You need
to be working on a residual income. You must begin thinking in
terms of residual income, and moving towards any ideas and
innovations that point you in this direction. A residual income
in sales is much different than regular direct sales. For
example, if I am a car salesman and I sell a Jeep Cherokee on my
lot, I will make a commission on that sale. I do not make any
more money unless that customer returns in a year to buy a new
car. This is NOT a residual income. Another example is the real
estate agent. If I am a real estate agent and I train a partner
in real estate, they can go out and open their own firm. I have
just trained my direct competition. A residual income is
something that is not as threatened by these kinds of
competitive scenarios.
For
example in Network Marketing you train your business partners to
compete with you ON PURPOSE so that you may profit from their
success. There is no worry about creating competition. If you
sell a Jeep Cherokee and your customer goes and tells their
friends, you will not receive a share of the profit when they go
and buy a a Jeep in another town. In Network Marketing you do.
Just like shady car dealers, there are shady Network Marketing
companies.
Another
example of a residual income is copyright royalties from songs,
books, games, photographs, movies and other intellectual
property rights. All of these need legal protecting and can
provide income as long as they are used in any situation. For
example, my wife used to be a professional weightlifter and
model. I was standing in line at the supermarket when I picked
up a magazine called 'Shape'. On page 48 I spotted a rather
attractive women and to my astonishment, realized that it was my
wife Ramona. We called the photographer and began the long
ordeal of making him pay for the use of the photograph. In the
end she had not signed the correct paperwork to allow her a
residual use of the photograph. This mistake occurred largely
because she was young and not as financially educated as she is
now. The moral to the story is: Protect your intellectual and
artistic properties.
There are
many other residual based incomes that have varying degrees of
risk
