If you are one of the people asking this question, how can I make money, I will recommend residual and passive income. Before elaborating on this topic, let’s delve into the past.
In the past the orientation we are taught to become rich is to get formal education, a job for life that will give us security and pension, etc. In this 21st century, the chances of becoming rich with such perception are slim. What perception works now?
Your perception must focus on learning to create wealth from passive and residual income. These are business concepts which are utilized daily by today successful people either on the internet or in the real world.
For better understanding of this concept, let me quote the late billionaire, Paul Getty, by the time of his death, he was the richest man in the world: “I would rather earn 1% of the efforts of 100 people, than 100% of my own.”
We all have a maximum of 24 hours a day, which limits the amount of work you can do to become very rich. But with the understanding of how you can apply passive income and residual income, you gradually start earning leverage and residual income to become rich and gain financial freedom.
You will no longer ask, how can I make money, your time and resources will be focus towards teaching other people how to make money using these powerful concepts. The interesting aspect of this strategy is that the more people you teach that apply this formula, the richer you become.
What is passive income? These are income that allows you to earn from other peoples time, resources, skill and effort. That’s the secret of the success of most Nigeria business owners earning millions of naira daily. They leverage on other people legally to achieve their dreams.
The key is to get a good mentor that will teach and guide you to apply this knowledge. With the understanding of how it works you can now utilize other peoples’ time, skills and their ideas to run your business with limited capital.
Residual income is the money that keeps coming to your business month after month, year after from the work you do once. Every time a sale is made you earn income. If you acquire the skill to earn this form of income, it becomes easier to earn regular residual income.
Examples of businesses that can help you to earn residual and passive income include the followings:
• If you write a winning book, you may start earning residual income by selling it either as a hard copy or digital copy.
• You can also register as an affiliate to a company and earn commission by selling their products and services. Many of the companies allow you to earn a lifetime income from purchases made by the customers you refer to them.
• Another way to earn residual income is by actively participating in network marketing or known as multi-level marketing. It’s possible to earn lifetime income from the efforts of your downlines (these are independent marketers that you refer to the company).
Let me conclude this article on the question usually asked by poor and middle class of the society: how can I make money with this quote from Robert Kiyosaki, Its not money that makes you rich, its business skills.
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