Have you heard people talking about making money while they sleep and wondered, "Is this for real"?
If you have seen my social media feeds in the past couple of weeks then you know that I just got back from an incentive trip to Arizona that me and a few of our team won (one of the best trips I’ve had for what I took away!!). It was interesting and quite fitting I guess, that while we were there the question often surfaced from those we met about how we were able to be away on a holiday and still getting paid, which is very different from a regular job where you need to be at work to fill that wallet!
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I want to share a little bit of my background so I can answer the question in case you were wondering the same. I started to have some “career pains” before I jumped into the industry of Network Marketing (which I absolutely love). Some of the things I struggled with were trading my time for money, having “more month left at the end of the money”, and not being able to be as present with my little humans. Back then I wish I would have known more about other opportunities, and how they work. So I really want to explain it here in case you are finding yourself in the same boat as we sail into 2018. Maybe you are looking for a fresh start like I was.
Linear Income vs. Residual Income
Linear income is exactly that: linear – something that travels along a straight line. It is about having that corporate career path that is already set for you and having a limited income range for the role you are in, or may grow into as you upskill. Basically it’s trading time for money. There are only so many hours in the day, and as a result there is only so much income you can make.
Even though I loved what I did in the corporate world, and I loved the people I worked with, there were still things that I wasn’t super excited about. One of them was finding myself up against this salary cap or ceiling that existed no matter how hard I worked and I felt very discouraged about reaching my big dreams. It seemed as though no matter how much more money I was helping the company make, my paycheck wasn’t really reflecting that.
Residual income implies it is forever (and let’s face it – none of us have that coveted crystal ball!) so I prefer to use the word “recurring”. In Network Marketing you can build a really strong organization that can pay you long after you have actually worked. It is not “get rich quick”. It is more about building a really strong team, a strong foundation that will continue to grow after you’ve put the work in to set it up. You do need to put a few solid years in, learn the craft like any new skill, but you are getting paid while you are learning. It’s not like University where you focus completely on abtaining your qualification (paying the school large amounts of money for the priveledge) before you go and get a job, with possible work experience first. It is also flexible around your family and your life so you can choose your own hours. That is what makes it great as a Plan B or side hustle while you’re working to make it a Plan A (if that’s your goal). Giving up your precious time to fill someone else’s pockets is not as “hard” as working on the side for a bright brilliant future.
When you look at starting a traditional business, about 80% of new small businesses fail and the average income for that small business after 10 YEARS is approximately $100,000. You have to be there sometimes more than a job, take on many roles of staff to run it and you have an 80% chance of failing! Those don’t seem like very good odds when you consider the amount of time you are putting into getting your business off the ground.
In Network Marketing, if you stay in your company and you make it to 10 years then you have a 90% chance of making it to the top of your pay plan. These are statistics worldwide from the DSA across all companies you’ve reached that benchmark.
There are also some really unique benefits to working in Network Marketing that you don’t see in corporations. One of my favorite benefits within the company that I work with is that I can work really hard and see massive results and as a “legacy company” I can then will the business down to my children. So not only am I building a life for my family now, but it is something that is going to continue to support them long term if I play my cards right.
As the end of the year approaches and after my visit to Arizona where I was surrounded by million dollar earners in my company, I just wanted to take a moment to explain some of this to you in case you are also “stuck” like I was – thinking you’re playing small and way below your potential and perhaps making a mark on this planet far greater than what you are now - because I wish I had known this industry existed in my late 20’s instead of 30’s.
If you are curious (and maybe keep seeing more and more of your network through social media involved with these side hustles!) and you want to know more, please reach out. I love talking about this stuff and I would be happy to answer your questions with no strings attached!