Are you a millionaire with at least $1 million dollars in the bank? If not that then how close are you to becoming a virtual millionaire?
If you do not know what that is you will in just a minute and you will probably get pretty excited!
I remember an Internet network marketing program about 10 years ago that had a product about becoming a virtual millionaire. Kelly Reese was teaching the power of 2 things.
1. Becoming debt free by paying off all of your bills including your home.
2. Creating a residual income of $5k a month.
His mlm program is not around anymore, but the concept of becoming debt free and making $5k a month is stronger than ever. It really is possible to use the internet to make that much money per month and still do it after you stop working.
Residual income used to be a pipe dream that the network marketing industry spouted to help enroll new members. In reality very few people ever achieved it because they could not sponsor enough people personally and the attrition rate was awful.
Today network marketing is actually working for average people all around the world. You really can make a lot of money and build a stable downline if you are willing to work at it.
This means that creating a walk away income could happen to you as a network marketer. You would need to eliminate your debt and build a stable mlm business to become a virtual millionaire in this scenario.
Because the internet does not discriminate I know anyone reading this article has the same opportunity as everyone. What you lack in money to build your online business you can make up for by investing time and vice versa.
There are many ways to create residual income on the internet.
1. Build a virtual empire of websites or blogs that get traffic everyday and earn you money in various ways.
2. Build a large mailing list and sell to it using an autoresponder you pre-program with follow up messages several years into the future.
3. Create one or more profitable membership sites and earn money on the renewal income. You could do this in more than one niche in case one of your income streams fell off.
4. Develop your own products and start your own affiliate program to sell them. Getting paid on the efforts of others is one of the keys to long term income.
These are a few tips on creating the residual income you need to become a virtual millionaire. If you have a job and an internet income simultaneously you can eliminate your debt that much faster.
Combining at least $5k a month in residual income with zero debt makes you a virtual millionaire. Isn’t that an exciting thought!
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