Money, money, money

"Yes, Sometimes It Is About The Money" written by Steve Schulz is an awesome book by a man who has made millions of dollars in the network marketing industry and is currently the President of Field Operations for SendOutCards.

Today I'm going to talk a little bit about money but more specifically about the different kinds of income.

First, I'm going to talk about the difference between active and passive income. You see these every year when you fill out your income taxes. I copied these definitions from this blog post

Definitions: Active vs. Passive Income

Using Investopedia, which should be in every investor’s browser favorites, the definitions of active income and passive income are as follows:

Active Income: Income for which services have been performed. This includes wages, tips, salaries, commissions and income from businesses in which there is material participation.

Passive Income: Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.

Investopedia goes on to explain that passive income does not include earnings from “active business participation”. To go a less formal route on defining these two terms I’ll tell you my own interpretations of them:

Active income means you are doing something in order to receive that income. Some kind of work. Some kind of effort. You are not hands-off. You have to exert some kind of energy and time towards earning that income. Passive income means you are earning regular income with little to no effort required to keep it coming. You are for the most part hands-off.

The other distinction I'd like to discuss is linear vs residual vs leveraged residual income. This is an excellent article that discusses all three, although it kind of lumps the 2 types of residual income together. And when they talk about referral marketing, it's the same as network marketing or MLM (Multi Level Marketing).

So, to recap that article...linear income is what most people make from their jobs or traditional businesses. You work 40 (or 50 or 60...) hours a week and you get paid for those hours. Then your boss gives you the privilege of doing it again the following week. And the following week. Ad nauseum. But if you decide you don't want to do that anymore? You don't get paid anymore. Residual income is money that you earn over and over for work that you do once. Most people are familiar with royalties. An artist (singer, songwriter, author, etc) creates their masterpiece once and gets paid each time their masterpiece is sold. Residual and leveraged residual income is what you earn in network marketing. You earn residual income when you sign up a customer once and they repeatedly buy from you after that. You earn leveraged residual income when you sign up a distributor under you and you earn residual income from the customers that THEY sign up! And then those distributors sign up other distributors and you receive residual income from the customers that THEY sign up...often ad infinitum!

I don't know what other companies pay, but SendOutCards pays 20% residual income and between 2% and 27% leveraged residual income, depending on your rank. I'm currently at the 2% level but I'm working to advance to the 7% level soon.

If you'd like to learn how to get residual and leveraged residual income, call or text me at (707)685-1382, email me at rick.tompkins@yahoo.com or check out my website at new.sendoutcards.com/144087

Interesting days

Today - https://www.daysoftheyear.com/days/social-media-day/ and https://www.daysoftheyear.com/days/meteor-watch-day/ Although there aren't any meteor showers today!

July - https://www.daysoftheyear.com/days/independent-retailer-month/ This fits in with my blog post from yesterday (I guess I was a couple of days early). It's also https://www.daysoftheyear.com/days/cell-phone-courtesy-month/ We all need to practice this all the time! And it's https://www.daysoftheyear.com/days/picnic-month/ Who wants to join me? And you probably shouldn't celebrate https://www.daysoftheyear.com/days/horseradish-month/ and https://www.daysoftheyear.com/days/ice-cream-month/ together

Tomorrow - What better way to kick off Ice Cream Month than https://www.daysoftheyear.com/days/creative-ice-cream-flavors-day/? What's your favorite creative flavor? I need to expand my horizons (and waistline probably). It's also https://www.daysoftheyear.com/days/second-half-of-the-year-day/ and https://www.daysoftheyear.com/days/international-joke-day/ is a fun way to kick off the second half! And it's https://www.daysoftheyear.com/days/zip-code-day/ and https://www.daysoftheyear.com/days/postal-worker-day/ Zip Codes are important to postal workers and postal workers are important to my business. And lastly, but nowhere leastly,  it's https://www.daysoftheyear.com/days/canada-day/

Next Tuesday - https://www.daysoftheyear.com/days/tell-the-truth-day/ To tell the truth I will be celebrating https://www.daysoftheyear.com/days/chocolate-day/ and https://www.daysoftheyear.com/days/strawberry-sundae-day/! And it's https://www.daysoftheyear.com/days/forgiveness-day/ Please forgive me for I have gorged myself today

July 30 - https://www.daysoftheyear.com/days/father-in-law-day/ And what better way to celebrate than to take him out for a chili dog followed up by some cheesecake, and then take him to the bookstore and buy him a good paperback book! Almost makes me wish my boys were married! But I'll go out and celebrate these days by myself.

July 31 - Since there isn't a June 31, you get a twofer today. It's a very eclectic mix today. It's https://www.daysoftheyear.com/days/uncommon-instrument-awareness-day/, https://www.daysoftheyear.com/days/system-administrator-appreciation-day/, https://www.daysoftheyear.com/days/talk-in-an-elevator-day/ and https://www.daysoftheyear.com/days/world-ranger-day/