OK So next step in my Pathway to Riches plan is to find out how I can Retire early. I have built my goals and broken them down into quarterly goals. One of which was to research ways to earn the money that I need to build my future property portfolio.
So over the last week or so I have been trawling the internet to work out what type of side business I could build in order to give me the money that I am looking for. Clearly it was going to need to be something that I could start to do around my current work and build into a sustainable business ideally working from home.
I have found so much information over this past week but one of the most important things that I found out is that what I want is actually achievable. I have come to the conclusion that I need to find a way to build residual income from home.
Build Residual Income From Home
OK so what is residual income, I didn’t know either until I found out during my research. In short Residual income is income that you continue to get paid after the work is done, for example the idea of a property portfolio once purchased and let out to tenants the work is done and you can still get paid, this is a residual income (sometimes called passive).
I understood the concept before the research but didn’t realize that is what the term residual income actually meant, however what I also didn’t realize is just how many ways you can generate I residual income and how many opportunities there are within this residual income world.
During my research I always set out to try two different approaches at the same time. Being a person that has built a business before I know it is hard work but I also know that for 3-5 years of hard work the reward of early retirement is well worth it. I have also through my research over the last week found that I can actually work within two routes that even compliment each other and therefor, each opportunity can help to build the other.
MLM Business Oppertunity
What is a MLM Business opportunity you may ask. It is otherwise known as Network Marketing and if like me you had heard many poor things about network marketing you may be skeptical. I have done a lot of reading and listening on the subject though and while this is only my opinion, I believe it is going through a change at the moment.
Ultimately numerous people in there 20-30s have little to no savings. They have little to no retirement plan and are in jobs that they go to daily to pay bills that we all know are too high. The change is already happening, many people already believe that the only way to succeed and get what they want from life is to work for themselves.
I can tell you probably as most who have done it can, to build a business from scratch and make it work is really hard and verging on impossible. The investment that you need to put in (time, Money, Soul) most people just don’t have. MLM Business opportunities are different.
They offer people the opportunity for a low start up investment and with hard work, and the right work effect you can build a sustainable residual income. I have also noticed a shift in the way that people are speaking about Network marketing and there approach to building there businesses. It no longer seems to be directed around peoples family and friends. The new approach which I must say is nice to see targets business builders to help people around them and give value for what they are offering.
Clearly this is a business model that we have seen within standard businesses for years.
Network Marketing Ideas
So with this in mind it was time to look for ideas of where to start. I want to build a sustainable business so a company that has a good track record already I felt was a good start. I looked for the top network marketing companies, it was a pretty easy search everyone wants to tell you there opinion on this and then direct you to a completely different opportunity where you can make millions in a month. Clearly those opportunities were not for me.
All the different reviews online did however give me a good insight into which opportunities had been around and for how long. The other factors that I considered were the compensation plans and the way that each individual business owner was treated by there parent company.
Where do I start.
Why Network Marketing
Having looked into the various options I made a decision to choose Network Marketing, but why?
Well as already discussed I feel that the environment and reputation of Network Marketing is changing for the better. What other business gives you the opportunity to build financial freedom that continues to pay even when you stop working?
Many multi-millionaires in this world have actually achieved this through network marketing. Not only can you build a substantial business providing a residual income but most MLM Business opportunities actually also offer incentives like 5* holidays and cars on top of you normal income.
How long do I want to work for? We already know that I personally want to retire early, if successful Network Marketing will give me more than enough money to do this, but it will also give me the ability to work from anywhere in the world and to a time table that I choose. This means that in my pursuit to find out how can I retire early I may even have found a way to get myself out of the nine to five even earlier!
Network marketing will be my first choice on my road to building a side business that will eventually lead me to financial freedom. It will require hard work and persistence to start with and I would love for you all to join me on the process. I will in my next post describe my second income line that also works alongside network marketing!