3. Residual Income - Work once and get paid again and again.
If trading time for money can be considered as "today's income" then residual income would be "tomorrow's income".
What is residual income? Simply put, it is income that is created from work that you have done sometime in the past. Common examples of this are the performance & intellectual property businesses, (books, CDs, Movies, Computer programs, etc.), and is often referred to as "mail box money". When an author or an artist creates something, they usually get a royalty; a payment for each time their creation is purchased or performed. In most cases, as time passes, the amount of income received will diminish and eventually ends.
Now, most of us are probably not going to create a blockbuster book, CD, or movie that will provide us with royalties, but there are other ways to build up a residual income that will continue, and even increase), as time passes.
One way is to become securities licensed as an agent or broker. Financial services companies need agents and brokers to met one on one with clients and help them with their investment portfolios. A portion of the management fees earned by the company is paid to the agents each year. As the size of the portfolio grows, through both the increase in value, and influx of new clients, the amount of the commissions grows.
When an agent or broker helps a new client, they often get paid a commission for setting up the account or investment, and then they receive a portion of the annual management fees as each year goes by.
For example, I am aware of one company where, for a portfolio of $10 million, (that's not really all that much), the management fee paid to the agents ranges from about $60,000 to $112,000 a year, (depending on if they are part time or full time with the company).
Interestingly enough, the process to become a licensed agent is relatively simple and inexpensive. So for all of us that don't have a blockbuster movie or book, we still have the opportunity to earn a significant residual income, by helping other people find the financial solutions that they are seeking.
If you are interested in becoming an agent and getting licensed, fill out the information below, (click on "Referral Form" link below), and we will find an office in your area that can help you become a licensed agent or broker.
If trading time for money can be considered as "today's income" then residual income would be "tomorrow's income".
What is residual income? Simply put, it is income that is created from work that you have done sometime in the past. Common examples of this are the performance & intellectual property businesses, (books, CDs, Movies, Computer programs, etc.), and is often referred to as "mail box money". When an author or an artist creates something, they usually get a royalty; a payment for each time their creation is purchased or performed. In most cases, as time passes, the amount of income received will diminish and eventually ends.
Now, most of us are probably not going to create a blockbuster book, CD, or movie that will provide us with royalties, but there are other ways to build up a residual income that will continue, and even increase), as time passes.
One way is to become securities licensed as an agent or broker. Financial services companies need agents and brokers to met one on one with clients and help them with their investment portfolios. A portion of the management fees earned by the company is paid to the agents each year. As the size of the portfolio grows, through both the increase in value, and influx of new clients, the amount of the commissions grows.
When an agent or broker helps a new client, they often get paid a commission for setting up the account or investment, and then they receive a portion of the annual management fees as each year goes by.
For example, I am aware of one company where, for a portfolio of $10 million, (that's not really all that much), the management fee paid to the agents ranges from about $60,000 to $112,000 a year, (depending on if they are part time or full time with the company).
Interestingly enough, the process to become a licensed agent is relatively simple and inexpensive. So for all of us that don't have a blockbuster movie or book, we still have the opportunity to earn a significant residual income, by helping other people find the financial solutions that they are seeking.
If you are interested in becoming an agent and getting licensed, fill out the information below, (click on "Referral Form" link below), and we will find an office in your area that can help you become a licensed agent or broker.
Referral Form
The above information is for illustrative and educational purposes only and does not constitute any type of promise or guarantee. Not all licensed individuals earn the above noted income.
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