Home
>
Wealth Building
>
Residual Income - The Myth

Residual Income - The Myth

"Join our program and retire in 3 months..." yeah, right.

We all want to get to a place where we have ongoing, hands-off income that continues without us having to work for it. These ads play into that desire by offering us the promise of "easy continuing income."

The reality is often far from the sales pitch.

The first step in developing an ongoing, residual income is to dispel some of the myths surrounding the sales hype.

Here are some of the most common myths about creating a residual, ongoing online income:

Myth One: Put up a Website and Sit Back and Collect the Checks.

Those of us who have run Internet businesses for a while can tell you: Making a good living on the Internet requires marketing, customer service and order fulfillment. Either you have to do it yourself or you need to hire someone to do it.

Either way, having a website and selling your own products is often far from the "laying around on the beach while collecting your checks" image.

Myth Two: MLM/Networking Income is Residual Income.

Almost always a part of the sales pitch in networking is "creating residual income." While that is *possible* with MLM, it is very difficult to maintain. Here's why...

MLM income is built on three basic factors: new purchases by retail customers, the recruiting of new *wholesale* customers and the ongoing purchases by both groups.

In order to have an ongoing "residual" income, you need to recruit, train and motivate a sufficient number of *leaders* who will then continue the process in growing numbers.

This is rarely the case.

Instead, top leaders have found it is easier to build a large list of MLM "junkies" who they then take into one program after another. If you stopped joining new programs, your income would also dwindle within a few months.

Myth Three: Just Build Your Business and Hire People to Run It for You.

This does work, but it is often more of a nightmare than a dream.

At various times I have had anywhere from 0 to 15 employees. I have had many friends and clients with much numbers up to 1,000 employees. We all have the same opinion: Unless you have enough employees and profits to hire top quality managers, employees are a constant headache.

If you DO build a big enough, profitable enough, business and if you have the right personality, then building your business and hiring people to run it is a great idea.

Myth Four: Developing A Residual Income is Easy.

I don't want you to fall for this one, either. Developing a residual income will take some perseverance. The steps to getting it done are not difficult, but it requires one thing many people will not put in--consistency. If a person does the right things, day after day, they will create an ongoing, growing income. If they try today, then one day next week, then one day a month later, they are unlikely to ever get there.

Developing a residual, on-going, hands-free income is worth the effort. Avoid trusting in these four fantasies, get ready to work and you can have a supplemental income in no time at all. Keep it up long enough and you can eventually retire.

Kevin Bidwell owns http://www.all-in-one-business.com and has just released a new report on creating a residual income. You can claim your copy here - http://www.all-in-one-business.com

same day cleaning service Des Plaines ..

In The News:

New Android banking trojan Sturnus steals credentials, reads encrypted messages and controls devices.

Denmark's 3D-printed student village proves automation builds 36 apartments faster than traditional methods. Skovsporet project shows housing future.

Discover Android's new Sound Notifications feature that alerts you to smoke alarms, doorbells, and baby cries even when wearing headphones.

New SantaStealer malware reportedly threatens holiday shoppers with password theft. This Christmas-themed info-stealer targets browsers and crypto wallets.

The Christmas season brings a surge in Netflix phishing scams targeting shoppers with fake emails. Stacey P received convincing scam but verified account first.

San Francisco Giants invite Jamie Grohsong to throw ceremonial first pitch at Oracle Park after he learned to play baseball with a bionic hand following an injury.

FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.

Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.

The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.

Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.

Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.

Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.

Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.

Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.

The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.

OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.

Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.

LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

Residual Income - The Myth

Wealth Building