This isn’t going to be one of those ridiculous wealth stories about fast cars and big houses. I’m a big fan of all that, of course, but this post is going to dig more in to the hard cold realities of life and why I truly believe residual income is the best sort of income to work on.
I want to be clear that I honor any hard working individual, regardless of their chosen profession. From blue collar workers to white collar executives, it takes all kinds to make the world go ’round. I do believe that it just makes good financial sense for everyone to develop at least one stream of residual income. That may be from investing, real estate, a home based business, song writing, royalties, etc..
If you are not clear on what I mean by “residual income”, what I mean is an income stream that continues month after month or even year after year long after the work has been done.
Linear income, on the other hand is income that is earned as a direct result of labor and is either measured by the hour or by the result but when the work stops the income stops.
Personally, I have both types of income. When I play music, either at a club, concert venue, or studio, I am being paid only while my bass is plugged in and I am playing. When the gig or session is over, I get paid and that income stops. That is my linear income stream. And I love playing music. I hope to continue playing for many years.
My residual income streams, however, are based on internet marketing using the network marketing model. I introduce people to products and services that can help them achieve their business, personal, or financial goals. I make that introduction once and am paid every time those customers do business, whether monthly, daily, or weekly. I have some sales I made 15 years ago that still pay me to this day. That’s a beautiful thing.
I’m not going to get in to how much money I make. I’m not a fan of income claims. Some years have been amazing and other years have been a little more “lean”. I’ve got big goals and an moving in that direction and my goals are based on my own desires. Some will view my goals as too lofty while others may think I’m not setting my goals high enough. Let’s just say that I have set the goals that work for me and I am excited to be taking steps to make those goals my reality.
So let’s dig in to why I love residual income.
Of course, as a father of 5 children, I loved not having to punch someone else’s clock. I enjoyed the freedom of being able to be involved in the lives of my kids. From the simple options to spend a day at the park to big family vacations, we enjoyed life together. As a father, I will never have to look back and wish I had been there for my kids. During the fun stuff and the inevitable hard times, I was able to be there with and for them. We still enjoy a wonderful relationship together to this day. Residual income is a big part of what made that possible.
When my wife was with us, we enjoyed our days together. Whether we were running away for a quick lunch date, escaping for a 2-3 day “staycation”, or running off to Vegas or Florida for a week, we were able to enjoy life and be present with one another. “I have to go to the office” was not a phrase we used. I might be working late at night some days but I was always able to be with my wife. When she became ill, I was able to stay by her side. I never had to leave her to go to the office. Nobody was ever able to say, “You can’t take any more sick days” or “If you miss any more work, we have to let you go.”. I told my wife she would never face a doctor visit, chemo treatment, or radiation treatment without me by her side. She never did. When I lost my wife, even amidst all the grief, I was so grateful to know that we lived life together. We didn’t make excuses. We enjoyed our journey. Residual income is a big part of what made that possible.
Recently, I had a bit of a health struggle, myself. I experienced what amounted to a mini-stroke. For a while, I couldn’t play bass. I could barely write. I was scared. I am mending quite well. I’m starting to play bass again. I can write a little better, each day. Music is becoming a part of my life, again and I am very grateful. Through it all, the residual income streams just keep coming in.
I didn’t have to call any bosses to ask for time off or explain why I couldn’t take a shift. I did arrange for some great bass players to cover a few gigs for me.
My linear income stopped for just a bit.
My residual income didn’t even slow down.
I’ve still got some big goals. And I have the time, freedom, and opportunity to pursue those bigger goals. One of the things I love most about residual income via network marketing is that I can work on leveraging my time and efforts to achieve those goals. That option isn’t really available through traditional linear income.
Just something to think about!
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