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Micky Gramlin
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Micky Gramlin   My Press Releases

How To Build Residual Income

Published on 6/18/2018
For additional information  Click Here

 

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CodeBlueForBusiness

 

The expression that “the rich get richer while the poor get poorer.”

 

Happens because the rich focus on a completely different way of earning money. The choice is available to all of us, but some of us either choose not to practice those options or we are not aware of those options.

“Warren Buffett, Bill Gates, Richard Branson, and Oprah were not born into riches. Yet over their lifetimes they’ve amassed huge personal fortunes. This is because they understand and use the power of leverage through residual income”

Types Of Income

Earned Income

Earned Income is trading your time for money. Usually a job done for someone else and comes as a direct result of our efforts. This is when we work for a certain amount of set  hours and then get paid a certain amount with a paycheck for those hours worked. As in wages or salaries

Earned Income is getting paid for either for the effort or time spent doing for someone else. When you quit working, you are no longer earning

“Earning a high earned income is often a lot of hard work and requires a dedication beyond most of us. It’s also limited because no matter how much money you get paid you still need to show up to work to earn your money.”

Leveraged Income

With Leveraged Income you continue to get paid after the work is done. You are not required to be present to earn it. You are trading leverage for money

Commissions, although not always, in sales - usually means Leveraged Income. Selling insurance, for example. Or an author, earns every time one of their books are purchased

Residual Or Passive Income

Residual Or Passive Income comes from building assets that continues to pay you. Such as rents collected from properties. Investments, interest from savings. Incomes from Affiliate or Network Marketing count as well.

Again, you do not have to be present to earn and you are trading leverage for money

 

How Can You Build A Residual Income?

 

Leverage Is The Keyword Here

 

For the desired residual income, create a service or a product that people will continue to buy on a regular basis

 

Where And How Do You begin?

 

1 - Find Or Create A Product or Service that people will continue to buy on a regular basis

 

2 - Then Commit Yourself To The Product Or Service.

Don’t wait around for someone to answer your questions. Take the initiative to get your own answers. Do you think Bill Gates or Steve Jobs stood on the sidelines waiting for guidance?

You find out how it all works. Test it yourself. Study the information at hand and create more information as you go along. Why? For your future team. If needed, a lot of time can be saved by recording what you do now

 

3 - Determine And Define Your Plan of Action With A Start Date

Visualization is important here. You have to be a part of it every step of the way, all the way from beginning to delivery. And then again for the next step. And then again.

Cover every aspect. Look at it from every possible angle. Anticipate problems. Solutions.

 

4 - Determine And Define Your Plan Of Transition From Earned Income To Residual

If you don’t plan it, it won’t happen

 

Thank you for stopping by!

Micky Gramlin

 

RELATED POSTS

Residual Income Ideas 1

Residual Income Ideas 2

Residual Income Ideas 3

THE MARCH OF THE ROBO-ADVISORS: The Residual Income Series 4

 

Sources

habitsforwellbeing.com

lifehack.org

 

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Digital Solutions For Small Business

 

 

 

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