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The Illusion of Making Good Money

What is “Making Good Money?”

Most people feel that “making good money’ means having a good JOB or perhaps owning a conventional business… or maybe even building an Internet business. “Making good money” implies earning enough to pay the bills and do the things you want to do and maybe even save or invest for the future. Don’t get me wrong. These are all good things. It does feel good to be making good money and doing the things you want to do. However……..

“Making Good Money” is an Illusion

Why do I say that? Because it is like walking on very thin ice… Walking and feeling good and going somewhere in life UNTIL the ice breaks and you fall into the cold water. People making good money have experienced sudden company downsizing or closures. They have lost “good and secure jobs” through layoffs. Others have experienced illness or disability that knocked them out of the “making good money” arena.

Making good money is an illusion. Webster defines illusion as something that deceives or misleads. Think, for a moment, how a good income can deceive us into thinking that “everything is fine.”

I was making good money… until…

I’ll just share my most recent story that illustrates that making good money is an illusion. As a physical therapist working at the local hospital and contracting with a home health agency I had very good money coming in. Oh, it literally wore me out to keep up the pace to earn it. Then, I started noticing a painless clicking sound in my right shoulder. My orthopedist said it was just a spur and it could be quickly and simply removed by an arthroscopic procedure.

I opted for the day surgery that would give me a couple weeks off work to rest up for my next marathon of making good money. But the unexpected happened.. as it often does. When the surgeon went in for the simple spur removal he also found a severe rotator cuff tear which required more extensive repair. I was out of work for three months.

I won’t go into detail about what happened to the “good money” that I was tapped into. This is just one example of how “making good money” can lead us to a false sense of security.

Two Types of Income

Earned Income: You earn money by trading your hours for their dollars. The more you work… the more you make. When you stop working the money stops flowing. Earned income comes from a job or a conventional business. If you have a good pay rate or you work a lot of hours you can say you are “making good money.” But as we have all seen, this kind of money can be like a vapor or a fog. It can literally be there today and gone tomorrow.

Residual Income: This kind of income comes from doing work once and getting paid over and over again without any (or a lot less) effort on your part. If you were to write a book, you would work very hard in the beginning without any income. Then, finally, when the manuscript is completed and published you would enjoy royalty income — also called residual income. In my case, after all the hard work was put done, McGraw Hill sent me checks for years.

You don’t have to write a book to generate residual income. There are a lot of network marketing opportunities that can be used to generate residual income. You must do the research and evaluate them to find the one that can be the best one for you.

So, PLEASE do not fall for the illusion of “making good money.” Learn how to generate residual income so that you will be able to withstand any financial storms that may lie ahead. Refer to my post: Learn the Secret of What People Really Want  and Stop Promoting Products  and seek out a leader and not a company or product line. I couldn’t solve the Rubik’s Cube until I found a mentor who showed me step-by-step how to do it. Then I could solve it. Finding and starting a business can be like trying to solve that cube.

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  • Unni

    Very insightful comments there, Tom. I remember what Bob Proctor and others say: JOB is an acronym for Just Over Broke. But I was in a JOB for 35 years before I found layed off! Now I am trying to start a source of passive income. I wish you all the very best.

  • I started following your twitter a few days ago and I'm very impressed with your posts. Thank your for sharing your experience and wisdom. I am planning to write books and start my own business in the near future. Wishing you all the best for your endeavours. (: