by: Woon Sung Liang
Copyright 2005 Woon Sung Liang
If you’re given a choice of making $500 as a one-time payment OR getting only $100 but paid this amount every month, for 20 years if not for life, which would you choose?
If you work only once and get paid many times over, you’re earning a RESIDUAL INCOME. Of course you’d choose the latter.
Elvis Presley to day “continues” to earn residual income even after death because his records continue to “work” for him due to continued demand from his fans.
Therefore it goes without saying that in order to build wealth, you need to tap into RESIDUAL INCOME.
Very often, this is also referred to as “PASSIVE INCOME”, because you could afford to be passive or non-active (i.e. not having to work) and still continue to receive income.
If you're like most people, you've been conditioned your whole life to think about income as a process of trading time and effort for money. Like the majority, you have been brought up to have only one major objective in life – JOB! Incidentally, if don’t already know, to many, JOB stands for “Just Over Broke”.
You work hard in schools so that you could get good grades to advance to colleges and universities where you work even harder so that you could get a good and secured JOB. Once you’ve got the jobs you want, you continue to work very hard in order to maintain them and to climb the so-called organizational ladder of success.
As a result, many have fallen into the trap of the RAT RACE and you know very well you can’t afford to stop because if you did, so would your income!
Although some of us could be drawing quite a handsome income, we’re not truly “wealthy” because we’re not free to do what we want and when we want with our money.
I’ve heard of many sad stories of “rich” EMPLOYEES not being able to spend badly needed valuable time with members of their families who’re sick in hospitals because they could not afford to be away from their place of work for too long as their services are urgently required by their employers. Doctors could not even really relax and enjoy a long vacation for fear of the loss of income or patients while their clinics remain closed.
Can I really have PASSIVE INCOME? You might ask. Indeed you can!
About 60 million people have access to the Internet - and yet it is still in its infancy. Every month millions of newcomers and thousands of businesses are reported to be setting up online. With this huge, expanding audience and the fact that marketing and advertising can be done on the Internet so easily and at only a fraction of the costs of traditional methods we now have a fantastic opportunity to be successful in online business.
Many companies have now aligned themselves with the Internet which has created many new paradigms in the past few years. Residual Incomes are made available to people from all walks of life. You can now make money online with simple and proven formula used by many to earn multiple streams of residual income.
However don’t believe what you’ve heard or seen in the Internet. Skepticism is encouraged because there are some dishonest people creating a lot of hype, unfulfilled promises and scams going around the Internet.
Fortunately however, these are the exception, rather than the rule. You must be able to feel absolutely confident about using the services offered by “Internet Business Gurus” to help you make money online before you sign up.
If you have any slightest doubt at all, drop it and move on to another. There’re many who belong to reputable organizations such as iCop? and Better Internet Bureau? as part of their commitment to uphold the highest business and ethical standards possible.
Many programs are designed for newbies who have no time or interest to learn HTML, Java, PHP and ASP. With a simple Control Panel, you’re only a few mouseclicks away from having a complete and professional website to start your online Internet home-based business! You need not have sleepless nights worrying about programming, web or graphic design, scripts, or content and product creation.
Further more, with some programs such as AFFILIATE PROGRAMS, all the order processing is handled behind the scenes on your behalf. This includes credit card authorization, order fulfillment, product shipping, and customer service. Also, there's no worry about inventory. There’s no staff to hire and pay, no merchant accounts to set up, and no costly and time-consuming application process for licenses and permits to go through.
You have a website which sometimes could be created free of charge. It captures visitors automatically and follows up with them 24 hours a day and 30 days per month for 365 days a year! Your visitors’ names and email addresses are automatically recorded for you and follow-up automatically with a pre-written email marketing campaign.
However, like any ventures earmarked to be successful, you need some planning and consistent effort. To help you in this effort, here are a few guides you can follow in order to develop good habits for achieving your goals:
PLAN YOUR WORK AND WORK YOUR PLAN: Like any other forms of work, you must have a plan for your Internet business. Set an achievable short term, medium term and long term objectives, prepare a budget and stick to them as far as possible. Carry out periodical checking to determine any deviations from the plan and take the necessary remedial actions.
BE ORGANIZED: You need to download a lot of software, ebooks or PDF books from specific individuals or organizations for your continued education. You’d have a lot of contacts which could be your potential leads or customers. Chances are that you’d belong to many membership sites that require passwords which are first cited in their "Welcome" letters.
You therefore need to have a systematic procedure to keep all these vital information and data in the right and proper folders for quick and ease of retrieving. This would prevent loss of time and undue frustration.
You could create a simple HTML home page of your own with hyperlinks to all the important websites. This could be kept in your desktop for easy access
BE FOCUSED WITH CONCENTRATION: Although this is a home based business with all the freedom in the world, it’s prudent to have some form of discipline. Once you’ve decided to sit in front of the computer to start working online, you must stay focused and do not allow any distraction to affect your concentration.
Treat it as your business and not a hobby. It’d be nice to stick to a schedule which is also made known to other members of your family so that they’d know when to leave you alone. However do not get carried away and spend too much time in front of your PC because your loved ones, including your pets also deserve your attention and time.
BE CONSISTENT: You’d be tempted with countless of seemingly very attractive offers and promises from the Web to help improving your business. Do not fall into the trap of some of these promises. Just stay with a handful of strategies that work and stick with them. For example, if you're submitting articles to drive free traffic to your sites and it’s showing positive dividends, stick to it and continue with this strategy while improving and fine-tuning others.
IF FAILED TRY AGAIN: Like any other conventional businesses, there’d be time when you’d encounter failures and disappointment. Do persevere as this is not a get-rich-quick scheme. It takes time to see the fruit of you effort although it’d definitely come. Use any failures to your advantage by learning from them. See success in every failure and opportunity in every threat.
”Intention decides what you want but action determines what you get”. Please persevere with your action and don’t give up.
I wish you all the best in your Internet journey towards the continued flow of PASSIVE INCOME!
About the author:
Woon Sung-Liang is a Rubber and Latex Consultant with more than 20 years of experience. He enjoys writing, travelling, playing flamenco guitar and singing. Not long ago, he didn't know ANYTHING about Internet marketing... However, within just a few weeks, he launched his own website AND learned how to profit from an opt-in list, pull in sales with ezines, make money with Google Adwords and setup his own BLOG! Check this fantastic website to find out how he has done it: http://www.PlugInProfitSite.com/main-9747