Residual Income - How to Create a Constant Flowing Stream of Income ...365/ 24/ 7, even while you sleep. RESIDUAL INCOME…The Key To Freedom
By: Phil Barnao
What exactly is Residual Income?
Residual income means getting paid for your efforts long after the work is done. It means getting paid today on work that was done last week, last month, last year, even ten years ago and longer!
Residual income is a product of using leverage.
For example Robert G Allen is a NY Times #1 best selling author on financial advising. When Bob writes a book, he puts a lot of effort into the book while he is writing it. But after he writes it, it's completed and he puts no more effort into its production.
He markets it and then proceeds to get paid over and over every time it's sold without putting any extra efforts in. Get the picture? It's like a stream that continues to flow long after the work is put forth. You could call it “MONEY TREE” income as Robert Allen does.
Residual income is the opposite of Linier income which is when you get paid for your job. Work an hour and get paid an hour. There's no real leverage in that type of compensation. "You're just trading your hours for dollars".
Once you stop working the money stops coming. Here are some ways to earn true passive residual income:
• Money earning a high yield percentage rate. • Money in stocks, mutual funds & bonds. • Real estate investors get cash flow and equity builds up. • Selling Insurance with monthly or annual renewals. • Become an author, write a book and earn royalties • Become an actor to get pieces of movie profits • Entrepreneurs get business profits • Songwriters and music artists • Inventors and designers earn royalties • Network Marketers get residual commissions
A couple of question that you should ask yourself are.
1. How many streams of residual income do I have in my life right now? 2. How much time and effort do I spend creating residual income?
If you answered “none” to any of the above two questions and unless you want to work a job for ever until you die, you had better start working on producing some residual income. You need to get busy working smarter instead of harder. Hopefully by now you understand the importance of creating residual income.
As you can see there are many ways to earn this type of income and you can utilize more than just one of them.
The Magic Question… How are you currently spending your time and energy?
Are you busting your butt everyday ONLY to earn linier income…or have you come to the conclusion that you need to be placing some of that effort into creating a residual stream of income that will ultimately bring you the financial and time freedom you are looking for.
An important tid-bit for you to remember…
There are two main factors that have an effect on you becoming financially free or retiring.
1) The amount of Passive Residual Income that you generate from your efforts or investments.
2) The cost of the standard of living (or Lifestyle) that you chose. Let's call it your Cost of living
Some people can support their lifestyle on 50k/yr, some 100k, some more. It's your choice as to how much you need, based upon how you want to live.
The Big Question is…
How much "Residual Income" (RI) do you need to cover your "Cost of Living" (COL) each month? Once you arrive there, you are Financially Free and can live and do what you want without the burden of "needing" to make more money!!
In other words when your RI = COL you are financially free.
There is no right or wrong in determining this amount. How you would like to live is entirely up to you. What's important is that you know how much money it will take to support your lifestyle, so you can go earn it in residual income.
Once done, you now would have a self sufficient money machine that would be taking care of your financial needs. Most folks try and do this “only” through mutual funds or 401k plans but we advise you NOT to place all your eggs in this basket since this takes most people a long time to create enough money to create any financial freedom.
Ultimately what you want to do is create “multiple streams or avenues of residual income”.
The Success Scoop is provided to You by: Phil Barnao …Author of the explosively powerful free Success Scoop E-zine www.successscoop.com
Phil Barnao had experienced a youth of bad programming and wrong choices that led him to a life of struggle and disappointment. In his early twenties by the grace of God he came to a turning point in his life and through it was introduced to the industry of personal development.
In his early twenties by the grace of God he came to a turning point in his life and through it was introduced to the industry of personal development.
Motivated by his change, Phil is determined to empower others towards success and happiness. He holds a passion for assisting people to achieve their dreams and ambitions.
Phil owns multiple businesses and is a true entrepreneur at heart. He has produced residual income in real estate, network marketing and as an info-preneur. He is a student, author, motivator, speaker, coach and minister of personal development and freedom. His style is unique, his message is powerful and his past gives him the remarkable ability to relate to people in all walks of life.
His company Wealth Creations International (aka… The W.C. Group) has a FREE newsletter called success scoop that is jam packed with nuggets of explosive life changing information.
To Contact Phil and The WC Group…
Phone: 845-342-2284 Email: phil@successscoop.com Corporate Site: www.wealth-creations.com
