with your full name, preferred email address, and best phone number to contact you so we can get back in touch with you.
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