The power of residual income….
A few months back, Big Dave asked me to post on residual income. I think this would be a great time to do that. How many of you know what residual income is? It is doing something once and being paid over and over again. An example of this would be Elvis. He wrote songs, sang them and recorded them. Every time that song is played on the radio, or used for a commercial, his estate is paid a small fee. I’m sure his family is making some great money off of this residual income.
Most of us work for "earned income." Let’s say that you worked for Bath and Body Works. You go in each week, work forty hours and on Friday you get paid for that weeks work. Next Monday you have to go back to work to earn more income. You get paid for actual hours worked. If you get sick, and have to take a week off, you don’t get paid, you earn no income. No pay check on Friday and you still have to go back to work on Monday and start earning income again.
If you get sick, while earning residual income, you don’t have to worry about getting paid. You get a check in the mail each week even while you are home sick or taking a week off. I happen to like this method of earning income.
My husband, TF, is a locksmith. He owns his own business and he has to work to get paid. For the last two weeks he has been sick with a nasty throat infection. He just finished taking his second round of antibiotics today. All in all he missed about five or six days of work. We probably lost about $1,000.00 of income during this period of time. “No work, No pay”! He can’t take more than four days off in any one time period. If he did, not only would he loose business, he looses customers. His customers depend on him to be there when they call. Most people want there care keys NOW!
I, on the other hand, work for bonuses, commissions, and residual income. I have two businesses that earn residual income. One of them I have been working for four years and I have a nice residual coming in. The other one I just jumped into.
At our age, we are thinking of retirement income. I don’t want to depend on the government for my retirement. TF is a retired police officer and he receives a small pension from that. We have our share of investments and depending on how those work out, will give us a few more dollars. One thing I don’t want to do is depend on Social Security. This is the reason I am earning residual income. I do not want to be on poverty level when I retire. TF and I decided to take the bull by the horns and earn multiple streams of income. If one falls flat, we have other income coming in.
My new business is growing by leaps and bounds and should provide us with some great residual income. If it keeps up this growth, TF should be able to retire from locksmighing in about a year. This enity is inflation proof and a necessary commodity to most 99.999% of the people I know. I sell electricity for a Retail Energy Provider. Do you know anyone who uses electricity? I’ll bet you do. We are an REP in the state of Texas. Our price is better than the “Price to Beat” provider in all of Texas. We offer two plans, 1) a month to month plan, 2) a plan where you lock in to a rate, for a whole year, that is lower already than the “Price to Beat” provider.
If you live in Texas and would like to learn more, take a look at my website at: http://stern.igniteinc.biz/ If you have any questions, I can show you how to save money on your electric bill and/or earn residual income by signing up other electric users. Our company pays independent associates instead of spending millions on massive advertising.
Yes, I love residual income! I also like saving money. Those of you looking to make extra income, for whatever reason, should take a look at a company that offers residual income.