Creating a Residual Income -Nobody Gets Rich Overnight

There are a lot of programs on line that claim you can get rich in a short amount of time with little work.  They advertise with fancy cars and vacations, large stately houses and claims that they set their computers on Auto-Pilot to do the work for them.  I actually tried one of these and will give you some of the insights I gained.

If you are looking to increase your income potential there are many ways you can do that. 

  • You can invest money in a tangible project such as real estate or a business.
  • You can work from home for another company for a percentage of sales.
  • You can join an affiliate marketing program and get paid for referrals.

The best option is to find something that will continue to pay you over the long term after you have put in the work.  This is called Residual Income because it keeps paying you.  The best way to do this is by having long-term rental income from a property or by creating something that continues to sell for a long time.  If you wrote a book or starred in a movie, TV show or commercial you could earn Residual Income for years. Blogging has become a popular option in the digital age with all the social media.  If you are knowledgeable about a particular subject such as fitness, cooking, travel or sports, there are many formats that invite people to contribute articles and some can earn income, but you have to keep writing and staying in touch with an audience.  This field is popular and still developing.

Some companies have programs that will invite customers to advertise and promote their products for sales.  This is usually accomplished by applying through their websites to become and affiliate.  If approved, they provide you with a link to their company and you place that link on your website and every time someone uses that link to purchase goods or services, you get a commission.  This can be anything from cents on the dollar or an actual percentage of the total sale.  Most companies that do business on the internet have affiliate programs. 

It may take a lot of these to make significant money and you may want to list more than one affiliate link.  Amazon and EBay both have affiliate programs and their rules and requirements are different.  Be sure you understand these when you choose to sign up.  For instance Amazon may approve you to be an affiliate but will not honor sales to friends and family members which could be a large portion of the people who know about your link.   You also need to have your own website to place your links on.  This can cost you money to create one and maintain and register it.  Then there is the issue of visibility and making sure your website gets viewed regularly. Use a Search Engine Optimizer (SEO) and Google to help accomplish this. There is a good guideline available called 12 East Steps to Boost SEO Right Now, that you can find on the internet.

Affiliate marketing companies encourage people to join to advertise for them and pay their members for new referrals.  There are many companies out there on the internet that do this.  If you promote their business and get a referral you can earn a percentage of the fees the new referral pays.  As long as they continue to pay their fees, you can get a small percentage and the more referrals you get, the more money you earn.  It can sometimes be tricky to get this started.  Many companies want you to work their program according to their guidelines and there is not a lot of room for individuality.  They will often provide set website designs, landing pages and pre-written advertisements to be used under their guidelines.

I joined one of these programs and this is what I encountered.  After signing up with a sponsor to try their program, I had to pay a “Start-Up Fee” to go through their training.  It was small, under $30.  While in the training period, I was instructed to sign up for several free offers to get started.  Some of these free offers are only good for a limited time and if you do not remember to cancel them, they will charge you a fee every month.  After signing up for these, I was asked to pay a monthly maintenance fee to be a member of their network.  As soon as I did that, I started getting solicitations from the company to join a forum that was supposed to help me get started and paid a small registration fee.  Once I got into the actual training, their videos and audible presentations were very old and worn out.  I really felt that I could do this once I got proper training and support. 

They asked me to join another portion of the program that would increase my earning potential.  I did.  I asked how long it would be before I could see some revenue and was told that members with the highest hit scores got referrals first.  I was about in the middle of that range, so tried to increase my advertising. I was finally moving up and felt that my work was about to pay off.  The founder of the group passed away and the group was left in limbo.  Immediately, more money was requested.  I had now been in this program for a year with nothing to show for it.  I declined and quit the program.  All my hard work and hours of researching and advertising were for nothing.  I could not afford it anymore and was very disappointed and disillusioned. 

Many of these companies offer “Done for You” set ups that offer no flexibility.  Be careful before you commit. 

The number one affiliate site is something called Wealthy Affiliate that provides the ultimate in training, tools and support.  They teach you to create and run your own website that you can design to your interest and specifications.  It is designed to let the individual succeed and has the support of several thousands of members who help each other.  It is worth taking a look at if you are considering Affiliate Marketing.

In considering any program, please do some research and take advantage of free trials and take the time to examine the program thoroughly.  Understand what you are getting.  It is your time and your money and you may as well get the best value for your hard earned dollars.

I hope this information has helped you understand some of the options available.  Not every program is right for every person.  So choose what works best for you and be willing to put in the work to make it pay off.

Be sure to visit our Wealthy Affiliate Review for the most recommended affiliate program available. It's our number 1 reviewed online business opportunity and join us today!

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