Money Making Secret – 13 Reasons NOT to Start A Residual Income Business
Is a Residual Income Business for you?
Let’s assume you’ve been thinking about starting a residual income business, but you weren’t sure whether it was right for you or not and were searching for that one money making secret to be sure you were making the right decision.
Well, to help you with that decision, I’ve put together a list of many reasons why NOT to start a residual income business. To be sure, such a business is not for everyone, in fact I’ll let you in on another money making secret right here that you may not have been told: the majority of people are NOT a good fit for a residual income business.
In the list that follows, you will come to understand why this is the case, as these reasons will simply rule out most people. The last thing you want to do is spend your precious time and money on something for the wrong reasons because no one told you beforehand. Hopefully this post will help put an end to your search so that you can know once and for all whether a residual income business is for you or not.
13 Reasons NOT to Start a Residual Income Business
You should NOT start a residual income business if:
- You have more than enough money coming in on a regular basis (income you no longer have to work for) that you’re able to spend your time and money as you choose with the people who you care most about
- Money is no object to you – you are blessed with an inheritance that will never end (or maybe a rich caretaker) and can provide for all your wishes and desires
- You have a “Sugar Daddy” (or “Sugar Mama”) who will pay for anything and everything you could ever want and you don’t see that situation changing ever
- Your retirement income is so secure (God Himself has guaranteed it) and it will be so substantial – even when hyperinflation sets in and after taxes – that you will be set for life and will never have to think or worry about money again
- You want to work for the rest of your life; not to make a lot of money or to enjoy your life after a few years of hard smart work, but rather just for the sake of working. You still believe that even today – contrary to what most are experiencing today – if you just work hard everything will work out. You don’t believe in leveraging your efforts, time or money.
- You prefer poverty to riches and think money is the devil. A residual income business is definitely not in line with your beliefs and will likely cause lots of conflict in your life!
- You are not willing to step out of your comfort zone and try something new, even if it meant you could end your financial worries thereby improving your family life and overall level of happiness (unpaid bills and living off credit creates stress and fear which does not make one happy). Your level of (perceived) comfort is more important to you (wouldn’t you be more comfortable earning residual income while you’re at the beach with your family or friends?)
- You care more about what your peers or friends, family and neighbors think than you do about you or your family’s financial health or happiness. What would “they” think if you were to start a business from home, trying to provide a better life for you and your family instead of sitting in front of the TV every night like “everybody else”? You should instead just accept your life for how it is and that it will never change, right? Who do you think you are anyway, trying to get ahead and make something of yourself? (Besides, you don’t really want a better life, do you?)
- You are just too busy. You’ve only got 168 hours a week and setting aside 20 or so of those hours – maybe more or maybe less – just isn’t worth it to you. You enjoy staying busy because that’s what you know and even though you could use more income and more time, you are convinced there’s no way to reallocate your time to create a better future. You’re just going to keep doing what you’re doing and hope for a different result (which is the definition of insanity, by the way).
- You can’t bear the thought of investing money into your future, to partner with a multi-million dollar established business to be able to plug into a proven system for success in an industry that has created more wealth than any other. No, you’re all about getting something for nothing! (Besides wouldn’t you rather spend money on an iPad instead of becoming financially free? I mean you’ve only got like 6 months before the iPad 3 comes out after all…)
- You prefer the entitlement mentality – that someone should just give you a business and you should be able to make money just because… I mean this is YOU we’re talking about after all, why shouldn’t you get whatever you want without having to work for it? You definitely don’t need a residual income business!
- You don’t have any skills related to marketing, communicating, sales or anything else AND you are NOT coachable, open or willing to learn these new skills so that you can be successful like so many other people who started with no skills who are now today financially free.
- You think you can recreate the wheel on your own and do it better. “System, Schmystem. Just look at McDonalds – I can make a better hamburger. Who cares that they make billions and billions of dollars a year through their proven system, I will be the one to prove them wrong…“
This is only a handful of reasons why NOT to start a residual income business, I could list many, many more but I think you get the picture. As I said above, a residual income business is not for everyone.
For Those Seeking Reasons TO Start a Residual Income Business
Now on the other hand – just in case you weren’t ruled out with one of the reasons above, LOL – if perhaps you’ve come to conclusion that maybe you should take a closer look at starting a residual income business, click the link below to learn the many benefits and advantages of a residual income business as well as few other important money making secrets for creating wealth: Money Making Secrets
If you’ve got any other reasons I may have missed for why NOT to start a residual income business, please post them in the comment section below – I don’t want to leave anyone out! 🙂
+Hans Schoff
... +Hans Schoff knew from an early age that he wanted something different. At 18, upon discovery of an entirely different model based on achieving freedom (not security), he dropped out of college and started his first (home-based) business with borrowed funds (credit card) and began his study on the secrets for creating wealth. That first business expanded into a multitude of others over the years (see ABOUT page), enabling him to focus his time today on developing new assets & increasing cash flow (read: multiple streams of income) to best position himself for the many challenges we'll face in the near future. He now shares his accumulated experiences and knowledge - his secrets for creating wealth and what he's doing now - with his loyal subscribers so they too can create success to soon achieve freedom for themselves and be prepared for what lies ahead. To learn how you can discover these wealth secrets and transform your situation for a brighter future, to begin to turn your circumstances into wealth that grows and grows regardless of your background or experience or what lies ahead, simply fill in the red form down below...
Money Making Secret – 13 Reasons NOT to Start A Residual Income Business http://t.co/2HKfXCUu
Money Making Secrets – 13 Reasons NOT to Start A Residual Income Business http://t.co/2HKfXCUu
How do I end up with one of those entitlement checks?
Lol
Thanks for the tips! Since the country is now facing economic crisis, it’s really important to think ways to earn extra money for living and for me, starting a residual income business is a good idea. I don’t actually have ideas about this business until I get to read your post! Thanks a lot for sharing!!
Hey Tony, passive income is the name of the game – that’s how wealth is created. A residual income business is one of the best ways to create residual income for the average person because of it’s low cost of entry, time flexibility, built-in training and support system, huge leverage you can create and a proven system that works – and pays! Thanks for stopping by Tony!
Hi, Hans!
Good article!I only wonder where did you find exactly 13 reasons?:)
Magic number 13?
You are making really good points there…I can even recognize some people in them-finding excuses to do anything easier than to put a bit more effort into what they are trying to achieve.
Making residual income is certainly not for everyone, I agree.
Not to mention how many acquaintances I happen to know, who have their Sugar Daddies and Sugar Mamas to serve them everything on the plate.
Hey Kristina, I merely STOPPED at 13, I actually started with only a handful but the list kept growing, lol… But you’re right, it’s clearly NOT for everyone. BUT there are those people who say they want it, who want a dramatic change in their life and keep putting off getting started or going to work. I wanted people to realize those implications. Thanks for your comments!
Hi Hans,
Great post with plenty of reasons for people to avoid earning residual income. I will be the first person to look into more ways for such income 🙂
Many thanks for posting useful tips here, Hans 🙂
Cheers
Pearly
Fantastic Post Hans!
I though at first reading your headline you were going to tell me some secret why I shouldn[t be in the busines. But your tongue in cheek humor kept me amused. So many people who do get into the industry just think that the money will just roll in. They have no idea that it is a REAL business and REAL work has to be done.
Hey Joyce, lol. Just trying to have some fun with it and to get people’s attention… 🙂
However, residual income is good for future but we should not based on only residual income as it is not quick money and it depends on the company you have joined, in many situation rules are changed and after that there would be anything.
Hey Mary, you make a valid point. I believe the ULTIMATE goal should be passive or residual income. That is not to say that you should pass up opportunities to make money now as that can be a stepping stone to bigger and better things in the future. If you have no money and no time and no other resources, it can be difficult to create enough residual income to even pay the bills. The key is to make sure you have a plan for creating passive or residual income and work towards that. Like Jim Rohn says, work your daytime job to pay the bills, and work in your spare time to create your fortune (ie, residual income!). Thanks for your comments Mary.
I love your list. It made me smile. I love living off my residual income. It took a couple years to build it up but it was sooo worth the effort.
Build it once, get paid over and over again. Just makes sense, right? 🙂
Excellent post Hans, I think I am definitely in need of residual income. I will be checking out the guide you suggested.
Wow Hans,
That will certainly jerk the slack outta your chain.
I’ve never quite heard it from that perspective.
Maybe when we are sharing our business opportunity with someone, we should give them this list and let them then prove to themselves if they qualify to work with us.
My first MLM mentor would always teach us, when we shared our venture with others, to try and do it from a fear of loss stand point.
People tend to want what they seemingly can’t have.
Sad thing is though, many folk will read this and agree, hey that’s me, so count me in or out, whatever the case may be.
Hey Willie, glad I was able to get people’s attention! Lol. I had fun writing this article, but the fact is people need to take these things seriously. These are the excuses people give for not starting a residual income business. The majority of people who find this page know why they are here, they are looking for a solution to their problems. Most are hoping to find that “get rich quick” tip or magic one-step solution. It doesn’t exist. Sooner or later you have to wake-up and face reality; hopefully this post will shake some people up and if nothing else get them to really assess where they are and where they want to be. Thanks for your comments Willie.
Those are terrific reason to avoid residual income. Actually they are quite hilarious I couldn’t help at laugh at the first couple but definitely a number of things to keep in mind for some people.
It is basically like Robert Kiyosaki keep your mind open and change your views on things and you would be amazed what potential can be achieved.
Hey CJ, sometimes it helps to point out the other side – disadvantages can be just as important or motivating, right?
Hello there Hans, How about this reason: You don’t care or want any IRS write offs! Because there are plenty of them. Great post, I had to smile at some of them. Thank you for opening our eyes to some of the excuses we may have about building a residual income.
Have a fabulous day!
Lynn
Glad you enjoyed them Lynn! Thanks for stopping by
I agree Hans, this is a great list and a lot of good stuff to think about. And you know, the truth is there are some people who simply find it preferable to punch a clock and be able to go home and put all thoughts of work behind them. Hard to fault them if they are content with that lifestyle.
Hello Hans
Those all all excellent reasons not to want residual income 🙂
Now, I am looking for a Sugar Momma, but I think I am running out of time.
Peter
Lol, you may end up becoming a Sugar Daddy yourself Peter! Thanks for your comment.