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Linear income is when you work for money. This type of income is usually made by working for someone else. This income earning strategy is employed by approximately 96% of our population. This strategy is also known as trading time for money. Typically you get paid once for every hour you work. If you want more money, you need to put in more hours of work. No work = no money.
Residual income is when money works for you. This is where you multiply your time through the efforts of others. Think network marketing, song writers, authors. The work is done once but you are paid multiple times every time someone purchases your product. You don’t have to show up to work to collect the money. The money comes to you.
Bob Proctor, best-selling author of You Were Born Rich, gives a formula for earning money.
Determine how much you want to earn. Write it down on a sheet of paper. Take the total figure and divide it into multiple parts. Each part represents a source of income. Each source of income represents a separate reward that you would receive for a service you would render. Work on one source of income at a time.
Four considerations:
- Think of how you can do whatever you do – more effectively.
- Think of how you can improve the quality and quantity of service you render.
- Think of how you can help people in a greater way.
- Money is a servant; the more you earn, the more you can help others.
There is no better time than the present to start earning residual income and living the life that others dream about. Money is no respect of person – education, gender, or politics cannot stop YOU from getting the money that you deserve.
Till the next time…Live on Purpose and Make it Happen
