I am often asked why I am doing home business. I am in home business for one thing and one thing only: residual income…
I am not in home business for transactional income. If I am seeking for transactional income then, I probably would do car sales person, become real estate agent, or flipping houses (Buy low and sell high). We can all get big chunk of money by doing those occupations…
Old cliche for a longest time was having safe and secure job. My mother country, Japan, many people still have this mindset. Literary, my friends around still say you should get the job from big firm. You can stay in there forever and they will take care of you. However, due to international competition and technological advancement, sadly, it is no longer the case for most industries.
My friend, the senior engineer working for his firm for long time, was replaced by the newly graduates. Now, he totally lost his job. It is too costly to keep those senior people whereby company can hire young new graduate with less than half of the senior’s pay and they are willing to work 12 hours a day…
My mentor said that job is short term solution for long term problem. This is so true… The longer we work for the company and higher we go up to the food chain, the higher probability of losing the job…
I am not bashing the job. It’s great to have a job (Especially, if you like your job, congratulations, you are the part of 10% as I know most people don’t like the job that they are doing). I am saying that it almost always makes sense for building residual income on the side, while you have temporarily secure job.
By building the streams of residual income, if you ever get lay off from your job (or whatever the reason that you can’t earn transactional income), you can always depend on the residual income because they will pay you for much longer period of time than the transactional income (Sometimes, it can be forever).
You can always do something on your side while you are working on your full time job, building residual income. When your residual income exceeds your main income, then you will have total freedom of whatever you want to do. Especially, in this uncertain economy, you might want to consider working on building some sort of residual incomes (Whether rental properties, home business, other businesses that generate residual / passive income).
I hope you got great value out of this blog post. If you want to learn how to attract quality leads by using Meetup, you might want to get my brand new free video study course called “How To Leverage Meetup To Build Your Home Business”. You will learn exactly how I use Meetup to get, attract and grow list of prospects. You can just click on the right hand side of banner, enter the information to claim this totally free video study course.
P.S 1: I was delighted that I was interviewed by Li Lin, business coach at Immigrant CEO as well as owner of The Successful Immigrant! I shared my journey toward financial independence during this interview. You can listen to interview soon on the Immigrant CEO podcast.
P.S 2: Best way to communicate with me is through Facebook, you can join my Facebook fan page. I sometimes discuss the topic that I don’t mention in the blog site. If you want to join the community, click here.
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