Today, I want to talk to you about how to use your MLM Income to buy assets and build wealth. My real goal is to get you to think outside of the box about how you can create wealth by using your MLM Income, even if you never become a top earner.
As I see it, MLM is a great way to build wealth. Even if you can just build up an extra income of $300 to $1,000 per month, you can take that money and buy assets that produce even more income for you. You can also use the money to pay off debt. Combine that with the yearly tax savings from having your own business, and you have a winning one-two combination.
So, how can you use your MLM Income to buy assets and build wealth? Here are just a few examples.
1. Pay off debt – One of the best ways to get ahead financially is to use your MLM Income to pay off your personal debt. Start with the debt that you owe the least amount of money on and get that paid off as quickly as possible. Once that’s paid off, snowball your efforts and move to the next highest amount owed. Keep repeating this process until you have ALL of your bills paid off. I think that everyone should strive to be debt free.
2. Pay down your mortgage – Once you have your personal debts paid off, now you can attack your mortgage. Use your MLM Income toward the principal balance. Keep putting your check toward the principal every month and watch how fast your home gets paid off. Even if you can pay off your home five to ten years early, you will save THOUSANDS of dollars in interest.
3. Buy an investment property – Once your debt and home are paid off, you can now use your MLM Income to buy an investment property. Check to see what type of property you could afford to invest in, and use your monthly commission check to pay for it.
4. Buy gold or silver, art or antiques – This is another great option. Use your MLM Income to buy some assets that appreciate in value, such as gold, silver, art or antiques. Stocks, bonds and mutual funds are also an option to consider, if you like paper assets.
5. Create or buy a new business – You could use your MLM Income to fund a new business, such as a storage unit business, a vending business, a car-wash, or whatever else you can think of.
Big Al Schreiter has a book (I forget the name of the book) where a guy took his small MLM Income (about $500 per month) to pay off his mortgage early and then to take the money and buy investment properties. Even though he never became a top earner, he used the money wisely and built a small fortune.
Once his residence was paid off, he bought an investment property and used his MLM Income to pay that off early. And then he bought another investment property and paid that off early. By the time he retired he had his residence and three investment properties completely paid off.
Combined with his retirement savings, he could retire in comfort. The cash flow from the properties and his MLM Company paid for all of his monthly expenses, and then some.
I cannot confirm if this story is true or not, but the moral of the story is VERY important. Even if you can create small MLM Income, you can do some great things with it!
The bottom line is that you don’t ever have to become six or seven figure earner in your MLM Company to build wealth and buy assets. If you invest your money wisely and have a good game-plan, you can build your own financial empire, even with just an extra $500 to $1,000 per month.
What are your thoughts about this? Leave a comment below to let me know what you think.
Disclaimer: All investments have SOME risk. Please consult with a financial planner, or your CPA before making an investments. Individual results will vary. This is for educational purposes only.
Chuck HolmesWebmaster, OnlineMLMCommunity.com
Phone: (352) 503-4816
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