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Monday, October 25, 2010

How to Leave a Legacy like a Rock Star! By Janet Callaway

Wait, you say. How can that be? I don't have the voice or the moves of Michael Jackson or Elvis.

It's simple. Create residual income.

Royalties account for a large part of the financial legacy left by entertainers, authors and icons. A royalty is a payment for the use of a property be it a copyrighted work, patent, or other item.

What makes a royalty so valuable is that the action—performance, invention, writing—is done one time and one time only. Thereafter, each time the song, product or book is purchased/used, a payment is due to the person who created it.

In the case of dead celebrities, that money is paid to the estate. Last year Michael Jackson's estate earned $275 million, the estate of author J.R.R. Tolkien of The Lord of the Rings and The Hobbit earned $50 million while the estate of Albert Einstein earned $10 million.

While most of us will not to do something that will pay us a royalty, ALL of us can create Residual Income.

Residual Income, like a royalty, is payment on an ongoing basis for an action done in the past. How can you create residual income? It's simple.

Build a network marketing business. In network marketing, time is spent building a business. Though it will take some time to build a business to the income level you want, once built, the checks keep coming in month after month, year after year. In a solid network marketing company, that residual income stream becomes a part of your estate, your legacy to your family, your community.

Most often a network marketing business is built on a part time basis while you enjoy extra money as well as the significant tax advantages available to the owners of a home based business.

Rock stars receive royalties, however, they lose their privacy.

Network Marketers receive residual income yet still have their privacy.

Yep, I'd rather be a successful network marketer!

1 comment:

  1. Great article! Creating a residual income by partnering with a reputable network marketing company makes perfect sense, especially in today's economy. ~~ Nancy K