Tuesday, June 10, 2008
MLM Financial Freedom - Thinking About Retirement?
Build it once, build it big. Build it for your children's children. This is why you create an MLM organization large enough to retire on -- so you can sit back and reap the rewards of all your hard work and effort. You can feel safe in knowing that you'll have residual income that will support you in the manner in which you have become accustomed long after you retire and that you can leave as a legacy to your decedents. Your ultimate outcome is to generate a recurring paycheck that will provide them security for years after you're gone. This is the promise of network marketing -- to work today and get paid for a long time in order to provide you with recurring residual income, right?
Think again! Much as you might like to believe that you are creating your own business, you are not building it alone and there may be deceptive forces at work here. Remember, you have signed a contract.
Read your Policies and Procedures
(Please note: "Policies and Procedures" are NOT the same as "Terms and Conditions")
It never occurs to most people to read the fine print. They just see the promises of wealth and success. First of all, Policies and Procedures only need to be a few pages long (three to five is preferable, but no more than ten). Excessive sections and subsections in any MLM contract should be an immediate RED FLAG. Any additional verbiage is just a bunch of legal smoke and mirrors that has been presented to paranoid management teams by overzealous lawyers.
"Ongoing" means you can't retire
Search out phrases such as "Cancellation Due to Inactivity", "Ongoing Sales" or any other expression that suggests a perpetual time frame. Look for things like this:
- "Distributors have an ongoing obligation to continue to personally promote sales through the generation of new customers and through servicing their existing customers. Distributors must fulfill personal and downline organization retail sales requirements (as well as meet other responsibilities as set forth in the Agreement) to be eligible for bonuses and commissions."
Or this:
- "If a Distributor has not fulfilled his or her personal sales requirements for a period of three consecutive calendar months or for any three months during any twelve month period, his or her distributorship shall be cancelled for inactivity."
No retirement here. Sellsellbuildbuild?/b>
And what if you just need to take time off for a vacationor to write a bookor what if you become ill for a period of time. If you turn you back for just a moment and your company can step in and legally steal your paycheck. You'll have no recourse. You signed the contract!
Perhaps it's not too late. A little intensive education on IRA's and long-term investment just might do the trick.
But why not seek out a network marketing business opportunity where you can do both - invest extra residual income and have recurring additional income at the same time? There are companies out there that actually allow you to retireand to bequeath your ongoing income to your descendants. You just have to look around, analyze all available options and know what you're signing before the fact.
I can't emphasize this enough -- READ YOUR POLICIES AND PROCEDURES!
The more I help people evaluate and understand their Policies and Procedures, the more amazed I am at how some MLM companies are able to slide these "little details" by their distributors until it's too late. Read your Policies and Procedures! I don't care how complicated they seem. This is your contract with the company and you will have no recourse down the line if you decide you don't like the rules.
Financial freedom is supposed to allow you to live life the way you always wanted. Not only financially secure, but also to be able to spend time with the people you love and to be there for life's most important moments. You want to make a life, not just a living. And someday, you want to be able to retire!
Terry Montague and Roberto Ramirez make up the MLM Mentoring team, Auspicious Wishes. Download their Free eBook to learn more about analyzing your Policies and Procedures, or visit ROBERTOandMONTE.com for more training, resources and valuable information to help you make your dreams of network marketing success become your reality.
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Become Self Sufficient with a Financial Plan
You can't overestimate the need to plan and prepare. In most of the mistakes I've made, there has been this common theme of inadequate planning beforehand. You really can't over-prepare in business!?-Chris Corrigan
The goal of most people is to become self sufficient and self supporting. While working hard, everyday, can build the initial capital for financial investments, it can not produce the profit and wealth that you desperately desire. It is only through a solid and well research financial plan that you take your hard earned money and make it work for you. No one can fully plan the future however you can put a structure and a plan in place which can help guide you in your desired direction.
Begin with your current income. Take a look at the last ten years of your gross income and figure out what the average growth rate has been. This will give you a good estimate of what your income will be from now until you retire. You can total up your total income and then subtract your total expenses. This is not going to give you an exact number but a general of idea of where you are financially and where you need to go.
Once you have your income determined. Then you need to make a list of your expenses. This will help you determine what money is going to be left over for investing. If you are a young investor, you will probably have very little disposable income. However, put aside any extra money into a high interest money market account. Overtime you will have enough money to begin investing. If you have a decent amount of money, you are placing into savings each month, then you have money to invest. If you are interested in creating a financial plan and begin investing, you may want to contact a financial advisor who can help you build a plan and financial portfolio that is customized for your goals.
Becoming self sufficient is the key to financial freedom. Investing is a way to create financial stability so you no longer have to depend on job security, promotions, raises, or the lottery. Think about the future. If you have not planned for your future, then no one has. In your retirement years you want to be sufficient enough to support yourself, enjoy the last years of your life, and not be burden to your loved ones. If you want to live your life without the nagging stress of financial problems then consider starting your financial plan today.
Visit the Global Investment Institute and signup for our free Investing For Beginners E-Course at http://www.Global-Investment-Institute.com
Investment webmasters or publishers, please feel free to use this article provided this reference is included and all links remain active.
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