THE PARENT ADVICE : GET A JOB AND WORK AT IT ALL YOUR LIFE
Working a 9 – 5 job is most likely what your parents will tell you to do.
Earn a weekly wage and swap time for money ‘ a fair day’s pay for a fair day’s work’
Find a lifetime career in a job that rewards you with great benefits and job security for life.
That was good advice if you were living in the 1960’s !
If you are swapping your time for money then you are earning a linear income. What is a linear income ?
Ask yourself this simple question ” if I stop working do I stop getting paid “?
If your answer was yes then you are trading your time for money and are earning a linear income .
It stops when you do! Most people work this way.
Its what our parents did and their parents before them and we were ( and still are ) conditioned by society to work this way.
After all love it or hate it, money is a necessity!
Examples of Residual Income would be:
- Investments such as owning property which earns you rental income
- Owning stocks or shares which pay a dividend
- Having Intellectual assets such as a book or a song you have written where you get a regular royalty payment
- Having a referral marketing opportunity where you get paid on your referred customers purchases
Instead of trading time for money you could be creating a residual income because as it does not depend solely on your time to make it grow.
This opportunity is your chance to make Residual Income without the major cash investment some of the previously mentioned examples need to get paid.
REMEMBER : A RESIDUAL INCOME IS YOUR GET OUT OF JAIL CARD