So let's just look at residual income. residual income often takes an upfront investment. So you put all the work in the beginning. And the results come at the end time and money are your primary resources. So if you want to create residual income, the traditional models require you to have some money that you can invest in a business or a property or some type of residual income generating model. And then you take the profits out of that.

But if you haven't got money, then time is your only resource. And traditional models don't allow for that. But online residual income models do. They all have a heavy development phase in the beginning. They all have lots and lots of work built in and profit comes later over time and that's one of the things we have to be prepared for. This is not a get rich quick scheme.

This takes hard work and effort So let's look at the law of critical mass and the snowball effect. This is one of the most fundamentally important parts of creating an online residual income business. Now, if you've ever played with a snowball, you know if you're at the top of a hill and you played snowball, you start rolling, it will get bigger and bigger. If you push it to get bigger and bigger, eventually it reaches a point where it starts to gain its own weight and gravity kicks in and it starts to roll downhill now you have to steer it in guide and push it a little bit. But it's creating its own weight. And that is the snowball effect.

Now, when we build a residual income business at the beginning, we have to push with the guide we have to stay there and eventually that business will grow. Now, underlying This is the lower intelligence. Now when I was a kid, there'll be some kids that Build the roller snowball halfway down the hill and give up. But some would keep going all the way to the end and it gets to the end. And they build an igloo out of it or massive snowman. And they were practicing the law of diligence.

And the law of diligence is on the chief characteristics of an online residual builder. They're diligent, they're focused, they're determined, they're hard working, they don't give up. So the law of diligence is the characteristic that all residual income builders share. We need to practice self development. Learn to earn this is a principle where we're learning all the time skills that can be turned into a vocational benefit for us in terms of income. We need to acquire new skills, and we need to practice the principle of lifelong learning.

So we need to be committed to this constant self development. And that is one of the key fundamental parts along with diligence and along with the law Critical Mass that we need to develop an online residual income business. And you're going to need to develop niche expertise in your chosen area, both in understanding the residual income in that area, and your particular revenue stream in the area. And we're going to talk much more about this as we go through the course. You will need to develop technical skills and you will need a grasp of modern online marketing. The point everyone has to understand is that everyone starts from scratch.

No one comes to residual income business models, born with an innate knowledge. We all have to learn, we all have to develop and we all start from the same place. And that means if you come with very few skills, you don't come from an internet marketing background, for instance, then it's going to take you a little bit longer, but you must understand that is that self development, that diligence That will bring you success. So anybody can earn a residual income online and enjoy the fruits and benefits of the lifestyle that that will bring. So let's look at a lesson from history. Let's look at residual income, where it comes from the idea.

There are a lot of people mistakenly think that residual income is a new thing. But it's actually old. It's it's a really, really old method. And I'm going to give you a surprising story and show you a residual income example in the history and culture of the Jewish people, and you'll find this story in the Old Testament in the Bible. And it's Joseph Joseph is sold by his brothers into slavery. Whilst in slavery, he gets accused falsely of a crime and gets thrown in prison.

And in prison, he's diligent, he's always diligent. One of his characteristics is he's diligent, and eventually through some different circumstances. He's released from prison, and he is employed in the pharaohs government in Egypt. Now, there's a revelation comes that there's going to be seven years of prosperity, and seven years of famine for the whole of Egypt. He takes seven years of increase. He takes all the grain excess grain and he stores in store houses.

And then the seven years of farm income and they're fine, they've got savings. But Joseph doesn't stop there. He practices the principles of residual income. And what happens is all the surrounding nations a while they while they had seven years of plenty, they went and bought their TVs and their cars, and their new houses hope you get the point. And they got caught up in the consumerism and there's nothing left when the famine hit. So they came to Egypt for help.

They said we need food. So Joseph said, okay, buy it from us. So they traded everything they had and they bought food, but it was seven years. So they didn't have enough money to keep buying the grain for seven years. So what happened? Eventually they come back and they say, we haven't got anything except for our land.

And Joseph says, well, dude, I'll buy your land from you. You take the grain. And then what you do is you rent that land back from me, and you pay me 10% on the increase, and I believe that was the percentage 10% of all the increase that you make from that property. You see what Joseph did. He turned his money into a form of residual income. Now, Egypt became the most powerful nation in that area, because all the surrounding countries now paid them rent.

And that's how many people make money in the world. They buy things up, especially during periods of famine. Now, we've just been through a recession and a lot of people don't realize that Causes recession was the A lot of it was it got blamed on the banks, but a lot of it was actually the price of the oil. Once the price of oil was pushed up too high, the cost of everyone's living went high and a lot of the economy around the world went into a period of famine. During that period of famine, a lot of businesses went under prices went down on certain things, they get bought up, then the famine lifts and what happens? petrol prices, fuel prices come down.

Money is released back into the economy. But now we have a different set of owners owning everything. So we see this in modern in our modern times. And the people that make money in the world tend to be the ones that practice principles of residual income. Now I'm not for any moment, condoning those type of practices, but we can be wise about how we use our resources and money. And we can be wise but where we invest our resource which is time or money into so that we can be free to choose our financial plans our financial freedom, our direction in life where we live, how we live through developing powerful, strong residual income money streams.