The Road To Residual Income: Get The Right "Type" of Mentor

So many people I talk to on a daily basis tell me how they want to live life on their terms. If you haven't learned the concept of residual income, passive income, or leveraged income, then this where you need to start. The only way to live life on your terms is to create this type of income. I like to use the term residual income.

I could go on about how you develop residual income and there are probably a thousand books or business opportunities on the subject, but the key area that I needed years ago when I was trying to achieve "life on my own terms" was mentorship.

I needed to find someone to show me how to achieve this type of income.  You definitely need a foundation and a lot of books and courses on the subject of residual income can give you a foundation, however, you need that ongoing help on the "day-to-day" to questions and skills development in the area of residual income.


When I say the right "type" of mentor in the title of this article, I am not referring to the right person. It's obvious that if you pick the wrong mentor, you won't get to where you want to go. That would be stating the obvious.  In my mind, there are three types of mentors: Teacher, Paid, or Vested mentors.

Teacher mentors are very rare. This is someone who is successful who is willing to teach you with what they know out of the simple motivation of wanting to help people.  A lot of people claim they want to do this, but if their student doesn't meet their standards (which often happens), then the two parties start to feel "out of exchange" and then the relationship suffers.

Paid mentoring is a great solution, however, I find that many paid mentors haven't achieved anything in life.  Often times, they are people who decided to take on the profession of "coaching" and "coach" you on what?  If they have never achieved residual income or financial freedom, then what are they going to teach you?  If you find a paid mentor who has achieved residual income and paid mentorship is a fit for you, then go for it.  However, the term "buyer beware" is huge here.

Vested mentorship was how I got to what I am at.  I worked with my mentor and they had financial incentive built into my success. If I made money, then my mentor made money. I learned, made money, and my mentor was motivated to continue to help, because they had a vested interest in me.  If I didn't do what they asked, they didn't work with me.

All mentorship types can work if you find the right situation, however, you need to understand your situation and the mentorship situation before you chose what is right for you.

Bottom line, if you want to get the "life on your terms" lifestyle and generate a residual income, then a mentor is a must.