Who Needs Extra Income?
Sallie Roberts February 7th, 2009
You know what is scary? Most of us are “fine” with debt. We are so used to piling up credit card debt that we are oblivious to the consequences we will face years from now. We know we are in trouble….deep down, but we have gotten ourselves in a “have to do it” situation. Our grandparents have rolled over in their graves so much that their bones are so jumbled up you can’t make heads or tails our of them. And they are MAD.
But the reality is that in “their day” they did not need to have 2 or 3 incomes coming in just to “get by”. Our family unit has become very dysfunctional because children are raising themselves or being raised by strangers. The bottom line is that we need multiple income streams coming into our finances to have a secure future. People are insecure about their future now, but have always been in a dilema about how to have more income streams coming in.
How do you get a backup system going? You need to be diverse. You need extra income.
There are 2 kinds of Extra Income: Residual and Linear: Linear is income earned hourly, daily, weekly or monthly. There is no more future commitment attached to it from your end or the receiver’s end. Residual income is where you make money by working hard ONCE and getting paid over and over again for that work.
A Home Based Business (network marketing, MLM) can do several things for you. First, it allows you to be home and raise your children, go to their school events and sports events, etc. Next it offers you Residual Income, Tax benefits and a way to become filthy rich if that is what you want to do. J.Paul Getty said “Would you rather have 100% of one person’s efforts or 1% of 100 people’s efforts. Of course you want 1% of a 100 people. That is what you can do if you Work From Home with a good networking company.
How much debt could you pay off is you did not have to pay child care, clothes for you job, gasoline, housekeeping services, dry cleaning and all the other things that are required when you work in a traditional job. More on How to Get out of debt in my next post.
