The key is to be spending your time working on things that will eventually create residual income for you. If this isn’t how you are spending some of your time now, then it’s time to shout…TODAY!
Having residual income means that you get paid while you sleep. While you work, while you play. While you eat, it never stops. An endless stream of cash flow.
HOW TO MAKE YOUR MONEY WORK FOR YOU
Let’s suppose you take one Naira and put into a special account that will let the Naira grow, untouched by taxes and fees. How long will it take for this ONE SINGLE NAIRA BILL TO grow into a MILLION NAIRA? That depends on the interest rate the bank account pays.
At 10% interest it will take only 56 years. Wonderful. Not bad. One Naira a day can grow and become a million Naira in only 56 years. Let that sink in for a minute. Let’s look at another example; if you put ten measly Naira a day away every single day and put it in the right mutual funds or stock and let the clock tick at 20%, you are a millionaire in just 20 years! When you multiply this process, you become a lifetime BILLIONAIRE.
What makes a few Naira a day grows into such huge amount of money?
It’s the power of compound interest. Einstein himself, said, “The most powerful invention of man is compound interest”. Compound interest works for you while you sleep. It is a magic money magnifier.
LET YOUR TALENTS WORK FOR YOU
Authors or musicians are always generating residual income. For any Book written or Album released they are entitled to royalties. These people are earning large sums of money from their talents. Mike Murdock, for instance has written over 115 books. Let us assume a sales figure of 100, 000 copies of each unit at two dollars royalty. This will give him a royalty of $200, 000 per book. Then multiply it by 115. The amount will be $23, 000,000 (twenty three million dollars). When you look at some musicians whose albums sell in millions world wide, for instance Michael Jackson, no one will tell you that they make millions of dollars in each album and the money continues forever. Suffice to say that in the U.S.A. today, scholarships are given in favor of music, athletic, football etc. as against physic, chemist etc. it is a situation where a nation is consciously developing the talent of his citizenry.
Begin now to make use of this secret. Let me also add something that is very important, if you think you don’t have a talent for writing, you can still write. Record your knowledge, or experience, or story in an audiotape and give to a professional to edit the work for you.
Source by Chinedum Azuh