I guess it depends on where you are financially. To some people, being able to eat out regularly makes them rich, while for others, a hefty bank account can only make them wealthy.Then there are the select few like myself that believe being rich really isn’t a huge amount but being able to generate income monthly to cover all expenses.
This means your monthly income has a major role to play in this. While $2,000/monthly would suffice for some, others would need at least $4,000 a month to see them through. Some have their house paid off and others would prefer to always have a newer car around.
Even if you have $500,000 in savings, say you’ll need $4000 a month; let’s see where that leaves you assuming you get no interest on savings. My calculation shows your savings will be fully used up in just ten and a half years.
When family expenses, kids care, education, wedding and medical emergency enter the scene, you’ll find out that you’ll need much more than $4000 a month. Even if you were to put the $500,000 in a 3% interest bearing account that really won’t help you.
So, to be “rich” you would need money coming in when your not actually at work. By this, I don’t mean the yearly vacation time you get. Being rich means being able to manage without having to use up your savings when you take 6 months off from your work. This is possible IF you had a healthy MLM Downline pulling you some serious residual income.
There are obvious differences in the amount you’d need depending on your location; in Texas, you could get a decent house for as low as $200,000 while in the West or East coast, you’d need twice that amount. So obviously you can’t live on the same monthly passive residual income. Similarly, all MLM opportunities are different; don’t be fooled by businesses that look tempting and promise incredible incomes.
At my engineering position I’m part of a million dollar project. When the project goes live, we expect a return of 100x to 200x in the next few years. Just think how much I’d be able to earn if I were to be paid each time my design was used. But I don’t own that design and I don’t own the company. There is the difference from working for a company vs owning your own.You may have helped your company produce a great product; but since it’s not your business or your product, you don’t get a share in it. Marketing multilevel companies are tricky if your only targeting friends and family.
Do it correctly and get paid over and over again? Isn’t this a great concept? Generate some MLM leads and learn how to leverage a team of people to help you reach your goals of being financially set.