I didn’t learn about residual income until I was 33 years old, when I was dragged to a hotel “opportunity meeting” by an old friend. Even though I was there against my will, it was a night that changed my life forever. It was the night I learned a new word . . . residual.
Until that fateful night, I had always thought that “residual” was that line in the bathtub when you get out!
But no, I learned that night that residual income is when you get paid over and over again for doing something once!
Most of us have jobs where we trade time for money. I was a sportswriter and that’s how it worked for me. If I didn’t go to work, I didn’t get paid. Even the highest paying jobs, I’ve since learned, stop paying you after you stop working.
Can you imagine working this week, getting paid for it, and then getting a check for it again next week? You’d be praying that accounting wouldn’t catch the slip up!
Imagine the compounding effect. Work a week; get paid. Work another week; get paid for this week AND last week. Work another week; get paid for this week AND the last two again.
Sounds great, but this is fantasy land . . . right?!
Not so fast. Remember Jerry Seinfeld?
Seinfeld – and all the actors on that show – stopped working 16 years ago. They each earned between $600,000 to $1 million per episode while they were working. But today – 16 years later – the show still pays Julia Louis-Dreyfus, Jason Alexander, and Michael Richards and creators Jerry Seinfeld and Larry David, over $400 million a year in residual income.
This is the most-extreme case, as Seinfeld was the most profitable sitcom in history, but you can rest assured that every time you flip through the TV channels and stop on a re-run, somebody’s getting paid for it. And probably not you.
Residuals (or royalties) don’t just happen in television, though.
Last year Madonna was listed as the highest-earning recording star, by Forbes Magazine, having earned a reported $125 million. But again, not so fast!
Remember Michael Jackson?
While the hard-working Madonna was good, with her world tour, record sales, etc, Michael Jackson pulled in an amazing $160 million last year. Yeah, THAT Michael Jackson. The one who DIED in 2009. In fact, in three of the past five years, the “actual” top earning recording star has done it from the graveyard.
Elvis Presley has been deceased for over 35 years, and last year he still managed to pull in $55 million.
So, you can’t sing. You can’t act. Me neither! But that doesn’t mean you can’t earn residual income. Maybe you’ve just never been properly educated.
In the network marketing profession, you get to “partner” with a company (any company you’d like) and help market their products or services to people in your network as a part-time, social thing. You can also organize a part-time sales team, finding other people you know who may want to earn residual income, and earn commissions on all your sales and all of your teams’ sales over and over and over again. Residual income.
When I first learned this, it seemed like a daunting task. I wasn’t a sales person, and I didn’t think I knew anybody else that could (or would) be interested. But the evidence was all around me. People were doing this. What did I have to lose?
By the way, I got started that night in 1998, just a year after Seinfeld went off the air. And I haven’t had a job ever since.
Today I earn residual income. I get paid whether I decide to go to work or not. It wasn’t a lottery ticket, but it really wasn’t hard work either. It was mostly fun. As my friend Eric Worre says, “Network Marketing isn’t perfect. It’s just better.”