ReduceDebtIncreaseWealth.com Welcome and Mr. Chuck here last week I ended up talking at the end of my podcasts about owning rental real estate. Well, that may be out of reach for many of you that are listening to this as something maybe you can set your sights on and sail up and achieve that that goal as because it's a good way to go. It reduces your taxes, it creates a positive cash flow puts money in your pocket, and that's what we're really talking about. This week. The continue on with the residual income, which is income that's generated to you with little or no effort involved. It's not like you're going to do it every day of the week or 40 hours a week, like a normal career or job. And that's a career if you're lucky to do 40 hours a week. Most people do way more than that. Start out it's e commerce, which is a website where you promote something, whether it's a service or a product and I don't know a whole lot about it, you know, you got to set up websites you got to maintain them, you got to promote them you got you got to get a following. If you're doing a service if it's a service you'd look at for clients, you got to put out information that you normally tell people but you know, enough to get their interest but not to give the you know, just shop away. So it's a fine line you go and there is a lot of information on the internet about you know, doing online commerce or e commerce. And the next category would be doing a podcast like I am, which I hadn't figured out how to make money or not, I kind of doubt it. doing a video there's you know, there's it's up in expanding market. Get videos it's more you know, I don't know I'm not gonna do a video cuz i don't think i looked that great on camera. But then again, I don't think I sound that good on a podcast so who knows I'm not planning on doing a video. There's a lot of different things you got to find something that you're interested in something that you can talk about something that you're knowledgeable about do a little research like I do. And that's what my podcast is all about. You know, I don't know everything there is to know I'm not a financial planner. I'm not a debt consultant. I'm not an attorney. And I'm not you know, I'm not a stockbroker or anything like that. I'm just, you know, basically a truck driver now. Used to be an accountant. So I do have some financial knowledge background. I didn't forget it because I came a truck, truck driver, but you know, that got to have that in my background. So I'm not going to spend a lot of time on e commerce or doing podcasts. videos you can make money doing it. It's something that you have to make an effort at and promote widely. So So with that said, I'm going to move on to the next thing that can generate you some residual income and that multi level marketing, MLM, or direct marketing sales. So with that said, there's a lot of them out there. Some are good, some are bad. Some have been around a long time, some of fairly new. I believe I saw a little article just a few minutes ago. There's like 1400 companies doing direct marketing sales or direct sales. And so I've looked around some more and I found an article, but some of the older ones are Tupperware Amway, Avon. Companies like that. You may be feeling familiar with where you can only buy their products from somebody who is selling their products they have their products or not really sold in and retail stores and not really sold online if it's sold online and it's generally through somebody that they call a distributor. So I'm gonna go to an article at this time. This article is from showbiz cheat sheet by Megan Elliott, what are the top MLM companies in 2018? Love it or hate it multi level marketing is a big business. More than 80 million Americans are involved in MLM or direct selling businesses according to the direct selling Association. Well, mlms and direct sales aren't exactly the same thing. 95% of all direct sales company use a multi level compensation structure for the DSA. joining an MLM is appealing to many senses offers freedom and flexibility. Plus the promise of big earning potential. But experts suggest proceeding with caution. If you're thinking about signing up, well, it might be possible to make good money. If you're a genius salesperson and get in on the ground floor at a growing company. Most people aren't so lucky. The majority of sellers just make a few hundred dollars per year and many people actually end up losing money. If you're considered joining an MLM you're probably heard something about the following businesses. These are the top MLM companies in 2018 by revenue According to industry publication direct selling news number 10. Tupperware revenue 2.26 billion. Tupperware is one of the oldest and best known mlms people have been Hawking Tupperware since the 1950s. The company's founder is one of the pioneers of direct selling, realizing it offered women a way to make money when they When many didn't work outside the home. Today there are 2.9 million Tupperware sales reps, the average concern earn $710 and 56 cents a year in 2013. Number nine new skin revenue 2.28 billion. Nu Skin is an MLM company that sells anti aging skincare products and nutritional products. It was founded in 1984 in Utah in the early 1990s. The FTC investigate the company for making unsustainable stamps and substantiated claims about his products. That company eventually had to pay 1.5 million penalty. Active newskin distributors earn an average of $150 and 53 cents per month, according to the company's distributor compensation summary summary number eight perfect revenue 2.96 billion perfect might not be familiar to news people, most people in the United States but the MLM is big in Asia. The Chinese company sells cosmetics as well as personal skincare, skincare, household and wellness products. Seven nature, nature is a revenue 3.09 billion nature is a Brazilian company has been around since 1969. It's known for its natural and substantial beauty products it sells its products through one and a half million sales consultants as well as stores and online. Six Mary Kay revenue 3.2 5,000,000,001 of the best known names a multi level marketing Mary Kay it's been around since 1963, when founder Mary Kay ash started that company was a $5,000 investment. There were 600,000 Mary Kay ladies in knighted states in 2012. According to CBS In thinness revenue 3.92 billion and Phoenix is another Asian MLA that's not yet a big name United States. The company sells a variety of health foods and beauty products inspired by traditional Chinese medicine for work. Revenue. 4.19 billion for work is a German direct selling company that makes household products cosmetics and carpets and floor coverings. company has been around since 1883 has more than 633,000 independent sales partners around the world. Three Herbalife revenues 4.4 billion. Nutritional company Herbalife is an MLM giant with more than 2.3 million distributors. The company's been accused of being a pyramid scheme and eventually had to restructure its business to appease regulators. But it hasn't stopped it from making money. It's the third largest direct selling company in the world to Avon revenue 5.7 billion. Avon has been around since 1886 when it was founded as a California perfume company known as Avon since 1939. More than 6 million people around the world currently sell the company's cosmetics and other products directly to customer this MLM company is one of the biggest beauty brands United States according to Forbes. Number one Amway revenue 8.6 billion Amway is the biggest multi level a company in a world with nearly 9 billion a yearly revenue. While many have called the ML companies a pyramid scheme the FTC decided in 19 and a landmark 1979 ruling that the company was legit, since it was selling actual products the home health and beauty products that company sells are real but in 2010, the company paid 56 million to settle a class action lawsuit that again accused it of being a pyramid scheme. So if you're looking to work from home, and make some extra cash to help you reduce your debt, multi level marketing or direct sales may be the way to go. But my word of advice is don't go with a company that's not a US company. Stay away from that Chinese company and that Brazilian company, make sure you're selling a product. Because what that article is not really telling you. MLM only way you're gonna make money is you have to recruit other people to join you in that business. You can sell products and make some money. It's not going to add up to a whole lot, but you can do that. If you don't recruit and get other people to join you. You're not kind of build up a business because your income is based on their sales also so it kind of flows up. That's why they keep getting accused of being a pyramid scheme. That is not really a pyramid scheme. Due to that landmark case, that was what 1979 that was mentioned in that article. There are good ones and there's bad ones, there's 1400 different ones, some of them tend to be trendy, they have a product that starts selling off real hot and so they expand and is the easy way to expand our business and expand our sales. So you want to try to look for one that has multiple products not necessarily in one industry like cosmetics only such as a one. I'm not sure what Amway does never been involved. I've known people who were involved in and maybe I never really talked to her cuz I was too young and then I've had a friend that was in it, but after I don't know, four or five years, he pretty much gave up on it because he looked for other ways to make money. I think that's what happens with a lot of people, they get started on it or gung ho for say, six months, nine months a year. And they realize maybe it's not as easy as they thought. So they just basically give up with that said, is a way to make some residual income where once you get gone and you get everybody lined up to join you and you get them gone and you get everybody trained and you keep promoting the business and you keep adding more people. Yes, you can make a decent income and retire pretty good. I mean, I know people do it that they make 10,000 a month or more. So it is a possibility for those of you who are struggling to project your finances. Ford to figure out what you're going to owe and how much money you're going to have in your checking account moving forward from paycheck to paycheck and a note again, the farther forward ahead you can project it, the better off you are. But if you're not computer savvy, don't have the time or don't want to take the time, then I have a solution for you. I have a software I've found a software that does that for you plus much, much more. So go to my website, Reduce Debt, Increase Wealth.com dot buzzsprout. com, upper right hand corner, there's a little folder right next to the heart. Don't click the heart, click on the folder. It'll take you to a website where you can watch some videos and learn more about this great software that I've been using since April of 2017. Thank you for supporting the show. For those of you who's been listening since episode one and every week thereafter. I appreciate it and thank you very much, but you probably thought I forgot But I didn't. So I just gonna put it in different places. So to catch you off guard, if you're serious about reducing debt, you need to keep track of your stuff you got to follow the plan and what's your plan? Your plan is to reduce your debt as quickly as possible and as efficiently and cost effective as possible. So, how much do you have in your checking account? Do you know what your daily balance is? Have you projected your your expenses forward? Do you know are you going to come up short net checking account what are you going to do about it you got to make sure their funds are transferred there so you don't bounce checks all over the place. So checking account savings account, know how much you need, know how much extra you have. Put that extra money into the savings account and do not spend it. Remember our goal is to not take money out of that savings account. Until You need it to pay off a big chunk of your debt. So we're accumulating your income Eric, we're trying to accumulate your money. So by the best way to do that is to reduce your spending. And more of the spending get reduced, the more different accounts you can go through, see if you can get better rates, better plans. And that's an ongoing thing that you should be looking at on a weekly basis. Maybe just pick one account every week and call the provider and see if you can get something better, cheaper, you know, get more services for less money, and that's what your goal is. I was going to place an article here taught giving you reasons to get out of debt, but it was way too long. So I'm going to save that for next week. But now I'm in this talk about my reasons why I wanted to get out of debt. I was just tired. Prior to feeling like I was paying or working for the banks and the mortgage companies, that was pretty much number one. Number two, I wanted to increase my savings for my retirement years. So I could live a comfortable life. Until, you know, the day I die. We all don't know how long that's gonna be. But, you know, the more money you have, the less stressful life's gonna be. And then that brings up. The third reason is, the less debt I have, the more I can do other things. I can put it towards a hobby, or other pursuits, maybe take a vacation, which I never take vacations anyway. buy a new car, I never buy a brand new car. I always buy a used car, though. Some things will never change. I'm gonna you know, still look at things the same way I always have. And and that was the main thing. So for now, that's that's about all I have for This week, I have a sponsor to try to offset some of the costs of this podcast. So that's why I like to talk about next. If you take vitamins, you should be taken isotonic liquid. It gives you rapid absorption. It's fairly easy to swallow, you get highly concentrated nutrients when which gives you the maximum benefits. It's much better than the pill vitamin, because it gets into your system at a much faster rate and more of the vitamin gets into your body where your body can use it. I've been using it for five years now. It's highly recommended it learn more about isotonic vitamins, go to my website, Reduce Debt Increase Wealth.com dot buzzsprout. com, upper right hand corner, click on the heart and I'll take you to an isotonic website which belongs to my wife and helps support the show. Thank you very much new episodes are released weekly subscribe so you can follow Mr. Chuck's journey to reduce in debt and financial freedom as you do the same. If you liked this podcast, please share Transcribed by https://otter.ai