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Passive Income
What is passive income, and how can I get it? Many people wonder that.
Lets get real, people are increasingly weary of working a 9-5 shift every day. I don’t
know about you, but I think working to make someone else wealthy pretty much stinks!
So how can you break out from the mold and start generating some passive income? First
let’s take a look at what passive income is and is not. Some people think that passive
income is something you haven’t had to work for. Unless your parents are extremely wealthy
and you inherit from them, the odds of you not having to do some kind of work to get
paid is pretty much non-existent.
When you are first starting your business, you will have to work. You may work pretty
hard, and you may put in a lot of time. You may get frustrated at times, but hang in there!
You might just be on the verge of a major breakthrough.
Passive income can come through avenues such as royalties, investments, or ongoing residual
income. You will have to do some work on the front end to reap these benefits down the
road.
So, to generate passive income from your business you do the work one time and continue to receive
benefit from it. You have moved forward from changing hours for dollars.
Once your business is up and running, it will continue to generate income for you, even
if you aren’t spending as much time working. In other words, create an income system, build
it up, let it continue to work for you generating a passive income, and you find the road to
being financially free.
The way most people do this is start a business, get it built up, hire someone else to run
the business for them, and get the profits. As you expand your business, the profits increase
and your money is working for you now.
Other people have built a very successful business using the MLM model. If you don’t
know what MLM is, it’s multi-level marketing. How it works is, you find a company that offers
products or services. You help them gain business by introducing that product or service to
other people. The company pays you when people become a customer.
A fairly simple concept, right? The nice thing about it is, most companies will pay you pretty
well for just helping them get more customers.
The real beauty of it all is that you get residual, or passive income from it too. Each
month that person is a customer, the company pays you a percentage. So you do the work
( show the product or service to people) one time, and get paid for it over and over again.
Most MLM companies will also allow you to build your own team. Not everyone will choose
to do this, although I’m not sure why. It’s great to surround yourself with like minded
people and work together so everyone benefits.
If you do decide to build your own team, the MLM company will also pay you a percentage
of what revenue your team brings to the company. Why? Because you showed them the business
plan and helped them get started earning money.
Working with this type of company will give you a real business that you can be proud
of, opportunities to increase your income, the ability to leverage your efforts and create
passive, ongoing, income.
There are many companies like that out there, so do a little research to see if there is
one that resonates with you. Click the link to get access to my favorite business model:
http://tinyurl.com/94fxpvh
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