Residual income is defined as getting paid multiple times for a task that only had to be completed once. For example, most musicians write, sing, and record song one time. After that they receive a royalty every time someone buys the song or a radio plays the song. Same thing with movies. Every time you rent a movie the people who made the movie get a royalty. A royalty is a residual income. Imagine if you were a home builder and built someone their dream home, and then you got paid every month for the rest of your life from those people. Or imagine you repair cars for people and for every mile it gets driven after that they pay you a royalty. A residual income is the only way to do as J. Paul Getty said "The way to be wealthy is to make money while you sleep." I tell you what, when I heard that I thought "Man I don't even do that well when I'm awake, how do you do it when your sleeping?" Residual income. That's where network marketing comes in. Network marketing is the easiest way for the average person to create a residual income. Sure you could buy into a McDonald's franchise and receive residuals on every hamburger that is sold, but that costs a truck load of money just to get started. Now network marketing has been around for a long time now, and for some reason it has a bad rap. But if you look at some current facts you will see that network marketing is the future. The fastest company to hit 1 Billion is sales is not a franchise, its not Wal-Mart, its not even eBay. The fastest is a network marketing company called Mona Vie. They achieved that mark just 3.5 years in business, July 2008.
The reason I bring that up in a residual income article is because with their compensation plan I believe the residual income is more permanent than any other compensation plan in the industry. My favorite two incomes from Mona Vie is the Team Commissions and Executive Check Match. Mona Vie structures on what is called a "New Generation Binary" which means a person only has two teams, a left side and a right side. Team Commissions pay 10 percent of your lesser sides volume. Which means if you left side had 1000 in volume and your right side had 700 in volume then your Team Commission check would be $70.00 That being the case, it benefits you to help your teams grow as big as possible. The bigger your lesser side, the bigger your team commission check. The Executive Check Match pays you a percentage on people in your groups checks. Once you hit an Executive level you get paid a percentage of what your group gets paid. That means if your team makes more money, you make more money. Again it is to your benefit to help others achieve high Executive ranks. At that point you would be earning a permanent residual income, because the more Executive in your team you have the more likely it is that your teams will continue to grow even without your efforts. Why? Because those Executives will help their people go Executive and those Executives will help their people go Executive and it will continue on and on. Hitting the Executive ranks will not happen overnight, but they will not happen if you don't get started. As they say "The journey of 1000 miles begins with the first step"
I leave with this thought "What would you like to have done today that you couldn't because of time and money?" Residual income will give you both time and money.
Enjoy the journey!
Justin
