Residual Income:
Residual Income on the other hand is the kind of income that will continue to pay you long after you've stopped working. For example: Actors, Singers, Writers, Investors, Software Developers, etc. are some of the people that get paid even when they're not working.
According Robert Kiyosaki, world renowned "Business Guru", best selling author and self-made multimillionaire: "The Richest people in the world look for a build networks, everyone else looks for work!"
So why would building a network can potentially give you a real chance to set yourself up financially for the rest of your life? The answer is based around 2 wealth building strategies:
1) Leverage: Means to benefit (i.e. generate income) from the efforts of others. For example, the owner of the business for which you work (if applicable) has "leverage" on you and all your work colleagues. In other words, he/she earns substantially more off your efforts, and without having to do any of the work because you’re getting paid for doing it!
2) Residual Income: Also known as passive (or royalty) income, residual income is usually generated by “repeat business”, be it the sale of a product that continues to get reordered, a fixed payment plan such as rent or a mortgage, etc. or in GTC’s case, the marketing of a “highly consumable” Unlimited phone service!
So ... if the thought of getting paid, over and over again, for something you initiated but didn’t have to personally continue doing sounds appealing to you? That is called leverage. Or how about getting paid month after month, year after year, even if you stopped working? That is called residual income.
Therefore, with what you’re currently doing to earn a living, are you getting paid from the efforts of others, even when you’re NOT working? If the answer is "NO"... don’t you think it's time you got started?
Close