When I was laid-off a few years ago I started looking at my income options.
Living in a smaller city there were limited job for someone with 30 years of experience and the idea of commuting every day was not something I wanted to do. The kids were all in high school and having just bought a new home we didn’t really want to move.
What were my options?
1. Trade time for money
Most of us work as employees and are just trading time for money. This means that your income is determined by the number of hour you can work. To make more income you either have to work more, get a higher paying job or do something different.
2. Business Income
Approximately 50% of people dream of owning their own business someday with the majority wanting a retail business.
It’s a simple concept, buy at wholesale, sell at retail and pocket the difference. Its a concept that has worked for centuries and works for the largest retails as well as the local shop. However, starting a retail business requires a lot of upfront investment in time and money and there is also the fact that only 37% of retail businesses are still operating after 4 years. Purchasing and operating a frachise increases your odds of success, but there is still a large upfront cost in time and money.
3. Earn Investment Income
If you have money there are plenty of options for putting your money to work. If you have little or no money this is not an option.
4. Lottery or Inheritance
Surprisingly, a recent survey reported that 34% people are counting on winning the lottery for getting extra money and 28% are counting on receiving an inheritance.
5. Passive or Residual Income
If I could invent something, write a best selling novel or compose a top of the chart hit song and received royalties forever; that would be a great deal. None of these are very likely, but what if I could work hard for a few years and then sit back and continue to be paid even when I wasn’t working?
Weighing my income options
Ideally, I wanted my own business. Something that required little upfront money, had unlimited income potential and generated residual income.
I created a list of the 10 criteria I was looking for in a business, hoping to find a few that met 7-8 of my criteria. I was surprised to discover that network marketing met all 10 of my criteria (click here).