The basic definition of a job is a task performed once for which you get paid. Whether or not you agree with the amount of payment, the payment reflects only the amount of time or effort involved in that task.
Some examples of "job" type income include:
- Working as an employee
- Starting your own business – where you are paid for the products you sell or the services you perform
- Working online completing tasks – for example: selling things on ebay, completing surveys, online tutoring, or completing freelance jobs on sites like fiverr.
The way to tell if you have a "job" is if you stop the activities for a period of time (& not counting things like leave allowances), will the money stop coming?
The basic definition of wealth creation (residual income) is an income produced consistently by leveraging off of other people's work or off of a specific system/strategy. In other words, do the work once and get paid again and again and again.
Some examples of residual income include:
- Running a business – where you have employees who complete the work for you and generate the income
- Owning investments – rental properties, shares or savings account
- Owning the rights/royalties to a work – eg: music or ebook which generates income every time it is aired or sold
- Running a website or blog – using services like google adsense you can monetise your site so that the more visitors you get the more potential income you get.
- Creating ads online for affiliates – once set, every time your ad is clicked you potentially earn money
- Network marketing – working with the right company, you have the ability to be paid ongoing revenue for products you sell as well as the leveraging off of your business partners' work and earning income from their customer sales.
Unlike a job, when you have residual income it requires little ongoing maintenance to keep the income coming and so if you stop for a period of time, your income does not stop. However, unlike a job, the initial stages of building wealth produce little return and therefore people will quit quickly when then success was not too far away. Therefore to build wealth you require a consistent focused effort o succeed.
Of all the wealth creation strategies, the one I recommend for people is Network Marketing. The reason is because it is one of the easiest to start up due to its low investment, training and support and long term high yields.
So when choosing a work at home business in Australia, you need to decide what type of business you want - a job to earn some extra cash, or a business to create you long term wealth?