When I started my first membership business, Income for Life, way back in 2004, I had a simple goal.
This goal was to collect ONE membership fee each day. The reason why I set this simple goal was because I could use this daily income to pay daily expenses.
Yes, I realize this simple goal sounds like something Homer Simpson might have! 🙂
Back in 2004, I was struggling with my real estate brokerage. The business had a negative cashflow and I realized that I could use the membership income to help improve the business’s finances.
Commission income in the typical real estate brokerage is very sporadic with many peaks and valleys. The membership would provide a systematic recurring income stream that would smooth out the peaks and valleys from our home sales.
To collect daily income with that first membership business, I needed a minimum of 30 members. Over the next three years, the membership grew from zero members to over 400 members!
In other words, I went from 0.00 in daily income to collecting 13.33 membership fees EVERY day. (400 members/30 days)
Over the span of one month, the membership business generated 400 automatic bank deposits. And over the course of a year, the membership business was generating a whopping 4,800 automatic bank deposits.
This daily income didn’t even include any commissions from home sales.
Each day, the membership fees for the membership business processed automatically and that income magically showed up in the business’s bank account.
What I didn’t realize when I started creating daily income is how quickly it compounds. Compound interest is said to be the 8th wonder of the world because how it works mathematically.
Since launching that first membership business, I’ve locked on to the idea of generating daily income. I honestly try and apply this goal with everything I do.
There are three basic ways you can create daily income:
1. Through a business.
2. Through real estate.
3. Through the stock market.
Please note that working for daily income IS NOT one of the options I’ve listed. 🙂
I collect daily income through membership businesses. I also collect
daily income from real estate. And I’m also working my way up to
collecting daily income in the stock market.
Over the years, I’ve learned a lot about this goal of generating daily income.
The best way to get started is usually through a membership business and this is because you can scale it very quickly.
create daily income in real estate, you’ll need a minimum of 30
properties. One rent check for each day of the month. How much capital
do you need to accumulate (or borrow) to buy 30 properties?
create daily income in the stock market, you’ll need a minimum of 30
stocks and a system for generating monthly income from each stock. How
much capital do you need to accumulate (or borrow) to own shares in 30
With a membership business, all you
need 30 members to collect daily income.
capital requirements with real estate and stocks magically disappear
with a membership business. In fact, you could probably have a new
membership business and 30 members in just a few months without having
to borrow a penny.
Another important reason why it’s best to start collecting daily income through a membership business is because you can use this income to…
You can use the daily income you collect from your membership business to acquire income-producing real estate. Then you can use the income from rental real estate to acquire income-producing stocks.
Imagine how things would look if you were collecting daily income from all three of these sources at the same time?
This is my secret goal.
I want to collect daily membership income, daily rental income and daily stock market income. I want to make EVERY day as profitable as possible.
Your daily income should continue to flow into your accounts on
weekends and holidays! This income should be flowing in when you’re
sleeping. And it should continue flowing in while you’re on vacation
with your family.
If this idea of creating daily income clicks with you, you might be interested in taking a new 5-day course I recently launched that will show you exactly how I built my Income for Life Membership.
The price tag for this course is $197, but it’s worth far more than this investment. This course includes a seminar that marketing legend Dan Kennedy and I taught. Attendees paid over $2,000 to attend this seminar and it’s been under lock and key for several years.
More importantly, you’ll learn how to create daily income. 🙂
You can sign up for the 5 day course here:
Regardless if you take this course, take some time to think about how you can create daily income in 2020!