In this post, you’ll learn why earning residual income could be the best financial security you can get for you and your family.
But before we get into the nitty-gritty, I have a very important question for you…
If something bad happens to you and as a result, you can no longer work, would you be financially buoyant enough to take care of yourself and your family?
If your answer is no, then you really need to take a good look at your financial situation and make the necessary changes.
If you’re serious about securing your financial future, then I implore you to get hold of a notebook and a pen and take notes as what you’re going to learn here is very important.
What is Residual Income & Why is it So Important?
Active income is income that is earned as a direct result of your efforts.
It occurs when you work for a certain period of time and get paid a certain amount of money for the time you work. This can be in the form of salaries, wages and self-employed service providers like doctors and lawyers.
The difference between active and residual income is that in the latter, your income isn’t limited to the hours you put in and different streams of income allow you to be more financially secure.
If you have a job that you enjoy and love, that’s cool but you need to think about what protection you have in place to save yourself if for whatever reason you can no longer work.
Earning via a Single Stream of Income is Very Risky
Making a living on a single stream of income is as unwise as traveling interstate in your car without a spare tire. You don’t need anyone to tell you that that’s unnecessarily very risky.
One excuse a lot of people give for not creating more than one stream of income is the risk involved. But the truth is the biggest risk you can take is not to take risks at all.
Take some time to think about it; If for some reason you can no longer work and your job is your only source of income, how will you take care of yourself and your family?
That’s a very risky situation to be in and you owe yourself and your family a responsibility to not put them in that kind of position.
Will Residual Income Alone Suffice?
The story of the author Hal Elfrod is useful here. During a difficult time in his life when he was battling aggressive cancer, he couldn’t work or take care of himself. However, he was so grateful because when he was younger, he discovered network marketing and learned how to create multiple streams of income.
If not for the fact that he had more than one stream of income, he would not have been able to take care of himself, let alone his family and the situation would have been a lot worse than it already was.
Whatever You’re Thinking – Think Bigger
A lot of people have small minds. People are generally more concerned about today alone and usually, don’t take the time to plan for their future.
If you’re living paycheck to paycheck and you’re mentally and physically capable, imagine if something goes wrong and you’re suddenly unable to work.
Concentrate Your Energy In the Right Areas of Your Life
If you currently have a job you need to keep to make ends meet even though you’d rather be someplace else, then admittedly, your situation is a bit more challenging but trust me when I say it can be done.
Here’s the thing; you don’t need to put too much into building your business to see positive results. All you need is to put an hour or two daily and over time, you’ll reap the fruits of your labor.
Once you can practice and master this, you’ll be happier and less stressed because you’re doing something you don’t only love but rewards you more.
You Are Fully Responsible for Your Financial Future
The most important thing to learn here is that no one but you is responsible for your financial future – not the economy and not your employer; you are completely responsible for how your financial future will look like.
Below are some great resources that will help you even more
How to Deal with the ‘Until Syndrome’ – Download
Why People Fail in Network Marketing – Download
Getting your Customers to Market your Brand – Download
Network Marketing Tips that will Guarantee your Success – Download
Did you get value from this training?
I really hope you did because I put in a lot of work weekly to ensure that you get great network marketing strategies that will positively impact your business and ultimately, your life.
Feel like sharing? Use the social media buttons below so that others can benefit from this training as well.
My team and I are constantly searching for more ways to help others make money on the side. Our mission is to search for the most effective and reliable opportunities. Then, we take it one step further and show you how to make that part-time income replace your current job.
If this post was useful for you, help me spread the word by sharing it on your social media.
Copyright © 2024 The Perfect Side Hustle | Powered by Systeme.io
This site is for EDUCATIONAL purposes only. As with any business, individual results will vary. I do make money from some of the items I promote, via an affiliate relationship. Any products we talk about are not designed to treat, cure or prevent any disease. All trademarked names are owned by their parent company. By visiting our website, you agree to our terms and conditions.