What exactly is a recurring income, and why you need it?

“If you are not building a residual income in whatever you do, you will have a miserable demise.”

Your government knows this and steps in to help the general ‘common sense*’ by taking money out of your salary every month and saving it for you, because they know the ‘common sense*’ won’t do this and you’l live day to day, just hoping that things will get better. They call it a pension.

*Common sense: the modern day term for people who do what they have to do to get by, they take few risks, sell time for money until they have no time left, and ridicule ‘chancers’ who ride by the seat of their pants and try to better their lives in the pursuit of happiness.

To be fair though, some are taking control and saving towards a pension above what the government takes and learning to invest and trying to be pro-active realising that time is not on our side as we strive towards a better future.

I mentor younger people and I always say a job is never a bad thing as long as the long term benefit is that you are gaining experience that can be used to better your own life later on. When I was younger every job gave me a skill that can be called upon now for my own advancement.

What is a recurring income?

To me it is ‘Regular money that comes into your life whether you work or not’.

Many struggle with the premise, because society teaches and prepares us to work hard for someone else and get promoted, but more often than not this ties you to the company and you are stuck in Catch 22 as more responsibility and more salary comes with less time for you. Self-employment is appealing as there is no boss and many of us will tell you that you become your own worst boss, working way more than is healthy for you.

Recurring income sounds too good to be true to many, but here some examples of recurring income:

Interest of savings in a bank.

You must have at least £1 million in a bank to make around 2-3% at the current rate. Two per cent of 1 million pounds is 20,000 GBP a year, which is the just less than the average annual salary in UK, so if you have less than a million pounds in your pension pot, you are not going to have a very nice retirement.

Winning the Lottery.

More chance of getting hit by lightning twice on the same day in 2 separate places! If this is your rainy day money, then you need to go back to school; wait for a sunny day though!

Property Rentals

Don’t the barrage of television shows make it look so easy? You simply buy a spare property for buttons, spend a bit and then rent out; voila, you can retire young! Very few TV shows show the misery and lengthy court battles landlords have with troublesome tenants. I also think the government is trying to tell you something like, ‘There’s not much cash left in our pot, too many people claiming pensions now, so you had better start learning how to make your own money!’

Multi-Level Marketing.

Residual income is the main emotion M.L.M. (often called Network Marketing) sells. Work for 2-5 years like a robot, sell a product or service, recruit people, and live of your income forever.

The hard part is, it is such a lifestyle change for so many it becomes untenable for the vast majority who try it. I say try, because when you say try, it means well they go at it half-hearted and wonder why they get nowhere. M.L.M. has produced a lot of millionaires, I have met many, and it is open to anyone, but for most people when it comes down to introducing friends, it’s a bridge too far especially for the reserved nature of Brits.

Many people with common sense knock it and reiterate what they heard from their successful mate with his own ‘successful’ business who never gets a moment to himself and looks like he will have a coronary at 40 years old. They say ‘only 2% ever make it in MLM’ and they are 100% correct, BUT, experience is such a wonderful thing and it bears balance in thought and it is also true to say the same figure is given to most conventional bricks and mortar new startup businesses.

Affiliate Marketing

Again in my experience it’s only the top 2% who are making enough by starting a website with a blog, writing daily, sharing each day to social media, which by the way has changed so dramatically, that free is hardly worth trying, so the only way is paid advertising, and publishing adverts on their site and paid a commission by their sponsors.

With over a billion websites out there (and how easy it is to start a website now) it’s very difficult as a startup to rely on digital marketing as your main source of branding. You have to be really niche to make enough to live on in affiliate marketing and it really should not be included here because they day you stop blogging and sharing with paid ads your website tumbles down the search engines to oblivion and so does your income.

We do have a way to help you make cash quickly AND earn a residual income at the same time:

Work as an affiliate for leads4biz

Work from home in your own time with no commute to work.

You are finding leads from an existing membership who know who we are, so no cold calls.

You are directing members to other members who are actively looking to buy their products, giving them something they really want: A potential new customer!

We pay 50% commission on sales so you can easily make a minimum £30 a day paid weekly.

And each month you get 10% from what your clients pay to eternity! Over 90% of our clients stay with us because we offer them a cost effective service. That is recurring income!

More info here on becoming an affiliate here

What are YOU doing to protect YOUR future?