With the uncertainty of our times, the stability of social security in question and pension plans pretty much a thing of the past, it's no wonderful more people are getting creative when it comes to funding their retirement. I'm not a financial advisor by any means, but I do enjoy reading about how to be savvy with my money and how to save and invest wisely. With that being said, I want to ask you a serious question about residual or passive income. This is the type of income that keeps coming after the work has been done. Do you understand the power of this? Many say if you did, you would bend over backwards to create this type of income stream in your financial arsenal.
First, there are several ways to create residual income. If you purchased a rental property, you would continue to get paid rent on the property even after you paid off the mortgage. Of course, there are many other costs that go along with owning a property, but you get the point. With a business, you need to create a company that sells products that people will keep buying long after you've set up your business. That's when you are no longer trading your hours (time) for money. There are systems in place in your business that are generating monthly income every month because you have customers and returning customers purchasing your products. There is the power of residual income. You invest some money and time in building this business in hopes of creating a residual income that will pay off in the future with minimal effort.
But lets face it, most people don't have the option or desire to take on the risk of investing a lot of money and time into starting a new business. Don't forget the other major overhead expenses with a typical small business that include payroll taxes and insurance, salaries dues etc. So, that's why I have chosen to invest my time into two companies that allow me to build a residual income from the comfort of my home with minimal to zero start-up costs and no inventory. Of course, there are never any guarantees with any business, but if you do your homework you can increase your chances of success by choosing the right company and business partner. Moreover, if you haven't already selected a side hustle then I suggest you do. Why? Because most financial advisors will tell you that successful people have multiple streams of income. Yes, there has never been a better time than now to start a side hustle that will help you create residual (passive) income.
As an entrepreneur, I have worked in consumer direct marketing and the direct sales industry for more than 30 years. I've worked hard and been fortunate to be acknowledged as one of the top producers in several companies. These were what appeared to be very promising opportunities that took me across the globe to help other entrepreneurs build their business. But one thing I've learned over the years is that the latest venture is definitely not always the best choice. I no longer chase after the latest, greatest shiny things as I've watched these new companies fail again and again. The failure rate for new businesses is high period. For companies in the direct sales industry it's more than 95%. So, before you go and invest your time and reputation into a company--it's important to look at the quality and value of the products, track record and longevity of the company and integrity and experience of the leadership.
If you'd like to learn more about the power of doing a smart, side hustle, then let's chat! Please fill out your REAL information below and I will contact you directly. Or contact me directly at firstname.lastname@example.org or (541) 954-1667.
Jodi Unruh's Blog
Jodi has more than 30 years an award-winning television news anchor/reporter, accomplished digital PR and marketing professional, founder of a PR/Marketing Company and global leader in direct sales. She has worked with some of the top health experts in the world when it comes to scoping out innovative health products that utilize science and organic ingredients to enhance health and wellbeing.