Leverage and residual income? What about it? Is leverage income similar to residual income? It is all income anyway whether it comes from a burgan savings from a sale or a pay check from an employer. After all, who doesn’t love a sale? Grand opening sales, clearance sales, garage sales, private auctions, online sales, and services (particularly financial advice) at a bagain.  We all love to get quality for a lesser price. Bargains have become part of people’s lifestyle and with it the added bonus of bragging rights… “I bought a similar car but I paid less than you did”. The words ‘Leverage’ and ‘Residual’ define a certain kind of income generation.  

 

Realizing that the rich get richer by setting up leveraged income, let’s look at this for the moment: in the workforce we consider “being promoted” as earning more and working less (I know many may disagree but research has proven so). This kind of increasing earnings is not at all residual but linear (the money you make by working 40 hours in exchange for a paycheck). For example, doctors and lawyers earn a higher linear income than say, a salesman or taxi driver. But in fact we all have a maximum of 24 hours a day which limits the amount of money even professionals can personally generate. Linear income is trading your time for money.

 

With this mindset today, if you want to earn more and work less you’re going to have to start creating income that does not require your direct involvement — leveraged or residual income. Leveraged income is your money working for you. With the right business you set in motion a chain of events that duplicates your income over and over again. In the perfect scenario this continues without end. Think of the author of a best-seller… his residual income is generated by the sale of his popular book over and over again – often going into reprint status, or the composer of a song that that has remain popular over a long time. Every singer wants to record that song and you as the composer you will earn just for that single track creation.

 

So how do we apply this to our ‘becoming the person you’ve always wanted to be’ idea? You have to first look within, the person in you. I have several articles in this blog that can point you to the right direction:

 

  1. Know Your Resources and Exploit them
  2. Success is in Your Hands
  3. The Solution within on Talent Search (an ebook designed to prompt your brainstorming juices)
  4. Devine Lesson ‘As the Plan Grows, so Do the roots’
  5. Business Planning for First time Entrepreneurs, and many more!

 

You can come up with several ideas that can generate leveraged income for you after considering the facts outlines in the above articles. Not all of your ideas may endure the test of time. Surely you’ve seen some already in the market that resemble what you think would work for you, but you still can consume that market and win, only if you don’t copy but put your original inventions on the products. Ideally, select an idea that uses collaboration and you will have the perfect win-win situation. With so much conflicting information available today, people are getting more confused than educated.

 

For example, an idea where you have to acquire some skill before you can do business stands more success chances. You can gain leveraged income for yourself while earning the privilege to turn around and do the same. There is what is called the 2up system: you are rewarded for selling a valuable product to your new associate and earn some profits. If you so wish, you can decide to train your customers to further promote your products and the chain goes on and on. However, be extremely cautious of scammers who may introduce you to a similar business system yet it’s a pyramid or a Multi-Level Marketing scheme.

 

So, why I’m I the right person to write this article? It is because I have been exposed to residual income when I first published my book and it always has brought some cash to my pocket. However, this is just one idea out of many that could create you leveraged & residual income. Take your time to do enough thinking and prepare yourself for the road ahead. Just as Solomon of old said, ‘Never give up on your idea because you don’t know what it may turn out to be tomorrow’.

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