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Income Source

Do You Have More Than One Income Source?

Income Source ReserveI just read an interesting statistic from Tracy Biller. He says a new survey just came out that indicates 78% of employees live pay check to pay check. Their income source is not enough for them to build a reserve.

On top of that the average credit card debt in the United States is about $15,000 or $21,000.00 Canadian. That’s a major issue in itself. And now consider it takes the average employee about 6 months to earn enought o pay his or her taxes. It’s little wonder that 96% lie in bed at night worrying about their financial future.

The fact is most people have all their eggs in one basket. They rely one one source of income. And that for most people is a job. To top that off, a lot of those people actually work two jobs to make ends meet. Working more than one job is not really helping much because the income source is still employment; working for someone else. And there’s only so many hours in a day. Furthermore, they still depend entirely upon someone else for their livelihood. I wouldn’t call that diversification of income.

As Nietzsche is purported to have said “No price is too high to own yourself“. He was talking about being an independent thinker and controlling your own destiny. For some people the solution to the problem of too little money is owning their own business. Business owners DO control their own destiny and if successful, solve the too little money dilemma faced by employees.

Does A Business Create A Diverse Income Source?

There are two problems with that. First, traditional bricks and mortar businesses take a great deal of capital and time. For that reason that option is open to a small number of people.

Secondly, such businesses cannot be set up operated as a part-time venture. Operating a business designed to create a livable income and potential wealth, is almost always a full-time proposition. For that reason the owner has all his eggs in one basket, just like an employee. In fact, most small business owners actually simply buy themselves a job; an all comsuming one at that.

The good news is there is a viable alternative. There is a way for anyone who desires to diversify their income to do so without investing a great deal of capital and without having to give up the “security” of their job. This alternative also provides a way for anyone to create the kind of wealth typical of big business owners, bankers, investors and CEO’s. Getting into that league would be the epitome of income diversification.

What Is The Alternative

Network marketing is that alternative. It’s $187 Billion industry that sells products and services of every description around the world. The business model relies on word of mouth advertising and direct sales to market products. Network marketing companies that create the products allow independent representatives to market the products through teams they build by recruiting other people and then helping those people do the same.

The concept is that of leveraging the efforts of the team on multiple levels to create ongoing, residual income. Each representative is an independent business owner and has an equal right and opportunity to develop a network of represntatives that create sales on many levels.

Think of a Real Estate Agency. The owner recruits agents to market properties on behalf of the agency. The owner pays commissions on sales to the agents and keeps a percentage of the proceeds for the agency. Now if the owner allows agents to recruit other agents and then pays the recruiter a percentage of the commission each of these sub-agents, the agents are leveraging the team they created.

The multilevel organization in this example creates leverage. But the system is a simple direct sales one. There is no recurring consumption by the buyer so no residual or ongoing income is created.

One Sale Creates Multiple Checks

In a network marketing business the major source of wealth is ongoing income. Ongoing or residual income as it is called, is created because the products and services sold are consumables. Customers and representatives purchase whatever is being marketed on a monthly basis. That means one sale can result in multiple sales and commissions in the subsequent months. Do something right once and reap the benefits over and over.

So the average person can work at a network marketing business for 8-10 hours/week and double their employment income in 2 to 3 years.

Want to know how that works? Do you also want to know how I can help you do that?

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May The Power Be Yours

Income source

About the Author Terry Neraasen

Internet and network marketer from Edmonton, Alberta, Canada. I come from a background in science with wetland and waterfowl ecology and management as both passions and vocation. I continue to be very passionate about wildlife conservation and protecting the environments upon which we all depend.

I’ve taken advantage of innovative network marketing skill development an business building that avoids the usual, generally unproductive traditional mlm approach. Growing wealth for me and my team free of rejection and frustration is where I focus my efforts. It’s all based on The Success System That Never Fails. Blogging, video creation and marketing and SEO are favoured tools. I’m a graduate and Certified Guide for The Master Key Experience which is the ultimate in personal development. Get in touch if you’ve a mind to. I’m always open to new things and new friends.

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