With a Residual Income Formula, You Figure a CLEAR Pathway to Retirement!!!
The IRS also has a definition for passive residual income. It states: Income generated from any activity in which the taxpayer does not materially participate is considered passive residual income and is usually taxable under the current tax code. Leave it to the government to define something and we still don’t know what it means! Let’s look somewhere else. Wikipedia calls residual income— passive residual income. It is money you get on a regular basis, with little effort required to maintain it. They give several examples: 1) A residual income can be created from rental income on properties you own. 2) A residual income can be created by royalties or payments you receive for work you have done in the past…a book you published, a series you acted in that is in re-runs, a patent for an invention you created. 3) A residual income can be from a business in which you are a silent partner. 4) Dividends and interest from stocks, bonds, retirement income or pensions are all considered passive residual income. 5) The final type of residual income comes from repeat sales that have been generated by a product or service; or generated by commissions from an override of your sales team. These sales can be generated in many ways, such as door to door, business to business, or sales generated on the web. This final income method mentioned can become your residual income formula!!!
Residual Income Formula...Hopefully, I've given you a better understanding of a residual income. The question now becomes how can I create a residual income formula for my retirement without having to write a book, invent something, or buy a whole bunch of rental properties??? The easiest way to generate passive residual income is with network marketing or direct sales. In SUCCESS FROM HOME MAGAZINE, an article published by Donald Trump and Robert Kiyosaki entitled, "Why WE Recommend Network Marketing", and another by Robert Kiyosaki, "Why I Recommend Direct Selling" explains why these two successful financiers encourage direct selling and network marketing as the means to create a residual income formula for financial freedom. In addition, five reasons they recommend Network Marketing are: 1) Your tax breaks increase with a network marketing mlm home business. 2) You get to meet and work with like minded people. People who want to move out of the employee position and into the business owner position. 3) You can give yourself the time that is needed to develop your business. They recommend 5 years to build and develop you and your business. 4) Network Marketing Companies are Patient! That is one of the beauties of a network marketing mlm home business. They are willing to work with you on the development, of your business and yourself until you are ready to move up to the top. In the corporate world, if you’re not successful within 6 months to a year, you are let go, released from your contract, or kicked to the curb. However you say it, it means YOU’RE FIRED!!! 5) Finally, the leverage systems are tried, proven, and already in place. That means you can hit the ground running if you are ready, without having to build the internal workings of a new company! Zelda-ism #3
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