When I woke up this morning that line from that old Dire Straights song was playing in my head.
“Money for nothing…”
This concept has driven all of income producing activities for the last 9 years.
Not that I want money for nothing now, but at some point, I want to have money coming in that requires no work or effort on my part.
Creating a situation of complete financial freedom.
That’s the dream right?
In my experience there are 3 things that can create this scenario.
First, people at work.
You or others. If it’s you doing the work, you must be working with some sort of a system that’s creating recurring monthly revenue stream.
You can also have others working for you helping you to produce income.
This can be in the form of employees, down line, affiliates etc.
Second, systems at work.
Red-box is a great example of a system (or machine in this case), that produces recurring revenue for the owners.
The system works to provide value to the customers and collect money.
Online. the equivalent to red box as an income generator, is having some sort of process that collects leads, follows up and then converts them to paying customers.
Preferably continuity (monthly recurring) customers.
Here’s a screenshot of some recent residuals produced by our residual cash machine, The Home Business Academy.
And the Third thing that produces ‘money for nothing’ is money at work.
Ideally, you’re bringing in cash through your various income producing activities, you take that cash and make it go to work for you.
Here’s a picture of a recent real estate project we’ve been working on.
We actually just got this subdivision finalized and recorded last week.
In lot 3 there is a house with a shop that we spend last year renovating. It’s on the market now.
Lots 1 and 2 (incidentally, when split off, instantly added $40,000 to $50,000 in net worth) will be used for rental units sometime in the future.
Once those additional rental units are up and running, and being managed by our property management company, we’ll have an additional monthly income stream of around $1,500.
Money for nothing can be a reality, but usually it requires something to get the ball rolling.
What’s that something?
- People at work
- Systems at work
- Money at work
Money for nothing. 😉