How many months worth of savings do you have?

Gay Taraby
TRANSITION FACILITATOR working with Women 50+ and WHAT'S NEXT?
Personal Finance

Jun 29,2017

Do you know that the average person has only approximately 3 months worth of income saved in the bank!

How much do you have saved & how long could you live for if your income stopped coming in?

It’s a VERY scary thought!!

Creating several income streams is one of the wisest choices in todays, less than secure, economy. One of the fastest growing sources of income is “Residual” or “Passive” income.

More income is sought after not only because of a lack of job security in ALL industries but also because people want more! More money, more freedom, more time with their families, more control, more choices, more peace…. The likes of Warren Buffet & Robert Kiyosaki have both invested in several companies that create passive income.

A business that provides passive income it is one that works, if one works it. The length of time before ‘passive’ income is substantial enough to live on differs from person to person.

Some of the most positive aspects about “owning” a passive income business are:

  • You cannot fire you
  • You cannot lay yourself off  
  • You develop your business alongside your primary obligations
  • YOU can determine the income you desire!!

Some KEYS to success in creating substantial wealth from a “passive” income business are:

  • Devote some (not all of your) time to your business!
  • Research & learn about your products/industry to become a confident & skilled professional
  • Consistently but NOT constantly devote time to your business!

Sources of residual income are very often generated through an industry referred to as Network/Multi-Level Marketing and more recently as “Social Marketing”.

A KEY aspect of a Social Marketing business is: “Time Leveraging”! The absolute brilliance of Residual or Passive income is that it is generated even while you sleep. Your Team duplicates what you do & your Clients are re-buying without you!

Clients are introduced to products or services & make their initial purchases through a consultant or distributor. The clients then continue to buy directly on line. The key advantage is that you do not need to resell to the same individuals. Follow up yes, but not resell the same products. Therefore, income continues well after the initial introduction & purchase is made.

Social Marketing companies offering consumable products are amongst the most lucrative. These, most often, premium products are used by the whole family, on a daily basis. They could include personal care & nutritionals. Once consumed, customers re-buy.

Key advantages for the customer:

  • Premium products are sold at everyday prices because profit centers, such as sky-rocketing retail rents & a sales force, are completely eliminated.
  • All purchasing is done on-line
  • Orders are delivered directly to the customer’s home
  • Discounts & bonuses are given

The increase in ‘on-line’ retail sales in 2016 was FAR greater that the increase (and in most cases, decreases) in ‘traditional’ retail sales.

Real estate also offers “Residual Income” with rental properties. However, it is a very hefty investment & one that many cannot afford. And, as the owner, you’re often needed for maintenance & up keep.

There are other businesses that offer residual income, however to describe them all would take too long.

As corny as this may sound, a Social Marketing business can help you Live the Life that you’ve been envisioning. A life of debt free vacations, mortgage free homes & the freedom to choose who you spend your time with!

Quill Cloud

Create your own wealth because, we know, that no one will EVER do it for us!!

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