By Teneshia “Miss Money Sense” LaFaye
Where I live in Florida, a truck pulls up to my driveway to pick up my discarded paper and plastic for recycling. This occurs like clockwork every other week for the same soda cans, water bottles, paper boxes and Styrofoam plates.
The same thing happens every other week in most workplaces around the country – on payday. Every other week, employees receive the same check for the same hours they worked the previous two weeks. It’s insane because most Americans are a missed paycheck away from poverty or homelessness. So if one of those recycled checks is missed, their life is ruined.
If that’s you, don’t panic. Plan better. Learn how to efficiently recycle money by building residual income. With residual income, you continually get paid for the same work — even if you no longer work anymore. For instance, if you put in 40 hours a week for a month for a total of 160 hours, you keep getting paid a residual income every month from those original 160 hours even though you no longer work. That’s how the top 1% who are rich in America get paid. They start a project, usually a new business or store location, and then assign a project manager or supervisor to hire employees to complete the project and keep it churning out revenue. This is recycling money at its finest with employees putting in all of the work.
So 95% of the American population get paid through the archaic recycling method of putting in the same long hours each and every week to pick up the same paycheck every other week. This is referred to as linear income. You work and get paid the same money, and if you don’t work, you don’t get paid any money.
No wonder most people can never get ahead. They spend most of their day working for the same exact money while unforeseen circumstances can keep them from working or an expense MAY POP up to disrupt being able to pay the same rotation of bills.
So I suggest you learn how to recycle money more efficiently through residual income by working for a short period of time (maybe 3 months or 3 years) and getting paid over and over again even after the work stops. I also recommend overriding residual income from the efforts of others you have shown how to earn residual income. This brand of smart money can usually be found in the insurance industry, real estate investing and network marketing. If you know experienced people in those fields, reach out to them and figure out which industry is best for you to recycle money. I dabble in a couple of them so I have money being recycled from multiple sources so I don’t have to revert back to actually trading my valuable time for the same paycheck every other week.
I challenge you to break the vicious cycle of working paycheck to paycheck and instead recycle money more efficiently.
Teneshia LaFaye is a former award-winning newspaper journalist and a nationally certified financial education instructor. She leads more than 100 people in a home-based business and she owns a health insurance agency. Her two books, What My Mom Taught Me About Money and Mom’s Money Lessons, are available on her web site, www.mytensense.com. Get her FREE daily money tips to work on improving your financial mindset by “liking” her MissMoneySense page on Facebook, www.facebook.com/missmoneysense