Time Freedom and Money Freedom With Residual Income
One of the success formulas is to plan your work and work your plan. On Sunday night, map out your goals and plan your schedule. Your week will go smoother and you will accomplish much more. This will speed you on your way to lifestyle freedom.
I recently saw J. Paul Getty’s formula for success – rise early, work hard, strike oil. At first glance you may be tempted to dismiss it as a kind of ‘win the lottery’ type of success, however, a closer look yields a lot of information.
First, his goal was to strike oil. It was not a random happening. This was what he was working hard to achieve.
Next, the oil business is a residual income business. Once he struck oil, he was able to receive money from that well for a long time to come. As he brought in more and more wells, his money freedom and time freedom increased.
A modern retelling of the formula would be rise early, work hard and achieve success.
Lynn was a 51 year old, single mother living paycheck to paycheck. She had raised two daughters on food stamps and daycare. She had lived all her adult life in apartments and did not see anything better for her life.
One day, she was sent some product from a network marketing company. She had a good experience and started telling others about them. She enjoyed talking about the products but did not like to mention they were from a network marketing company. She did this for four and a half years.
She finally talked with a financial planner who told her to get out of her own way. She was told, if she really wanted to spread the news about these products, she would have to build a team to do it.
While she was building her team, she met her current husband, Phil. He was working a job where he felt like he was going to jail. When Lynn had reached a level of income, she told him to quit. When he was asked why he was quitting, his reply was, “Because, I can.”
Now, Lynn is one of the top 25 income earners in her company. She has found lifestyle freedom. She built her dream home. She has gone on cruises and paid for many of her family to go with her. She has authored books to share her success and help others create their own.
Not only has she created success for herself but also for many of her team that would not have otherwise experienced it. She has become a lighthouse example for showing people what is possible.
Just for some fun, here’s the lyrics to the ‘lost verse’ of Margaritaville by Jimmy Buffett. It was cut to make the song fit the 3 minute format of radio. Enjoy.
“Old men in tank tops,
Cruisin’ the gift shops.
Checkin’ out chiquitas down by the shore.
They dream about weight loss,
Wish they could be their own boss.
Those three day vacations become such a bore.”
First, the bad news. There was an article in my paper recently that stated women earn less, save less, live longer and face an uncertain retirement.
Now, the good news. Women often are the top earners in network marketing. They network more. They also see network marketing as paying the same as men for the same performance. Women are usually more security driven than men and see the real security benefits of developing a residual income.
According to the Direct Selling Association (DSA), 85% of network marketers are women.
The main thing for women to do to protect their retirement is to become more active in the handling of their finances. For many women, starting their own home based business can give them the equality, and security they deserve.
