Kris Krohn here with Limitless Wealth TV and today we're talking about residual
income and specifically why you're going to need it and there's something you
need to do about it today.
Alright, my friends. Welcome back what I want to do
right now is I want to talk about why you need a residual income. I really want
to move as much way as I can from the cliche, MLM, hype, energy, residual income,
financial freedom, I just want to get real practical and real with you today,
right. All of us right now is spending, we're spending our time at jobs and
we're trading those jobs, trading dollars for hours and we're putting in all this
effort whether there were business owners, whether the business is running us
or we've got a job, we're putting in all this time and efforts so that we can have a
paycheck and the average person right now makes forty four thousand dollars a
year so if you think about it, we'll work for a month and what we're really
gaining for that work is $4,000 a month of income and this is
you and your income is probably a little bit different but this $4,000
a month, what you're doing right now is you're trading, let's just call it
45 hours a week for this income and so I'm putting in the time, I'm
getting paid for my time and right now I'm young, I'm healthy, I can work but a
time is going to come when you're not able to work, people don't want to employ you,
you can't work anymore and something happens and yet you're accustomed to
this idea inflating this $4,000 a month and the question is, how do you actually
create a residual income that creates freedom because wouldn't you agree with
me right now that if you had a residual income paying you $4,000 a month, that
some of you might actually want from your job? I guarantee if some of you do
not like your job, you would walk and if you like your job, you're like, dude, I'll
make $4,000 residuals, I'll make $4,000 for my job, I'll make
$8,000 and that's also cool but there's a lot of people that when
they realize wait a second, if I'm capable of making $4,000 a month
residually, then why would I need that job? Apparently I can employ
time more productively, more powerfully and what I want to talk about is this
concept of a residual income and there's a couple of different ways of doing this
but let's just talk about a common one. Let's say that you buy a property and
this property has a cash flow of $500 a month. For a basic single family home
below the median, it's probably on the high side we do deals like this, we see
this. $500 is a lot less than $4,000 a month, it's an eighth of it but this is $500
that is different than this four, think about this, if this person with $4,000 a
month is check to check, then how much discretionary income do they have every
month? They have zero discretionary but this $500 now means what? Means that they
have $500 left over at the amount that they didn't have before. Here they have
nothing to invest, here they have $500 to invest. You can compound that and you can
grow that. What would happen if because of how you took my advice and the equity
in the home and in time, let's say it took you 4 years and you went from
one home to two homes, this home was also making $500 a month.
Well now you're actually making $1,000 a month on residual, it's still only a
quarter of what you had here but it's all this discretionary income that you
didn't have before. If you really love your family and want to financially set
them up and take care of them, I'm not inviting you to create residual income
so you don't have to work but I am inviting you to create a residual income
because it is the prudent safe thing to do. You see, I want to just share with you
for just a moment what society's game plan is. Society says this is what
residual, they have a residual income plan for you, it's if you put your money
in a 401k and if you put money in an IRA and if you put money in your home equity
then when it comes time to retirement, let's say that you actually have
$250,000, that's a lot higher than a lot of
people end up having but let's just let's just call it something you're
going to have more than that, let's call it $250,000, they're going to tell you that
you should put it into an annuity and the typical annuity can safely guarantee
somewhere around 4%. Not quite the rate of inflation, pretty close to it but
it's also real dollars in hand and I want to ask you for a moment, what
is 4% of $250,000? It's $10,000 a year so if you break that out according
to month, that's going to be somewhere around $800 a month and I want to ask
you, can you live off of $800 a month when you're accustomed to $4,000 a month?
Most people can't afford to do that in fact, if you just wanted to replace your
income based on this math alone, you're probably going to need 1.25 million
dollars and and by the way, that with inflation, you need more than that
because that's still representing today's dollars but how many people can
really set 1.5 million dollars aside? Not very many people so
the solution says, we need to take enough financial ownership over our own life
that we can find a solution that society can't offer us, that's why I talk about
real estate, it's not the only way that I create wealth but it is a good way that
I create wealth and it's a dependable way and it is transferable meaning
I can teach you how to do it, I can give you tools and resources so that you can
do the same thing. When I had a residual income $10,000 a month, I
quit my job. I was nervous, I got my jobs paying me
tiddlywinks in the beginning and actually paying me quite well by the
time I left but I was nervous and what I did, I was glad I did because again, I had
this freedom and the freedom is what I value more than anything. If we want to
talk this game of residual income, it's not about the money,
residual income is about this word right here, it's how do I create the freedom
for me and my family to have more options and more choices and most
importantly, when it does come to those elder years and retirement years, have
you put plans in place that really got you taken care of? So one of
the things that I want you to want to invite you to do is, I want you to think
about how you're saving access money from your day job and I want you to
think about where you're putting it and if you're putting it in places that are
not going to get you where you want to go, it's time to diversify, it's time to
peel off some of that money and to put it into investments that can
help get you there. Now if you want to see some examples of what those are what
those look like, you can click the link on the website up here and me and my
team will show you and educate you on that website some of the different
options you have where you can easily blow traditional financial means out of
the water and do something incredible with your life whether it's through real
estate or through some of the other options that we have because at the end
of the day, that residual income is what's going to make the biggest
difference. You may never retire from working, they say the average man dies
within 5 years of quitting or retiring but instead of working because
you have to or instead of working at a job that you'd rather not, set yourself
up for success, be wise with your money and set money aside and friends, that's
why you need a residual income. Are you ready to get started on your journey of
creating and building wealth and establishing a residual income? Click the
link. Listen, when I started, I had nothing and I'm going to share with you some
options where with very little you can grow something tremendous so join me on
the website let me and my team educate you on what that looks like
otherwise, make sure you subscribe, ring the bell and I've got more videos coming
your way tomorrow.