A residual income is one that comes in no matter what--even when you are not working (or can't work.) It's something all of us will someday want and possibly need.
There are several paths to creating a residual income. I am going to quickly give you three ideas on how to get it done:
1. Invest small amounts of money over a long period of time.
Doesn't sound to exciting, huh? Well, just take a trip in a time machine with me...
Imagine your parents had begun putting away just $1 a day into a fund for you since the day you were born. If they had followed some simple rules, here is what you would have:
? At age 20 - $ 38,171.10
? At age 30 - $ 161,834.23
? At age 40 - $ 662,120.60
? At age 45 - $ 1,334,221.99
? At age 50 - $ 2,686,057.96
? At age 55 - $ 5,405,082.95
I think we'll stop there--you get the point.
What if you're 30 and haven't been doing this? Start today and you will have another $327K by the time you hit 65--put away $3 a day and you could have an "extra" million.
If you want to really see how exciting this concept can be, I have a report by Bob Allen on the specifics you can download as my gift by bob allen report
2. Use other people's money to leverage wealth.
If you never use other people's money to help you build wealth, you will limit your wealth potential.
The amount of money you have to invest in a new venture is always limited--the amount of money other people have to invest in that same venture is virtually UNLIMITED.
Gary Halbert, the master copyrighter, uses this technique. Whenever he takes on a new client, he gets an up-front fee and 5% of the gross revenue from the promotion. So, he gets the benefit of the sales generated by a huge investment of capital on his client's part--and it continues to come in after he has already completed the work.
Keep in mind that 5% of $1,000,000 in sales generated by his work is much more than 100% of his $15,000 fee.
3. Create strategic alliances.
Have you ever noticed that the same people seem to be on the "inside track" when it comes to new products online--and that often you seem to be the last to know? Here's why:
There are a relatively small group of people who have large lists and have created strategic alliances with one another. When a new product is about to be launched, they get on the phone and put together a promotion that allows them to be first to the marketplace and get the lion's share of the profits.
But before you think, "Well, I can't get into THAT club," let me point something out: Joe Kumar, a kid from Singapore, did what almost no one does--he simply asked for admission.
And he got in, resulting in about $100K in sales his first full month of promoting.
To see more about Joe's story at bob allen report
Get on the phone, give a call to some "big names" on the Internet. You might just develop an alliance that will put you on the *inside* rather than out in the cold.
There are many ways to build a passive income. Three are detailed above--there are many others. Find one that fits you and pursue it. It's worth the effort.
Kevin Bidwell owns bob allen report and has just released a new report on creating a residual income. You can claim your copy here - bob allen report
Wheaton limo Chicago a> .. Lockport Chicago limo O’HareVacation season is upon us and it can be tempting... Read More
At any time in history, no matter what the current... Read More
The fact is that most people continue to work for... Read More
As someone who loves to shop, enjoys holidays and owns... Read More
Have you wondered why financial experts only tell you certain... Read More
As a work at home Mother, I know the value... Read More
How Much Money Will I Need to Earn to Retire?This... Read More
The idle are a peculiar kind of dead that cannot... Read More
If you're reading this article, it means you are a... Read More
Have you any idea how many people search Google every... Read More
When I was a student in London, I had a... Read More
What if I were to tell you that almost everything... Read More
One of the things most of us have old ideas... Read More
Here are some thoughts about the morphing of thought and... Read More
At any time in history, no matter what the current... Read More
Before I had a lot of money, I was really... Read More
Have you ever asked yourself what your highest income producing... Read More
Retirement Planning the Offshore Way Why do so many of... Read More
One very important wealth creating habit is to set up... Read More
This retirement account is so new and unique that you... Read More
Most people want to get to the end of their... Read More
Financial planning at an early age may seem complicated, however... Read More
The inability to come up with the necessary cash when... Read More
At any time in history, no matter what the current... Read More
"Ooooooh," you may say, "I could NEVER be good at... Read More
Chicago limo Lisle ..Feng shui coins can allow you, among other things, to... Read More
Compounding: The Ninth Wonder of the WorldBy Nicola Cairncross Compounding... Read More
The word 'diversity' is a unique one. It can represent... Read More
How many people search Google, Yahoo and MSN each day... Read More
In today's unpredictable global economy, you obviously never know what... Read More
Giving and ReceivingIt seems that people generally find it easy... Read More
The inability to come up with the necessary cash when... Read More
Whether an established conglomerate or a fledgling company, a business... Read More
When I look around at all of my friends, and... Read More
There are only 2 ways to grow your wealth -... Read More
Very few people whom I know are familiar with the... Read More
There is perhaps no more important decision than to take... Read More
Results from a new tool developed by UK based firm,... Read More
Not Enough Money?I believe that most people haven't got enough... Read More
OK, this article will start with the cheapest piece of... Read More
Let's begin easing you out of the pits. I mean,... Read More
Everyone wants to be wealthy. Only a few actually achieve... Read More
Have you ever had that feeling where you could not... Read More
It all begins with a simple calculation.You are home on... Read More
At any time in history, no matter what the current... Read More
Why not run a lucrative paper business? Paper businesses do... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
Living on credit is fashionable. Indulging oneself is fashionable. Saving... Read More
At any time in history, no matter what the current... Read More
I am often amused by the ads and offers I... Read More
Wealth Building |