Well hope­fully noth­ing. But if you’re one of the many employ­ees of GM it might be time to start look­ing for other sources of income.

This is the beauty of resid­ual income. If you have a good mon­e­tary stream com­ing in, you won’t need to worry about clo­sures and bank­rupt­cies. And with mul­ti­ple sources of income, you are well diver­si­fied and thus pro­tected against a recession.

In the mid­dle of all this reces­sion and bank­ruptcy frenzy I think it’s impor­tant to men­tion GM and learn from their mis­takes.  I’ve attached this arti­cle below and hope you find it relevant.

There are a few things I’ve taken away from GM that they men­tion in the article:

• If some­one can make some­thing for cheaper and sell it for cheaper, then you bet­ter start reeval­u­at­ing your busi­ness model. Either dif­fer­en­ti­ate or lower your costs.
• Think of your mar­ket, your clients, not always about your­self. In GM’s case, the United Auto Work­ers union, which owns almost 20% of GM, may have a hard time bring­ing GM out of their slump if they only think of themselves.
• Sell only the best prod­ucts. In order for GM to emerge from the bank­ruptcy, they may have to get rid of their worst-selling cars and focus only on their best products.

Keep those points above in mind. Even though you’re not a multi­na­tional cor­po­ra­tion, you can apply them to your own business.

(source)

“Meet the new, government-owned GM

NEW YORK (For­tune) — With Gen­eral Motors hav­ing filed for bank­ruptcy, the ques­tion arises: What will the bank­rupt com­pany look like and how will it be different?

The answer to the sec­ond part is “a lot.” The answer to the first is nobody knows for sure, but it may not be pretty.

At the out­set, let’s estab­lish one fact: Assum­ing an entity called “Gen­eral Motors” does emerge from bank­ruptcy, it will be a dif­fer­ent com­pany than the one that went in. Only the good bits will come out: Chevy, Cadil­lac, Buick, and GMC and the plants needed to make the parts and assem­ble the cars and trucks.

The bad bits — Pon­tiac, Sat­urn, Hum­mer, Saab, Opel and other legacy oper­a­tions — will be left behind in another com­pany. New GM could emerge from bank­ruptcy in 60 days to 90 days; old GM could be stuck there for sev­eral years.

New GM could just as well be called “Gov­ern­ment Motors,” because the U.S. is going to own 60% of it, with the Cana­dian gov­ern­ment own­ing another 12%. That may not be a good thing. Remem­ber East Germany’s Tra­bant and other vehi­cles built by the government-owned com­pa­nies in the old Soviet Union?

Click here to read more »

Now here’s a bit of inspi­ra­tion from the man him­self, Don­ald Trump, on cre­at­ing your own income stream and doing what you love.

In these tur­bu­lent times it’s not enough to depend on your “steady” income at a job you don’t enjoy. So think out­side the box, take a note from Trump, and cre­ate your own job descrip­tion and com­pany.  You’ll finally have time for all the things you’ve been want­ing to do.

(source)

Be your future…

Do you love your job, your boss, and all of your co-workers? If not, you are prob­a­bly not among the ranks of the self-employed.

Self-employed indi­vid­u­als are pas­sion­ate about their busi­ness and work tire­lessly to make it a success. When you work for your­self you are not con­cerned with the time clock and could care less about how many hours per week you are at the office. You do this because you are expend­ing time to grow YOUR business. Make no mis­take, you WILL be work­ing more, not less, than you were before. When you aren’t work­ing “in” the busi­ness, you will find your­self work­ing “on” the business. It will likely keep you up at night and occupy your free time so you can fig­ure out ways to grow and com­pete in your industry.

How nice would it be to not have to tip-toe around a boss who doesn’t appre­ci­ate your efforts, take credit for your suc­cesses and pass blame for his/her mistakes? I will tell you…it’s com­pletely liberating! Every morn­ing you will wake up with only one to please…your customer! Your only focus will need to be on how to attract more and make the ones you have happy enough to come back to you. It sounds easy enough except for the fact that every­one else in your indus­try has the same game plan. That’s the beau­ti­ful chal­lenge in it. You must use every ounce of your cre­ative being to make your com­pany pros­per with only you to take credit for the wins or blame your­self for the losses. I would bet you don’t get to do that on your day job now.

Click here to con­tinue reading »

Net­work mar­ket­ing is a great way to start a resid­ual income stream. But when you’re start­ing out it can be hard to tell what’s going to be good and what’s going to waste your time and money.

Check out this arti­cle that runs over the basics of what makes a good net­work mar­ket­ing oppor­tu­nity and how you can start one now.

“Top 10 Ways to Choose a Great Net­work Mar­ket­ing Opportunity

There are a few net­work mar­ket­ing oppor­tu­ni­ties that are just scams. There are far more that may be well-intentioned, but have a poor track record, for any num­ber of rea­sons. So how do you sep­a­rate the wheat from the chaff? Here are ten tips to help you pick the right net­work mar­ket­ing oppor­tu­nity for you.

1. Has the com­pany been around for at least 5 years?

If you want the efforts you put in today to pay off for many years in the future, choose a com­pany that has proven that it will be around for the long term. 90% of all net­work mar­ket­ing com­pa­nies FAIL within their first 2 years. You don’t want to invest your pre­cious time and resources (not to men­tion your future) in some­thing that may not be in busi­ness next month, do you?

2. Is the com­pany well capitalized?

In other words, does it have the cash that it will need to grow, to main­tain a solid infra­struc­ture, to attract tal­ented man­age­ment, to keep pace with tech­nol­ogy — and, of course, to pay your com­mis­sions! (I pre­fer pub­licly traded com­pa­nies because they’re required to dis­close their finan­cial con­di­tion in DETAIL every 90 days to the SEC and other gov­ern­men­tal agen­cies. You may not be able to obtain this infor­ma­tion on a pri­vate com­pany, so you’ll be tak­ing a risk on its finan­cial condition.)

Click here to con­tinue reading »

Affil­i­ate mar­ket­ing can be a huge resid­ual income stream.  It has a low-cost set up, is fun, and can free up time for you to travel, learn a new lan­guage, or pur­sue any of your per­sonal goals.

(source)

Here’s a great arti­cle that focuses on the 10 require­ments of affil­i­ate mar­ket­ing that will bring you you’re resid­ual income stream.

“Top 10 Com­mand­ments of Affil­i­ate Marketing

Ten best prac­tice tips for a prof­itable affil­i­ate mar­ket­ing business

Affil­i­ate pro­grams can be a big source of rev­enue. The key to max­i­miz­ing your earn­ings is engag­ing your read­ers. Unlike tra­di­tional ads where you are paid for impres­sions or clicks, affil­i­ates are only paid when/if a spe­cific action is per­formed. The action might be a pur­chase or sign­ing up for a newslet­ter, but regard­less, you are not paid until you’ve com­pelled your read­ers to act.

With that in mind, here are the Top 10 Com­mand­ments for affil­i­ate mar­ket­ing success.

1. Know Your Audience

The most suc­cess­ful way to use affil­i­ate pro­grams is to antic­i­pate and meet the needs of your read­ers. Con­sider why they are com­ing to your site. What are you pro­vid­ing that they are look­ing for? Make sure the affil­i­ate prod­ucts you are pro­mot­ing pro­vide a solu­tion to your audience’s problems.

If you are writ­ing about sports, don’t put up affil­i­ate ads for printer toner just because every­one has a printer and those pro­grams have a high pay­out. The peo­ple who are com­ing to read com­men­tary or get stats for their favorite teams aren’t think­ing about those things when they’re on your site.

The more rel­e­vant the ads are to your read­ers, the more likely they will use them.

Click here to con­tinue reading »

War­ren Buf­fett, the guru of invest­ing, knows a thing or two about cre­at­ing income streams.

Here are his 10 tips on get­ting rich that you can apply to your resid­ual income streams.  Who knows, you could be the next War­ren Buffett.

(source)

“10 Ways To Get Rich

War­ren Buffett’s Secrets That Can Work For You

With an esti­mated for­tune of $62 bil­lion, War­ren Buf­fett is the rich­est man in the entire world. In 1962, when he began buy­ing stock in Berk­shire Hath­away, a share cost $7.50. Today, War­ren Buf­fett, 78, is Berkshire’s chair­man and CEO, and one share of the company’s class A stock worth close to $119,000. He cred­its his aston­ish­ing suc­cess to sev­eral key strate­gies, which he has shared with writer Alice Schroeder. She spend hun­dreds of hours inter­view­ing the Sage of Omaha for the new autho­rized biog­ra­phy The Snow­ball. Here are some of War­ren Buffett’s money-making secrets — and how they could work for you.

1. Rein­vest Your Prof­its: When you first make money, you may be tempted to spend it. Don’t. Instead, rein­vest the prof­its. War­ren Buf­fett learned this early on. In high school, he and a pal bought a pin­ball machine to pun in a bar­ber­shop. With the money they earned, they bought more machines until they had eight in dif­fer­ent shops. When the friends sold the ven­ture, War­ren Buf­fett used the pro­ceeds to buy stocks and to start another small busi­ness. By age 26, he’d amassed $174,000 — or $1.4 mil­lion in today’s money. Even a small sum can turn into great wealth.

2. Be Will­ing To Be Dif­fer­ent: Don’t base your deci­sions upon what every­one is say­ing or doing. When War­ren Buf­fett began man­ag­ing money in 1956 with $100,000 cob­bled together from a hand­ful of investors, he was dubbed an odd­ball. He worked in Omaha, not Wall Street, and he refused to tell his par­ents where he was putting their money. Peo­ple pre­dicted that he’d fail, but when he closed his part­ner­ship 14 years later, it was worth more than $100 mil­lion. Instead of fol­low­ing the crowd, he looked for under­val­ued invest­ments and ended up vastly beat­ing the mar­ket aver­age every sin­gle year. To War­ren Buf­fett, the aver­age is just that — what every­body else is doing. to be above aver­age, you need to mea­sure your­self by what he calls the Inner Score­card, judg­ing your­self by your own stan­dards and not the world’s.

Click here to read more »

Here’s a great tip for resid­ual income.  It’s not a secret but it is exploited every­day by large cor­po­ra­tions and you should be doing the same.

Two words:  repeat busi­ness

I found this arti­cle that runs over the basics of repeat busi­ness and it’s a must-have for resid­ual income.

“Repeat Busi­ness Equals A Resid­ual Income Stream For An Inter­net Home Based Business

Resid­ual income comes from other peo­ple react­ing to a sin­gle action by the owner of an Inter­net home based busi­ness. What bet­ter way to secure resid­ual income then through repeat busi­ness? At its very heart resid­ual income and repeat busi­ness go hand in hand. The most suc­cess­ful inter­net home based busi­nesses know this and that is why they are suc­cess­ful. All it takes is impress­ing some­one once to earn their busi­ness and money again and again. So repeat busi­ness will always equal a resid­ual income stream.

The large cor­po­ra­tions know and believe in repeat busi­ness. It is much eas­ier to get repeat busi­ness than to get new busi­ness. It is also easy to build upon repeat busi­ness and use it to cre­ate new busi­ness. Every busi­ness owner will say that repeat busi­ness is essen­tial to busi­ness success.

Repeat busi­ness is basi­cally when a cus­tomer returns to a busi­ness to buy again. They have already been there once, liked what they got and came back. Chances are they also told some friends or fam­ily about their expe­ri­ence, too. Refer­rals are a big busi­ness builder too. Peo­ple are more likely to shop some­where if they were referred by a trusted friend or fam­ily mem­ber than sim­ply through a response to adver­tis­ing. Repeat busi­ness is more than it seems. It shows the owner of an Inter­net home based busi­ness they are doing some­thing right and that they have great prod­ucts. The inter­net home based busi­ness owner who gets a lot of repeat busi­ness is going to be suc­cess­ful because he is build­ing up a cus­tomer base of loyal peo­ple who believe and trust in the busi­ness. When cus­tomers become loyal they are usu­ally cus­tomers for life.

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