One of our guiding principles is to help people think about earning money in ways way beyond their paycheck. That’s what the 7 Sources of Residual Income are all about.
On our latest duocast, we dive into 4 of these sources that you might not think of. Some of them you might even dismiss as something you can’t or won’t do. We dig into royalties, subscription models, affiliate and network marketing, and try to take away some of the mystique and misconceptions around them. Never say never!
You might be surprised at the ways you can receive royalties on your original work. You might be surprised at the number of millionaires who are network marketing experts. You might be surprised that your business could be the perfect fit for a subscription model, giving you consistent cash flow and a solid client base. You might be surprised at what you can earn on what has been a hobby for you, through affiliate marketing.
And as usual, we don’t mince words. We want you to understand best practices around these income streams. Excellence and mastery are earned, so easy riches are not part of the conversation here.
What You Will Learn in this Episode:
- The different categories of royalties
- What real diversification looks like
- 3 sources of residual income to turn hobbies into cash flow
- Why licensing an invention might be better than building a business around it
- Earning money with your content through affiliate marketing
- Similarities and differences between subscription and affiliate models
- How a subscription model could bring consistent cash flow to your business
- Why subscription models are a win for both the client and the provider
- How network marketing is done right
The Golden Nuggets“True or diversification isn't a balanced portfolio in the stock market. It's having multiple streams of income that come in based on what you're passionate about, what you understand.” – Bryan Dewhurst Click To Tweet “It's really helped us to have closer relationships with our clients by going to the subscription model.” – Phillip Ramsey Click To Tweet “The reason these things work is because you're super passionate about something very specific. The Internet allows you to connect with the 10,000 people that are of like mind or have same interest.” – Bryan Dewhurst Click To Tweet “You can start going through all these different industries and seeing how a subscription model could really help the overall business, so clients know what they are spending, and providers know their cash flow.” – Phillip Ramsey Click To Tweet “These three sources: royalties, affiliate, and network marketing are, in my opinion, very important in how you step out of whatever you don't like doing, and step closer to what you do like doing.” Bryan Dewhurst Click To Tweet “Paying affiliates a commission – people who are writing about and linking to products they know and love – is such efficient marketing money for a company to spend.” – Phillip Ramsey Click To Tweet “If you are looking for an opportunity to work hard, do good work, make a profit, and treat people with respect, I think that's what network marketing can provide for a lot of people.” Bryan Dewhurst Click To Tweet “With network marketing, although the cost of entry is low, the reputation cost could be high. So my advice would be to just be present with people. Let them come to you.” – Phillip Ramsey Click To Tweet “I think network marketing is going to be more important as a future business model or source of residual income in the near future. And I think you're seeing more companies launch their product in that way.” – Bryan Dewhurst Click To Tweet “The seven sources of residual income are powerful tools. But how do you weave them together in the right way for you? You need a plan.” – Phillip Ramsey Click To Tweet