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There are tons of articles out there confusing passive income with residual income. But in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt really a sort of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, then youre likely interested in passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you get paid from any stocks you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a property propertyresidential or commercial. Yes, the property needs to be maintained, however, the earnings still flow in every month.
Book sales: Royalties an author receives for writing a novel. Generally, they have paid a percentage of the retail or net price of each publication soldin perpetuity.
In each of these cases, your one-time investment consistently offers you an income while you sit back and collect on it. What could be greater than that!
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In the entrepreneurial world, another popular type of passive income is click-to-purchase content, which includes products like e-books, how-to guides, or online courses. Essentially, the entrepreneur sells his/her expertise through these pre-prepared online productsindividuals purchase the e-book or online training to gain access to the specialists knowledge.
Since the entrepreneur has already prepared the content, they all need to do is watch the money roll in (obviously, only once theyve gained a following and marketed the hell out of themselves)!
In the electronic age, knowledge is powerand money. Selling your knowledge through online products is big business. Why not tap into it
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Obviously, the selling of manufactured products or merchandise is an age-old source of income, but can it be passive income It could be, depending on the business model. Two of the most common sources of passive income via merchandise sales are:
Item Distribution: Companies that enable individuals to become product distributors and earn a return on their clients buys are another source of passive income. Like any other type of passive income, if you invest up-front (by recruiting loyal customers), the long-term benefits can be enormous!
Affiliate Programs: As an affiliate, you promote a companys products or services on your site, and you get a percentage of their sale when someone clicks from your site to buy it. If your site gets lots of traffic, you could earn a pretty penny out of affiliate links!
This is what dreams are made from. Youre making money even when you arent doing anything. This means that even if youre sick, traveling, or dont feel like working, the money youre your passive income source(s) continues to roll in.
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The thing about earning money from your corporate occupation is, no matter how hard you work, no matter how fantastic you are in your job, no matter how much extra time you log, then there will always be a limit to your incomethats the word salary cap exists.
Unlike your company salary, passive income has no limitations. Want to earn 7 figures Then start investing!
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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them require a good deal of work.
Passive income is money you earn out of a product or an investment where you dont have to do any more work once you put it up. That means consistent cash flow every month if youre working or not.
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Im going to share my seven favorite passive income resources, income flows I use to create money every month. Now Im Your Domain Name not going to sugar coat this, some of them are going to take work but may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones you can start making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the listing so be sure you stick around to grab those last couple of passive income strategies.