Retire Before 25

Part 1: Basic Principles

What is Residual Income? Residual Income is income that continues to come in month after month, year after year, even decade after decade in certain circumstances, whether you work or not.

How is it possible? Residual Income works in business models where the customer “subscribes” to or “enrolls” in a product or program on a weekly, monthly or annual basis. (Example: Cable TV, Magazines, Lawn Service, Health Insurance, Electricity, Cell Phone Service, etc.) The customer enjoys these services on a “subscription” basis and someone is getting paid for it.

How Can I Get Some? You can get a type of residual income any number of different ways. The key is that you need some sort of service or product to offer the consumer. This product or service needs to be something that the consumer truly “needs” or greatly desires every single month / year. It needs to be of value to the consumer and it needs to be priced competitively.

The best way (in my opinion) to get started on your way to residual income is to find an established company with necessary and/or otherwise useful products for you to market. This way you don’t need to maintain anything, you’ll simply take your “cut” for having marketed the product. The third party vendors are the ones who will be responsible for rendering services / sending products to the consumer, etc. This is what is known as a residual commission. You do the work one time and the corporation or company will pay you residually. (Read: Indefinitely, until the customer cancels the service / subscription.)

Part 2: Leverage

Now that you understand the basics let’s get into some of the deeper concepts regarding the power of Residual Commissions.

I was working on my car the other day, I needed to change some brake pads. To do this I had to remove my wheels, which meant unscrewing the lug nuts. The thing about lug nuts is – they’re on there pretty tight. (And for good reason, these are the things that keep your wheels from just falling off while you drive!)

This would have been a tough task with a standard ratchet – as a matter of fact I attempted it with a regular old ratchet and it hardly worked. So, I went out to Autozone and grabbed myself what’s known as a “breaker bar”. A breaker bar is nothing fancy; it is a long bar with a tip like that of a ratchet on the end. You can attach whatever socket you need and simply go to work.

With the breaker bar I was able to remove the wheels in no time. It took minimal effort on my part and after everything was done I was able to safely and efficiently tighten everything back up. (So my wheels won’t fall as I drive away – as mentioned earlier.)

Please do not miss this point – leverage makes things easier. Network Marketing employs leverage within its business structure. How many products do you think you can market every month? 1? 3? 10? With Network Marketing you don’t need to market hundreds of products personally to see results. You market a few and then you find other people to market a few and they find a few to market a few and soon enough the few become the many and soon enough you have a substantial residual income flowing into your bank account every single week, month and year.

For more specifics I’d encourage you to contact me directly via email or phone. I would love to spend some time with you discussing these principles.

Cheers,
Cody Miller
214-682-5331
cody@retirebefore25.com

Tags: Business, Entrepreneurship, Residual Income, Training

Categories: Cody Miller , MLM Training , Network Marketing , Young Entrepreneurs